South Korea needs to train more blockchain producers as the market is growing faster.

Lawmaker Lee Sang-min of the governing Democratic Party said Monday that many South Korean companies are competing for hiring talented blockchain workers. He said demand exceeds supply in the blockchain workforce market.  Small-and medium-sized companies have difficulty in hiring blockchain producers as big companies are aggressive in recruiting the experts, he added.

Lee is a member of the National Assembly Science, Technology and ICT Committee.

He said Korea’s blockchain technology is equal to 20 percent of the technological level in the United States and China. Korea has 99 blockchain patients in January, far lower than the US’s 497 and China’s 472 but higher than Japan’s 36.

He expects the blockchain market worldwide to grow by ten times in five years. The lawmaker predicts that the blockchain industry will account for 10 percent of the global gross national products by 2025. The global blockchain market will grow to $2.1 trillion in 2030

He said the South Korean government should implement a comprehensive plan to foster as many blockchain producers as possible. He noted blockchain would become a crucial technology that would upgrade the global competitiveness of not only ICT but also the other industries.