China’s colossal blockchain drive indicates that there are presently a tremendous 44,000 firms in the country committed to the technology – after major and province-level campaigns to build a network of blockchain hubs that incorporates much of the nation.
Nevertheless, there are also indications that the rate of expansion is happening too swiftly for the Middle Kingdom, with extensive talent shortage foretold.
Per a report from China Email, the bulk of these businesses are setting up shop in Guangdong Province, which is residence to 12% of all Chinese blockchain firms. One of the province’s largest cities, Shenzen, hosts “more than 5,000 blockchain-related companies,” as per the report.
The media source also continues that LongHash data reveals that – as of July this year – more than 10,000 new blockchain firms were started in China. The report’s contributors add that this guess “is expected to exceed 2019’s figures.” Some 18,500 blockchain-related firms were set up last year in China.
This may only be the inception, say the authors, who emphasise that policies presented from the three quarter of the year will start a yet enormous expansion in the industry, including “a large number of emerging blockchain companies set to launch in the future.”
Certain corporations will face a significant obstacle when it comes to recruitment, however. The very media outlet reported that predictions collected by government-affiliated groups show that the demand for blockchain industry professionals has shot up by 67% since 2019.
Gartner figures also show that blockchain talent shortfall will reach more than 750,000 in the next five years.
Several Chinese experts have already warned that the education sector is lagging behind the industry, with blockchain-related training programs rolling out too slowly to help address demand levels that are becoming increasingly pressing.