Bengaluru boasts the highest number of cryptocurrency jobs in India. According to job postings in recruitment site Indeed, there are 34 per cent job postings for cryptocurrency-based jobs in the city, which makes it the city with the largest number of cryptocurrency jobs.
Pune is in second place with eight per cent job openings based on cryptocurrency.
Kartik Mandaville, founder and CEO of SpringRole, an organization in Bengaluru, powered by artificial intelligence and blockchain to help put an end to fraud and fraudulent activity in user profiles, said that the reason for the multiple job openings is due to supply and demand ratio in Bengaluru, reports Bangalore Mirror.
Some of SpringRole's roles are to run background checks of employees using blockchain technology. The background checks will include the person's address, criminal history, education and employment.
Mandaville said that due to the minute number of engineers who actually understand block chain, the demand is high.
"Blockchain has always been legal and various governments are pursuing it actively with multiple projects across land registration and university degrees. The only issue is that the government is hesitant to have people transact in cryptocurrencies because the government feels that they should be aware of the risks attached with cryptocurrencies," Mandaville was quoted as saying by BM.
Mandaville added that cryptocurrency is completely decentralized. "The revolution started with Bitcoin- where people could send money to each other without anyone's consent in a sovereign way. This application is secured by mathematics. The next step was using technology to build more secure applications-social networks, real estate block chains, resumes, educational verification and so on. The underlying technology is used in cases where the trust is low- for instance- land registration. Mathematics and computation is the trust factor," Mandaville said.
Mandaville said that the reason why it is so surprising that Bengaluru has the highest number of job openings in cryptocurrency is because Mumbai is said to be the financial capital of the country.
Blockchain technology is not only used in IT firms but also for medical purposes. Sidharth Ramesh, a medical student from Kasturba Medical College in Manipal has developed a software - MedBlocks to store medical records.
"India has an active Crypto community and people have regular meetups. There are a lot of job opportunities, but the existing regulations are a hindrance. Blockchain is the platform which brings cryptocurrencies into play. Several companies from abroad look at blockchain developers who will work on smart contracts for cheap and their main go-to place is India. Often these companies outsource their work to India and the payment is in cryptocurrency. Regular currencies can be manipulated, for instance, Venezuela that is suffering from hyperinflation- which probably happened because they printed more currency. Under cryptocurrency there is no central authority controlling supply," Sidharth told BM.