India in all probability has more than 3 million software engineers to say the least and an increasing number of graduates take up this profession in the country even today. The market for several of these programmers isn't all that great since we produce more graduates than employable.
Indian government hasn't done a great deal to leverage new technologies such as blockchain. They seem to be fine with companies and even banks using this technology but there's not a lot of scope for engineers to build blockchain technology and powered by cryptocurrencies.
When it comes to cryptocurrencies, Indian government has been on the backfoot, shying away from it for a long time. Our central bank is working to make it difficult to trade in cryptocurrencies by banning banking services to exchanges.
Meanwhile, blockchain tech Ripple begins partnership around the world with 17 prestigious universities and two of them are from India. Under its new initiative:
"University Blockchain Research Initiative (UBRI)," a program comprised of collaborative partnerships with leading universities globally to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.
By partnering with these universities, Ripple through this program will donate $50M to universities around the world. The idea behind this is to help shape the future workforce and enable it to work on existing technologies and build new solutions for the modern world.
UBRI is launching with 17 initial partners:
- The University of Pennsylvania
- CSAIL at MIT
- The Center for Information Technology Policy at Princeton University
- Haas School of Business, University of California, Berkeley
- University of Waterloo
- UCL (University College London)
- University of Oregon
- The University of North Carolina at Chapel Hill
- Korea University
- University of Luxembourg
- Delft University of Technology (Netherlands)
- University of Nicosia (Cyprus)
- Australian National University
- Fundação Getulio Vargas (Brazil)
- McCombs School of Business, UT-Austin
- IIT Bombay
- International Institute of Information Technology, Hyderabad (IIIT-H)
FinTech has been providing greater employment to people in the past year. There have been several new job openings in the IT sector owing to the boom in cryptocurrencies and interest in blockchain technology.
According to Ripple: Each university will determine its own research topics and areas of focus. In addition to providing financial resources, Ripple is committed to collaborating with universities by providing subject matter expertise and technical resources, as needed.
I think this is a great initiative from Ripple and it will certainly go a long way in promoting blockchain technology. Leading universities around the world such as IITs in India help create and shape the top minds that ultimately lead some of the biggest companies. Adopting blockchain technology and developing it at this stage will help shape the minds of young engineers.
It's my hope that in the next 2-3 years India will full embrace blockchain technology and adopt it completely in-order to help its own workforce. There's a huge potential to create new jobs in the Blockchain Technology & FinTech space in India which is at its nascent stage.
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The disintermediation of blockchain will remove the controlling power of govt/authority: this is their prime concern. They lack proper vision and Govt always seem to take skeptic approach to any new budding tech. Lets see if they wake up soon enough.
But you know how the Indian Govt. is right? :D
It's true that it will help and shape the minds of engineers (who are in abundance here, me included :D). But the issue is that the govt is not run by our generation in which people are more open to changes and experimental. It's run by politicians who simply can't accept change especially when it comes to technology. Let's hope that they realise the potential and accept it in the future. Fingers crossed!
This is a great endorsement, indian government should really try to support young and bright futures of these engineers and programmers.😔
Not only India produce more graduate than the employable, try and find out Nigeria is even worse than India.
This is a great post.
😍
hi mate, the problem of indias's engineers isn't that simple. while india produces a lot fo engineers, the quality of engineers isn't that great and frankly a lot of them are unemployable and wouldn't have found any jobs, if it hadn't been for the IT outsourcing industry.
We will need to focus on R&D and start producing good quality engineers to do anything meaningful. But before we can do that, we need to first get a huge number of people out of poverty. A developing nation like ours cannot focus on R&D as we do not have enough capital to pursue that. Like China has done and now wants to be a leader in R&D as well. Most indian govt agencies at the moment buy technology infra from local companies that are not doing any r&d but simply buy products from developed nations and sell it onward to the govt.
Ripple isn't even a blockchain and isn't a cryptocurrency. It is pre-mined and uses HashTree algorithm. It is heavily centralized with the parent company owning 60% of the supply. The company doesn't want any blockchain innovation and when it talks about blockchain, it is similar to banks in india building centralized blockchains which are pretty much useless and serve no purpose other than marketing for the companies involved.
I agree with just one thing. Any funding for Indian universities is great, whether it comes from ripple or bitcoin foundation. With little govt help, Indian universities have to rely on foreign or private funding to do meaningful research.
This is an interesting topic, Excellent, THANKS for sharing!
Someone wake them up from sleep
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Thumbs Up.Awesome job @tts.