Professions That Blockchain Technology Will Affect In The Labour Market

It can no longer be denied that in the modern world, we are steadily dependent on technology. Everything changes – how we live, think or see the world. A study at Oxford University showed that 45% of all current jobs would disappear within the next ten years, some of which will be fully automated or at least updated to such an extent that the need for human participation will be minimized.

How Blockchain Technology Affects Jobs

A few years ago, an unknown person or group of programmers under the pseudonym Satoshi Nakamoto came up with a digital currency protocol. His creation produced a strong shake-up in the banking and financial sectors. And not only in them but a whole lot of other sectors. Now we need to rethink the economic, political grid, and the whole old order of things.

Blockchain acts as a decentralized transaction register, which is not stored on a single server, but on all computers on the network.  At least one character cannot be faked, altered, or deleted. This book allows us to send and receive data in a decentralized way, without involving intermediaries. And here is how this can change some areas of our lives:

Banks

Currently, if you want to send $500 from one country to another, you will need the services of two banks that will have to register the transaction in their systems, take it into account in financial statements, add it to the software application, etc. And all these actions are performed by employees who need to pay salaries.

It is clear that all expenses of banks are reflected in the tariff that we will pay for the transfer. Money transfers through blockchain do not require intermediaries: you can quickly and almost free send and receive money supported by the network.

Now scroll forward for several decades, and most likely, you will see that countries will use cryptocurrency as national money. And if this is so, then the very need for banks will be significantly reduced.

Real Estate

Currently, the purchase of a house or other real estate requires a third party as an escrow, a title company that will be involved in the verification of rights, as well as a lawyer who will issue the transaction legally correct. Attracting so many intermediaries will add 1-5% to the cost of an already costly house, and why? Because fraud is real.

Once blockchain technology reaches this sector, reliable ledgers and real estate registries will be created that will make the whole process of buying or selling a home very fast, convenient, and reliable. The loan can be instantly checked, and the property will have digital identifiers that include those who own the property and what repairs or changes have been made. We will no longer need real estate companies. Therefore, if you work in this field, start thinking about it.

Law

Most lawyers do not speak in the courtroom, making amazing speeches. They sit in firms that draw up and verify contracts between parties that want to run a joint business.

After the blockchain is introduced in this segment, the need for lawyers will be drastically reduced, although not completely eliminated.

Smart contracts written on protocols such as Ethereum will establish trust between the two parties by fixing the conditions in a computer register that cannot be changed or misinterpreted by either side. Machines will work with machines: they will read hundreds of bytes of data, track use cases to execute a contract automatically, and resolve minor disputes.

Of course, large contracts for oil or gas production, for example, will require real lawyers. But are you sure that it will be you?

Intellectual property

Companies such as Facebook, YouTube, Spotify, and Apple (iTunes) use the intellectual property of their users, so they display the contents of their users on their platforms.

But blockchain projects will return the intellectual property to the people to whom it belongs. They decentralize the distribution method and securely bind the username to the IP. A stolen IP address will be immediately discovered and denied on these decentralized platforms.

Financial and Account Management

Large companies rely on individuals to make it easier to track accounts payable, tax compliance, implement internal audits, or invoice counterparties.

But the introduction of new technology and smart contracts into financial and accounting practice will allow you to transfer all accounting directly to the blockchain, thereby eliminating the need to control it.

Conclusion

Many systems will be automatic and transparent. Transactions can be put on an automatic flow, or a system with competently written smart contracts will be created. This will eliminate jobs in every corporation, healthcare system, pharmaceuticals, and back office.

But, as practice shows, everything changes and bothers. And the fact that today we do our best to streamline everything and put it on auto-control does not mean that our grandchildren will like such a system at all. It is possible that in the next round of history, they will want something radically opposite. Blockchain technology has come to change some of the ways in which we live our lives.

Author Bio:

Harnil Oza is a CEO of Hyperlink InfoSystem, a mobile app development company based in USA & India having a team of best app developers who deliver best mobile solutions mainly on Android and iOS platform and also listed as one of the top app development companies by leading research platform. He regularly contributes his knowledge on the leading blogging sites.