5 Ways Blockchain May Impact The Future Of Employment

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Protecting Customers & Freelancers From Scams

Blockchain technology and specifically smart contracts may help reduce scams. Many of the current platforms for Freelancers don’t always protect freelancers from situations where customers withhold their payment for some reason or the other. Further, disputes that go unsettled often affect the rating and perception of these workers.

Clients can often take a big loss when scam freelancers ask for upfront pay and do no deliver on promised work. Other scenarios include the freelancer asking for further pay and delaying projects if the client will not pay outside of the platform. Sometimes the client will end up paying out of pocket and waiting long periods to have work delivered.

Some Job Opportunities May Be Eliminated

Blockchain technology will increase automated processes and reduce the need for manual verification. This will increase efficiency but also mean humans will be eliminated from roles that require verification. Coindesk, a prominent Blockchain publication recently stated “with billions of dollars expected to be saved every year by moving transactions to blockchains or distributed ledger systems, what’s often lost in the conversation is that much of this money will likely stem from a reduction in salaries currently paid to real, working people.” This demonstrates that the markets will become more efficient and will lower job opportunities in certain industries entirely.

Efficiency means that a job crisis may occur and this is just the beginning. One example is real estate as referenced in an article by efinancialcareers.com “home sales and mortgage lending – blockchain could streamline this process, impacting the demand for real estate brokers and lenders.” It clear a myriad of different careers may be affected, real estate may be just the ones that presents itself at this moment in time.

People Will Have To Improve Their Skills And Abilities

Since computers are getting smarter, we will have to as well. As certain skills are replaced by technology, high level and novel abilities will have to be developed by the population. Industries related to banking, securing and payment will feel an impact and will have to adapt to this growing movement. In the same way automation occured in the manufacturing industry, enterprises will have to adjust as well.

New Businesses Will Be Created

As many old businesses will die off, fortunately new ones will be raised from this new industry. Dozens, perhaps hundreds of industries are poised to see innovation and disruption as a result of not having to be run through centralized entities. Blockchain technology particularly in the banking service arena will make it easier for more people to have access for their business and personal lives.

Reduction In Fees And Charges

Fees are an annoyance that is eliminated largely by blockchain technology. As economies begin to adopt the technology globally and it becomes more acceptable we will be able to see massively reduced fees along with higher levels of security, big investment opportunities, and near zero commision rates.

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