China’s huge blockchain push means that there are now a staggering 44,000 firms in the country dedicated to the technology – after central and province-level drives to create a network of blockchain hubs that encompasses much of the nation.
However, there are also signs that the rate of expansion is coming too quickly for the Middle Kingdom, with massive talent shortfalls predicted.
Per a report from China Email, the majority of these companies are setting up shop in Guangdong Province, which is home to 12% of all of Chinese blockchain firms. One of the province’s biggest cities, Shenzen, hosts “more than 5,000 blockchain-related companies,” according to the report.
The media outlet also adds that LongHash data shows that – as of July this year – more than 10,000 new blockchain companies were launched in China. The report’s authors add that this number “is expected to exceed 2019’s figures.” Some 18,500 blockchain-related firms were set up last year in China.
But this may only be the start, say the authors, who claim that policies introduced in the second half of last year will spark yet more growth in the industry, with “a large number of emerging blockchain companies set to launch in the future.”
These companies will likely face a major hurdle when it comes to recruitment, however. The same media outlet reported that forecasts compiled by government-affiliated bodies 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.
A number of 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.