Chile has joined the league of nations implementing the technology behind to solve diverse administrative issues. A number of around the world have already created pilot initiatives that rely on to tackle issues like and .
Ensuring Data Fidelity in the Energy Sector
The pilot blockchain project will create a decentralized database thus making it immune to manipulation and man-in-the-middle attacks. These details were revealed via a from the Commission on April 5, 2018.
This open energy database will be distributed across servers numbering in the hundreds of thousands providing public access to information updated in real-time. Once data has been verified, it is then transferred from the open energy database to the blockchain.
It is expected that such a framework will minimize the occurrence of human error in the collation and storage of data. The information pertaining to the country’s energy sector stored on the blockchain will be made available to the public using specialized graphic user interfaces (GUIs).
Commenting on the pilot project, , the country’s Minister of Energy, declared that the availability of the information to the public was a vital part of ensuring the perception of transparency.
Jiménez said that it was necessary for the citizens of Chile to have full confidence in the project and the lofty goals that it hopes to achieve. The minister also stated her belief that citizens and other stakeholders will put the information to good use in areas ranging from the economic to the technical, and even labor considerations.
Pioneering Blockchain Implementation in Latin America
Blockchain, with its distributed ledger framework, has been described by many experts across diverse fields as having the potential to disrupt and improve processes across different industries.
To this end, governments, corporate entities, research institutes, entrepreneurs, and many other stakeholders, are employing a vast amount of resources in developing blockchain-based solutions.
In February 2018, the Chilean National Energy Commission, the Comisión Nacional de Energía de Chile (), unveiled plans to implement the innovation in the country’s energy sector. This announcement was made via a tweet that was posted by the Commission on February 27, 2018.
According to the Commission, the initiative is an essential step towards establishing the country as a pioneer of blockchain implementation in Latin America. Regarding blockchain’s title as the most disruptive technology of the last few years, the Commission stated that it was necessary to make sure that the country wasn’t left behind as far as the technology is concerned.
In another official by the CNE in March 2018, the Commission shed more light on how exactly it planned to integrate the technology in the country’s energy sector. The plans revolve around decentralizing information collection and flow, thus improving the transparency in the industry.
Commenting on the plan last month, the executive secretary of the CNE, Andrés Romero, declared that blockchain technology was being used as a digital notary framework to certify information within the sector.
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Few weeks after the massive , the company has come forth with a novel excuse which caused the issue: Lack of experienced engineers. With the blockchain and cryptocurrency space growing each day, demand for high employees is following close behind.
Shortage of Skilled Labour
In the days following the Coincheck fiasco the company came forth and blamed the short-staffed situation in its risk mitigation division that led to the hack.
Koichiro Wada, Coincheck’s C.E.O, explained that while the company was aware of the staff shortage, primarily in its internal controls, management, and risk division, they couldn’t do much about it as the market seemed to have of skilled professionals in general.
This insight adds yet another point to the growing list of concerns that the industry faces, including lawsuits, government regulations, thefts, negative media coverage, bank crackdowns, amongst others. All this in a country that arguably the most progressive when it comes to cryptocurrency adoption.
Japan legalized in April 2017, making it amongst the first country to do so. As such, the state has a vibrant cryptocurrency sector, with 30 regulated exchanges, blockchain startups, and several other cryptocurrency payment businesses. Furthermore, a 100 different companies have approached Japan’s Financial Service Authority () for a certificate, as by Reuters.
Understaffing a Major Concern
C.E.O, Mike Kayamori, added his own statements that give conformity to those of Coincheck’s:
“The FSA is breathing down necks on security, compliance, and risk. And if you don’t hire, you won’t be able to survive.”
Pascal Hideki of said HR firms and placement agencies “cannot keep up with demand for crypto talent.” The company is part of the and specializes in tech recruitments. Surprisingly, 60 percent of the firm’s recent head-hunts have been for crypto-related businesses.
Salaries in the sector are above average as well, as per Reuters. To entice engineers, companies are offering fat bonuses, increased base pays, and more money in case the candidate is experienced.
Such a phenomenon in business is called the “$/knowledge ratio,” which calculates the cash pool of available income to the number of skilled employees.
Japanese Culture a Possible Deterrent
Japanese “” culture also comes into play. In Japan, employees take great pride in their position and often work for one company all their life. Putting this aspect into the blockchain industry is a further worry, as this would cause experienced individuals to forego the jump.
In the words of , a blockchain engineering firm, “Majority of Japanese that do understand blockchain and cryptocurrency already work for companies as lifetime employment, and have never considered the thought of changing jobs.”
“Such a scenario could possibly put a brake on everything,” thinks Alexander Jenner of .
“The sector’s growing so quickly, and the better exchanges are surviving. But many of them will fail, blunting the country’s early competitive edge.”
Skilled Labour Shortage a Worldwide Concern
Based on more in-depth research in the matter, BTCManager on a study by TopTal, which stated that “January 2017, the demand for blockchain engineering talent on Toptal has grown 700 percent, and 40 percent of the fully managed software development projects requested in the last month require blockchain skills.”
This data shows the demand in blockchain developers, and cryptocurrency conversant employees is not limited to Japan.
The topic has also been touched upon by Vitalik Buterin, founder of the :
“Core developers and researchers should be employed by multiple companies or organizations [and] the knowledge of the technical considerations behind protocol upgrades must be democratized, so that more people can feel comfortable participating in research discussions and criticizing protocol changes.”
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Blockchain startup Proxeus and several partners including IBM Switzerland, Canton Zug and Swisscom, have joined hands to legally register the very first Swiss company using blockchain technology. The process was done by combining a digital workflow and Hyperledger Blockchain with the existing IT systems of the bank and commercial registry. Commenting on the achievement, Swiss […]
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