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The Dawn of the Blockchain Island

about 1 year ago by Luigi Muscat Filletti
Coding and Developing

With the Malta Blockchain Summit in full swing, thousands of delegates, investors and professionals in the sphere of Tech have flocked to the ‘Blockchain Island’ to embrace and discuss the abundant possibilities being brought forward as a result of Malta’s legislation towards providing a regulatory framework for Blockchain technology to be utilised in multiple industries. This has initiated the movement of major cryptocurrency exchanges such as Binance and OKEx to relocate to Malta, thus potentially introducing the world’s first and finest cryptocurrency sector. With offshore companies herding to Malta, various industries are set to experience a dynamic shift in their operations through the investment of the latest technology in their operations.

Blockchain has seemed to label itself as the hottest topic leading digital innovation, and is now resonating its capabilities in terms of industry growth and recruitment opportunities within the sectors of Finance and Technology especially.

So, what does this mean in terms of Recruitment?

First off, Blockchain is providing solutions to many issues within the Financial sectors of the world and has also suggested a number of improvements in the iGaming industry too. Fundamentally, Blockchain operates within a distributed, real-time public ledger accessible to all parties involved, meaning that cryptocurrency transactions are recorded within a P2P (peer-to-peer) network in a decentralised database. Moreover, transactional data is encrypted and time-stamped to ensure secure verification and recording. That being said, the ability to collect and manage transactional data in a far more secure and transparent method means that Blockchain technology is becoming the single-most way of safeguarding people’s financial data.

'It is no doubt, therefore, that professionals in Tech would be needed to fulfill certain roles which can facilitate the demands of evolving Blockchain technology.'

On the other hand, banks and financial institutions can adopt Blockchain technology to manage incoming and outgoing payments, review credit processes and trade stocks, safeguarding their internal data and customers’ data in the process. In relation also to iGaming, Blockchain can prevent problematic situations related to fraud and money laundering. Payment processes would become faster and more transparent, thus creating a more trustworthy and safe method for carrying out payments online.

'The skills gap, therefore, remains evident, and as Blockchain continues to grow, professionals in Tech are being encouraged to grow with it.'

It is no doubt, therefore, that professionals in Tech would be needed to fulfill certain roles which can facilitate the demands of evolving Blockchain technology. At present, the supply certainly does not satisfy the demand for the talent needed in this field of Tech. The skills gap, therefore, remains evident, and as Blockchain continues to grow, professionals in Tech are being encouraged to grow with it. Individuals with experience in Tech possessing skills in C, C++, C#, Javascript and Python, as well as knowledge in data structures such as Stack and Queues and software architectures like MVC and MVVM, to mention just a couple from each area, are all considered beneficial to the individual seeking to build a career in Blockchain Development.

'In order to ensure that Blockchain is here to stay and not just a trend of the decade, such a sustainable approach in education should be maintained to produce the necessary talent.'

As of present, organisations do not have the necessary in-house expertise to satisfy their Blockchain targets. However, individuals leading Tech-based careers can make use of their experience and expertise to shift their attention to Blockchain opportunities down the line. That being said, Blockchain technology can be easily broken down to a range of underlying technologies, thus allowing a span of talented individuals specialising in various areas of software development and engineering to team up and produce the required Blockchain frameworks. The reality is that the skills gap in this area is quite large, yet with universities now introducing degrees in Blockchain development, the required expertise will be satisfied and thus a new talent pool will be eventually formed. In order to ensure that Blockchain is here to stay and not just a trend of the decade, such a sustainable approach in education should be maintained to produce the necessary talent.

Up until then, however, experienced developers are being pushed to continuously learn and explore Blockchain opportunities by applying their skill set to the Blockchain environment through collaboration with fellow Tech professionals. Additionally, professionals in this sphere are also expected to flock to Malta to embrace the island’s innovation in digital transformation, and this could mean an increase in the availability of talent from foreign sectors. The addition of such expertise would also bring diversity to Malta’s talent pool, thus enriching the supply of talent for local companies. The effort, undoubtedly, should be to empower professionals in Tech to seek upcoming career opportunities which see them applying their skills to the bigger picture of digital innovation.