China rolls out its first bachelor program in blockchain technology but it seems that the industry is not quite excited for the novelties in crypto education. Let’s find out more in the following blockchain latest news.
China wants to grow bigger in the field but its tech labor supply quality is getting lower by the minute. The Chengdu University offers a new case that could provide answers to what is holding China back. Blockchain technology is seen as a core national strategy in China as political leaders started embracing it. However, a shortage of blockchain talent because of the lack of crypto education, casts a shadow on the Efforts to make this sector booming.
China’s public sector and private ones as well are providing classes and building research institutions that are focused on this technology. The latest attempt as we can see as China rolls out the first blockchain bachelor’s degree program at Chengdu University. The industry expects the number of quality blockchain staff to remain small so the future of the graduates remains uncertain.
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The Chinese companies say that they want more blockchain-educated people but the labor supply seems constrained by the cultural trait which is especially enhanced in East Asia which is education snobbery.
Blockchain companies prefer the graduates from the top-tier universities in Mainland China or people that have worked with popular American Companies. High-quality blockchain talent doesn’t get any trust and feel uncertain about the current state of the blockchain industry. Helen Yu, a co-founder of HHJ Consulting, said that the average salary for an entry-level blockchain position is about $2,330 which is 35% than a regular entry-level computer science ob. The pay for blockchain talent in China is high because there is a shortage of candidates with the needed skills.
The blockchain industry in the country has grown rapidly in the past few years but with the many ups and downs, China managed to occupy 90% of the global bitcoin transactions and the three largest exchanges accounted for more than $100 million. the tech talent at that point was intrigued by the profitability of the market which is why they joined the blockchain startups. However, China started regulating the sector and outlawed ICO and crypto trading in 2017. Later they shut down mining and closed more than 2000 blockchain companies.
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