The country’s massive pivot towards integrating blockchain has raised concerns that the educational sector may struggle to keep up with the demand for professionals
As China continues its integration of blockchain across several verticals, there are concerns that the academic sector may not be able to keep up with the rising demand for comprehensive undergraduate educational programs that are related to blockchain.
Sun Daojun, the head of the Digital Economy Development Research Center at the Beijing-based Communication University of China, has revealed that the first batch of graduates in blockchain-focused courses will begin courses later this year and finish their studies by the year 2024.
Despite this initiative, Daojun has expressed his reservations regarding the capacity of the sector to keep up. As he was quoted in Mars Finance, he believes that while the Chinese blockchain industry is developing at an unprecedented rate, the educational sector is “seriously lagging” behind in catering to the corresponding demand for new professionals.
In March of this year, the Chengdu University of Information Technology formally launched its undergraduate course on Blockchain engineering. Enrollment is now closed and the students will start in September.
In July, the country added nine new occupations to its list of approved jobs. These jobs focused primarily on blockchain technology, including blockchain application operators as well as blockchain engineering and technical personnel.
There has also been a notable rise in the average salaries of professionals in the blockchain industry. This is likely caused by the high demand for specialists in the sector as companies race to accommodate blockchain experts for their growth.
Zhaopin, an online recruitment services provider in China, has released statistics that show hundreds of companies across the country are now hiring staff for blockchain-related occupations. Their monthly salaries are pegged at $2,865 on average; more than double the average of last year, which was at $1,230.
Beyond blockchain technology, China has worked steadily towards the integration of its central bank digital currency (CBDC), the digital yuan. Its Digital Currency Electronic Payment (DCEP) system is currently being tested across several high profile companies and banks across the country, such as DiDi Chuxing, Meituan Dianping and Bilibili.
Overall, more than 20 companies are involved in testing the digital yuan project.
In addition, the DCEP is also being tested in four main cities: Chengdu, Shenzhen, Xiong’an and Suzhou. These tests are still a part of the CBDC’s research stage and are not meant to prepare for immediate launch. As of writing, the country has not yet provided an end date for the first phase of testing.