As investing in blockchain is becoming a new trend among firms, the domestic personnel shortage in the industry has been a headache, despite repeatedly posting recruitment notices offering $2,000-3,000.
Vietnam has very few blockchain engineers (Photo: sggp.org.vn)
Navigos Search’s survey of the demand on recruiting middle- and high-end personnel in the second quarter of 2018 found that the blockchain industry is starved of personnel in Vietnam.
Despite many times advertising job opportunities, foreign blockchain firms are finding recruitment difficult in Vietnam and are forced to hire IT employees from the US, Russia, and Ukraine.
Navigos Search figured that domestic IT employees are young and interested in new technologies, but they are quite afraid of employment in blockchain technology.
The US is also struggling with a lack of blockchain personnel. International Business Machines Corporation (IBM) as of April 18 was seeking 150 blockchain engineers. Elieen Lowry, programme director of IBM Blockchain Labs & Garage North America, said that one of the firm’s challenges is seeking qualified employees because blockchain is a completely new segment.
“IBM has even accepted to recruit employees without blockchain knowledge, then training them in certain time,” added Lowry.
Over the past few years, blockchain has been one of the most searched keywords in Google. Accordingly, applying blockchain in many segments, including agriculture, finance, health, logistics, and others, is the new trend in Vietnam.
Since early 2018, no less than 10 workshops related to applying blockchain were held in Vietnam, showing how blockchain technology has impacted the country.
According to telegraph.co.uk, blockchain engineers will be the core personnel in technology and finance. Many global firms, such as JP Morgan, Visa, Volkswagen, and Airbus, have established their own blockchain teams.
An international report has been cited that the revenue of segments applying blockchain will grow eight-fold in the next decade, equalling $20 billion.
Blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a merkle tree root hash).
By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”
For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks.
Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority, according to blockchain.com.