Despite the growing value of blockchain, China cut wages for blockchain employees in 2019. China drops salaries for blockchain developers by 37%.
24 March, 2020 | AtoZ Markets – The blockchain industry is accelerating its “de-emergence to reality”, and there is an increasing demand for blockchain professionals in various sectors. But on the other hand, the imbalance between supply and demand in the field of blockchain talent is still increasing. The severe lack of high-end professional skills is becoming one of the constraints that restrict the development of the industry.
Chinese Blockchain Professionals Salaries Drop 37% in 2019
The “2020 China Blockchain Professional Development Report” indicates that the average salary offered to blockchain sector professionals in 2019 decreased by 37% compared to 2018.
However, the average salaries of Chinese blockchain technology and product developers remain 1.2 times higher than the average for the online sector as a whole. In 2019, 43.3% of Chinese blockchain professionals had annual salaries between 200,000 and 400,000 yuan.
Shenzhen, Beijing and Hangzhou all provided average salaries to blockchain professionals of more than 300,000 yuan in 2019. Average blockchain salaries by city (10,000 yuan). Although blockchain job salaries in China fell significantly in 2019, the report still highlights the growing demand for blockchain professionals in various industries.
Very Few Professional Meets the Job Requirements
Thus, there is a rapid increase in the number of job seekers. But very few talents meet the requirements of the companies that recruit, according to the study. The report continues:
“In the supply market, a large number of practitioners blindly follow the trend. Their professional skills are weak, and there is a serious shortage of practical compound talent”.
China has strengthened its engagement in the blockchain. Its president called on the country to accelerate the adoption of blockchain at the end of October 2019. However, the decrease in the average sum of blockchain job salaries is entirely unexpected. However, the recent professional study is still correlated with some reports released earlier this year.
Earlier this month, the People’s Bank of China (PBoC), secured special funding for the blockchain business platform worth $ 4.7 million over the next three years. It would contribute to the growth of the blockchain trade finance platform. It is the most sustained and highest chain business chain project at the national level.
Think we missed something? Let us know in the comment section below.