The annual salaries of blockchain developers have increased significantly in recent years. The limited number of talent in blockchain technology has helped Indian technicians with skills in the field obtain high salaries.
Global organizations operating in the banking, financial services, and insurance (BFSI) sectors have begun to adopt the blockchain in recent years. Indian technology companies that work with BFSI customers offer up to 45 Rs a year or more to developers with blockchain skills.
The salary paid to a basic blockchain developer is more than double what a programmer with five years of experience earns. Despite the growing number of blockchain developers, the demand exceeds the available talent pool. These salaries are tied with senior developers with five years of experience.
A report in ET quotes Lohit Bhatia, head of human resources firm IKYA Human Capital Solutions. Bhatia said:
“The salary offered to a blockchain technician with only five years of experience is almost equivalent to that of a managing director of a bank with three decades of experience.”
The salaries offered to blockchain senior developers have also increased in recent years. Salaries for the role of a technology leader, product manager, were in the range of 1.5 to 2.5 billion Rs until a year ago. The growing demand for high-level positions with blockchain experience has helped top-level developers to charge more than Rs 4 million a year.
The unavailability of skilled talent in emerging technologies such as the blockchain is the real reason for rising wages in India.