What The Adoption Of Blockchain Can Mean For Jobs?
Most commonly, people will associate the blockchain technology with the popular cryptocurrency called Bitcoin, but really blockchain is a game changer on its own. Although in many ways it can have a positive way on the way that businesses run, for example, making the records of a business more secure or making transactions quicker, there is also a negative side.
Blockchain will impact future jobs and employment in many ways, but the problem lies in the fact that no one knows how jobs will be affected completely. Here are some predictions for the future of employment due to blockchain.
Decline Of Some Jobs
As blockchain essentially reduces the need for the middleman, there is less need for manual verification. Although businesses will in the long run be more efficient, it will mean a probable job impact with many roles no longer needed throughout different industries. Banks are a good example of this, and BitFortune.net brings up the fact that blockchain tech will be able to reduce bank infrastructure costs by as much as 30% - meaning that there probably won't be as much of a requirement for certain job positions.
So, while businesses will be saving money when they integrate blockchain into their business model, these savings will likely come from the reduction in salaries needed to pay real working people. Technology is slowly taking over the need for humans to get a job done, meaning there is potentially a job crisis in the making.
An example of where this is already happening is in real estate. Using blockchain in this industry has the potential to streamline the process, making it cheaper and quicker for all those involved. However, if the use of blockchain in this area increased, there will be much less of a demand of real estate brokers and lenders in the long run, putting a lot of people out of a job.
People May Need To Learn New Skills
Although many people may lose their job in this process, a few opportunities may arise as well. As certain areas get replaced by blockchain, there will be the need for people to learn new higher level skills in order to keep up with the technological advances that are taking place all the time.
It is likely that more skills and more jobs will open up in the security and encryption side of things. With more blockchain transactions occurring all the time, making sure that all those transactions are kept secure is of the utmost importance.
The Rise Of New Businesses
As blockchain becomes adopted in a variety of different fields, some types of work will gradually become less relevant. On the other hand, this means that other types of work may become much more in demand. People always figure out how to evolve with technology to make it work, and it is looking likely that a similar thing will start to occur here.
At the moment, blockchain is only at the early stages of its development and adoption across different markets, but as time goes on, many industries will begin to realize the many benefits it could bring them in the long run. Understanding what threats this will cause is an important part of the transition process, as people will be more prepared about what is to come and what it means for their role in an industry.
For many people, this means that they may be losing job, but this advanced knowledge means they have the opportunity to learn new skills or change a field of study in preparation.