What is Blockchain?
Blockchain is a technology that powers cryptocurrencies such as Bitcoin. It helps a group of computers maintain an auditable ledger of transaction history on anything and provides transparency between all parties involved.
There is no central authority required (like a credit card company required to sit between buyers and sellers). Each transaction is a ‘block’ held by various participants and the ‘chain’ of blocks visible to everyone documents the entire history (of who paid whom, who owns what, etc.).
These peer-to-peer decentralized networks enable developers to create markets for transactions of goods or services, without a middleman. This can drastically reduce the time it takes to make and log transactions as well as the cost and labor involved around property transfers.
Example 1:
When you sell a car there are multiple parties involved and a number of financial transactions. You want to check the cars ownership history, if there were any accidents or repairs, connect with a title agency, maybe get financing from a lender, etc. You could write these conditions into the blockchain in such a way that the entire transaction is transparent to all parties and happens quickly without a lot of effort. The transaction history will move with the car through its entire life as well. Making it just as easy for anyone to purchase it and do the research moving forward.
The way we manage this information today creates room for error and enables corruption in data whether it is intentional or not.
Example 2:
You are looking to purchase the finest apple the world has ever seen. You could look through the blockchain to see where the seeds were purchased, where the apple was grown, pesticides that were used (if any), and current owner of the apple. Purchase the apple and add your transaction to the blockchain.
Worldwide Adoption of Blockchain Technology
Technology is changing the way we do business and opening up new markets and recruitment opportunities. We have seen major growth within various industries where emerging markets require the need for immediate organizational development and expansion. The tech and finance sectors are continuing to evolve, specifically with the increase in popularity of blockchain technology.
In a recent Deloitte survey, twenty-eight percent of respondents reported that their companies have already invested $5 million or more in blockchain technology, with 10 percent investing $10 million or more. Looking forward, 25 percent of respondents expect to invest more than $5 million in blockchain technology during the next calendar year.
According to Linkedin, the need for blockchain expert talent within the industry is at an all-time high. Companies like Microsoft, Walmart, Barclays, and IBM have already implemented blockchain technology. Most of the people listing blockchain as a skill on Linkedin are based in the US, UK, France, India, Germany, and the Netherlands. It is no question that more countries are soon to follow.
Industries Currently Using Blockchain Technology:
In response to the demand for talent, many US Universities are adding blockchain to their course lists such as NYU, DUKE, Stanford, Berkeley, MIT, and Princeton. IBM is also partnering with 1,000 Universities to establish a series of grants and provide open resources to train the next generation of talent.
Blockchain Positions on The Rise:
What Does This Mean for Talent Acquisition?
Companies around the world are moving quickly to adopt blockchain technology. It makes sense that the job market will have to adapt. For starters, you can update your recruitment database and make sure that you are capturing all the new attributes of skills, assessing potential candidates along these vectors, and reorienting your talent pipelines accordingly. These positions are in high demand and the market for talent that possess these skills happens to be limited. If your recruitment team is looking to expand within emerging markets, developing relationships within the blockchain community is a good start.