Japan can hardly face the high demand for cryptocurrencies in absence of more engineers and coders. That is why Japan needs more skilled personnel in order to fill the seats of its prosperous crypto industry, according to Reuters.
We all remember when Coincheck was hacked in January. The company lost $530 million worth of NEM tokens and then said that all happened because of a lack of staff in the company to maintain the security protocols it had established. Many critics said the company took shortcuts and had deviated too much of their total budget to advertising.
As popped up though Japan is suffering from a lack of coders and engineers with the professional experience and ability that it’s ever-growing cryptocurrency market demands.
There are 32 cryptocurrency exchanges already in line and at least 100 more waiting on registration from Japan’s Financial Services Agency (FSA). However, since the Coincheck hack were increased security regulations and a direct result is a delicate situation in which there is the need to find the right people to hire with blockchain and cybersecurity skills.
According to the Ministry of Economy, in 2016 there was a deficit of 15,000 workers in the big data and artificial intelligence fields. This is expected to increase substantially more or less to 50,000 in the coming years, based on trends in the industry against the number of new candidates coming into the market.
This lack of staff inevitably leads to very competitive hiring practices but surely there will be an important increase in the starting salary.
However,this problem in the new industry isn’t only being felt in Japan. In other countries, a lot of companies look toward implementing blockchain technology and the cryptocurrency industry continues to expand.
Let’s put a focus on China: Hong Kong is looking at a large potential growth of the technology in their banking and insurance industries but have a limited number of eligible candidates. So that growth seems hard to be realized.
There is a different situation in the UK and the US. They have good university systems to do research, and above all they have a lot of engineers well versed in the developing technologies so there is not an immediate deficit.
Turning back to Japan, we can say that the lack of coders and engineers is aggravated by the rigid labor culture that binds employees to their companies for life.
Jonathan Underwood Dean of Blockchain Daigakko said what follows:
“The majority of Japanese that do understand blockchain and cryptocurrency already work for companies as lifetime employment, and have never considered the thought of changing jobs,”