According to NewsBTC, although smart contracts based on blockchain technology have greatly improved the level of automation in the banking and financial industries, the impact on the employment situation is not as pronounced.
As the underlying technology of Bitcoin, blockchain has been widely applied to all walks of life. It has long been more than just the record of online transactions. Smart contracts based on blockchain technology have also spread across multiple processes in various industries.
Recently, blockchain technology has been increasingly used in the financial and banking fields, including some time-consuming and complex repetitive projects. Once you create a smart contract that automatically performs certain complex tasks based on certain conditions, you can save a lot of time and labor costs. Admittedly, automation can save these organizations a lot of money.
At the same time, however, people are also worried about the negative impact of the increase in automation levels - whether the frequent emergence of smart contracts in the financial and banking sectors will reduce employment opportunities in the industry and whether humans will be robbed by these machines. Take the rice bowl?
Smart contracts and industrial robots
In considering whether the increase in automation will reduce human employment opportunities, we can compare this with situations that occur in manufacturing or other industries. According to relevant reports, up to now, the improvement of automation has not had a significant impact on the employment situation. Not only that, a survey of the impact of industrial robots on employment in 17 countries during the period 1993-2007 also showed that the small increase in the overall wage level of mankind was due to the increase in the level of automation.
According to the report, if the company uses software robots to interact with back-office systems, the company will spend at least $2.70 per hour. However, unlike humans assigned to various jobs, these software robots can work around the clock, process large amounts of complex data, and do not need to rest. According to another report from Tata Consultancy Services (TCS), if the companyâ€™s financial system is operated using an automated system, it can greatly increase production efficiency and the accuracy rate can reach over 90%. . However, the report also stated that the insurance industry's automation of the robot verification process can lead to a nearly 80% drop in transactions.
A foreign financial magazine stated in a recent article that any form of automated operation, whether it is the automation of processes using software programs robots or smart contracts that automatically perform trade settlement or other financial operations, cannot replace humans and customers. Face to face communication and operation. Not only that, with the improvement of the level of automation in various industries, there are more and more monitoring and maintenance work that accompany them, and these also bring new job opportunities for humans.
By comparing automation using industrial robots, software engineering, and smart contracts, we conclude that at present, blockchain technology may not have much impact on employment. But it will bring significant changes to future jobs. If the financial sector workers still want to save their positions in this change, they should follow the changes in blockchain technology and update their job skills.
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