Oct 16, 2018 23:30 UTC
Oct 23, 2018 at 07:18 UTC
What Are The Jobs and Services Blockchain Adoption Will Create and Suppress?
Blockchain has often been hailed as the cornerstone of the upcoming fourth revolution in the world of economy and industry. Now, when its adoption reaches levels high enough to be sufficiently disruptive to the the existing economic order in the world, it is expected to both create some jobs and services to facilitate the penetration of this technoy as well as to suppress some careers and economic activities by rendering them unnecessary at best. What are these jobs and services? Let’s have a look.
What are the jobs or services that blockchain is expected to facilitate?
Naturally, since this technology is a novel one, it would require a sufficient number of software developers to blockchain networks up and running, as well as to fine tune them according to the needs of the specific use cases they are expected to serve. In addition, with higher blockchain adoption, we are expected to see a greater degree of cryptocurrencies in circulation too and for this we would require jobs such as cryptocurrency market analyst, crypto developers and cryptocurrency traders to flood the economy.
We would also require a large number of crypto-literate people to handle the work of systems engineer in banking, trading and fields that employ blockchain. Crypto miners and a great degree of developer jobs would also become extremely important, as well as data scientist positions. The market will also require a sufficient number of cloud engineers who are adept at implementing the blockchain technology and some crypto protocol such as the Bitcoin protocol.
What are the jobs and services that blockchain is expected to suppress?
One of the key features of blockchain is that it introduces peer-to-peer trading and transactions through a decentralized network. This naturally eliminates the need to have a large number of jobs that basically perform intermediary services by linking up a service provider or seller with a buyer who’s willing to pay a certain sum to have that good or service delivered. A large number of administrative officers in the fields of database management, insurance disbursement and supply chain management systems would become irrelevant in their current job positions. This is because, with a single decentralized ledger available for all participants to view and access, and with a direct link established by the parties to a transaction, there would be no need for having middlemen to check and verify documents.
Smart contracts, particularly, will help mechanise transactions and fund disbursements and thereby do away with the need to have administrative middlemen.So what does this entail for services? All services that serve as an intermediary between parties to a deal will become unnecessary. There will be no point, for example, to have several competing online stores (especially the ones that connect users with a large number of sellers, like Amazon) that provide customers with access to a similar set of products continue to provide this service. By replacing it with a single decentralized ledger, it will become possible to achieve all that these online stores achieve and do it more quickly and at a lesser cost with a far greater degree of transparency. By the same logic, it would also become unnecessary to have multiple job hunting platforms or apps that connect one to a certain set of restaurants.
With blockchain, it is expected to become extremely simple for us to contact buyers we want deliveries from, place orders and have transactions managed seamlessly. These are some of the jobs that will undergo changes or modifications when the wave of blockchain finally hits and overpowers how we’ve known our economy all this while.