FinTech

How the Electric Vehicle Industry Could Drive Cryptocurrency Forward

Julio Gil-Pulgar · @gil_pulgar | Oct 19, 2018 | 03:00

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Bitcoin’s technology combined with the power of the Internet of Things and artificial intelligence are intersecting with self-driving vehicles. And they are confronting a common problem: Talent shortage. In this regard, the experience gained by the electric vehicle industry might help.

Limited Talent

A Korn Ferry Institute study concludes that a major world crisis is imminent, because, by 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. Moreover, the study forecasts that talent shortages could slow the ongoing digital revolution.

For example, right now, the talent shortage of programmers capable of working with COBOL is acutely affecting the banking, fintech, and most emerging industries.

According to David Silver, self-driving car team leader at Udacity, limited talent hinders the development of driverless cars. Specifically, Silver points out, “very few people know how to program driverless cars.”

The same problem is distressing the crypto industry. Forbes contributor Maria Peretz remarks that few people are cognizant about blockchain and cryptocurrencies,

Executives who are approached to work for these startups have usually heard of Bitcoin, the most well-known cryptocurrency, and they may vaguely know blockchain has something to do with securing digital currency. However, they often have a fleeting grasp of the nuances and possibilities of this dynamic industry. Their haziness and lack of knowledge can be a formidable challenge to startups that want to land key talent in a competitive hiring market.

E-Car Roadmap Could Help Solve the Shortage of Talent

In August 2018, in the U.S., a record high of 7.14 million positions remained unfilled. Regarding the crypto space, statistics provided by Glassdoor show that for the last twelve months, there has been a 300 percent increase in the number of jobs linked to Bitcoin, the blockchain, and other cryptocurrencies. Forbes reports,

As of August 2018, there were 1,775 bitcoin and blockchain-related job openings in the U.S. — up from 693 at the beginning of the year and 446 at this time last year.

Although in sectors such as life sciences, the percentage of professionals using blockchain has tripled since 2017, the shortage of programmers and blockchain professionals continues to increase.

In this regard, Peretz seems to suggest that the electric vehicle (EV) industry is ahead of the crypto industry. Thus, she suggests that crypto companies could benefit from the model the EV industry applied a decade ago, when “Like with bitcoin and cryptocurrency today, exactly what talent the EV needed in 2010 was unclear.”

“This strategy requires a delicate balance of simplicity and sermonizing, clarity and passion. Fortunately, there is a roadmap for how to do it well: Follow the electric car down the highway to success,” Peretz adds.

Do you think the experience gained by coping with the talent shortage in the electric vehicle industry could help the crypto industry? Let us know in the comments below!

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