What Jobs are at Risk due to Blockchain

The increased use of blockchain technology has drastically altered how work is done in various fields. As a result, blockchain has resulted in massive employment losses worldwide, particularly in the currency transfer, healthcare, and supply chain industries.

Blockchain technology, known for its potential to automate and streamline processes, could impact various job sectors by making specific roles less necessary or obsolete. 

 Here are some areas where jobs might be at risk due to the adoption of blockchain technology:

Banking and Finance

Roles that involve transaction processing, bookkeeping, and compliance checks may be at risk, as blockchain can automate these processes, reduce the need for intermediaries, and increase the efficiency of transactions.

Supply Chain Management

Jobs related to tracking and verifying products might be affected. Blockchain can provide a transparent and immutable ledger, thereby reducing the need for manual verification and tracking in the supply chain.

Legal Sector

Certain legal services, especially those related to the drafting, reviewing, and managing contracts, might see a shift. Smart contracts on the blockchain can automate and enforce contractual agreements without intermediaries.

Real Estate

Roles involved in property title searches, transactions, and record-keeping could be impacted. Blockchain can simplify these processes by providing a transparent and unchangeable record of real estate transactions.

Voting and Public Records Administration

Jobs involved in managing and safeguarding public records and conducting electoral processes might be at risk. Blockchain offers solutions for secure, transparent, and tamper-proof record-keeping and voting systems.

Data Management and IT Security

With blockchain's potential to secure data against tampering and unauthorized access, certain cybersecurity and data management roles might see a transformation or reduction in demand.

While blockchain poses certain risks to these jobs, it's also important to note that it can create new opportunities and roles. Blockchain specialists, developers, consultants, and legal experts specializing in blockchain technology will likely be in high demand. Moreover, as with any technological advancement, the potential displacement of jobs often leads to the creation of new jobs requiring upskilling and adaptation to the changing technological landscape.

Now is the moment for employees in those sectors to expand their skills, such as understanding blockchain technology's fundamental characteristics and functionalities, to advise their business stakeholders on its adoption and influence on their organizations.