NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Will Blockchain and Smart Contracts Steal Jobs from People?

Gautham
Gautham
4 years ago
2 mins read
smart contracts, automation

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin’s underlying blockchain technology has already expanded from just being a ledger, keeping a record of all transactions happening over the network to a widely adopted technology across industries. Smart contracts based on blockchain technology can be used to automate various process across industries.

The major application of blockchain technology currently lies in the banking and financial sectors, involving a lot of time-consuming repetitive processes. By creating smart contracts that are programmed to automatically execute certain processes when the predetermined conditions are met, lot of resources in terms of time and manpower can be saved. Automation can save these institutions a lot of money. However, there are concerns about the effect of increased automation. Some fear that the use of smart contracts in the banking and financial sector may lead to a reduction in jobs.

Smart Contracts and Industrial Robots

The effects of increased automation in the banking and financial sector can be compared to the similar scenario in the manufacturing sector.  Surveys conducted to study the effect of increased automation in industries on job positions and opportunities have reported no significant changes until now. However, a study on the impact of industrial robots on employment during the period of 1993 to 2007 in 17 countries has indicated a slight increase in overall wages due to increased automation.

According to a report, the use of software robots to interact with a firm’s back office system can cost the company as less as $2.70 per hour. But unlike humans who are assigned to do the same job, these software robots can operate round the clock and process huge amounts of data. The productivity gains from using an automated system to maintain a company’s financial system can achieve productivity gains by over 90 percent with 100 percent accuracy, says another report by Tata Consultancy Services. The same report also states that robotic process automation in insurance sector to validate claims can lead to almost 80 percent reduction in transaction times.

Automation of any form, whether it is robotic process automation using software programs or self-executing smart contracts for trade settlement and other financial operations, can’t replace customer facing operations, states a recent article in one of the financial magazines. Also, increased automation in various sectors has led to an increase in jobs that require monitoring and maintenance of such systems.

By drawing parallels between automation using industrial robots, software programs, and smart contracts, we can conclude that the impact of blockchain technology on employment may not be significant. However, there will be a significant change in job profiles of the future. A present day employee in the financial sector who expects to remain employed when this shift happens, should keep up with the changes in the technology and upgrade his/her skills.

Ref: Global Finance | CEPR | Image: Alternet

 

Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

solana-price-prediction-1000-snorter-100x-opportunity-tw

Solana最新價格預測SOL將飆至1000美元 Snorter成下個百倍幣機遇

隨著金融市場數位化進程日益加快,Solana再度搶佔技術與敘事的雙重先機。最新消息指出,Galaxy Digital即將成為首批於Solana鏈上代幣化並可直接交易的SEC註冊股票,象徵著傳統金融正正...

Mark Mak 3 hours ago
Ripple

Africa Becomes Ripple’s Next Battleground For RLUSD Stablecoin

Reports have disclosed that Ripple has moved to introduce its US dollar–backed stablecoin, RLUSD, into African markets through deals with...

Christian Encila 3 hours ago
Solana SOL SOLUSD

Whales Inject $1B Into Solana DeFi as Transactions Surge 500%, Here’s Why

Solana (SOL) is back in the spotlight after whale investors injected more than $1 billion into DeFi protocols, sparking a...

James Halver 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

WLFI

Expert Predicts WLFI Going To $0 Without Sun’s Support, Panic Selling Looms

Ronaldo Marquez 30 minutes ago
MemeCore

MemeCore Explodes 3,800% For ATH — But Is A Collapse Around The Corner?

Christian Encila 1 hour ago
Old Bitcoin Supply Unlocks: 7,626 BTC Aged 3–5 Years Moves Onchain

Old Bitcoin Supply Unlocks: 7,626 BTC Aged 3–5 Years Moves Onchain

Sebastian Villafuerte 2 hours ago

Premium Sponsors

Press Releases

  • 50万ドル調達の新興プロジェクトが次の大型ミームコイン候補に浮上

    ...

    4 hours ago
  • イーサリアム売却後に注目される次のアルトコイン投資先4選

    ...

    4 hours ago
  • アルトシーズン前に投資候補となる仮想通貨プレセールの紹介

    ...

    5 hours ago
  • 仮想通貨おすすめ:市場回復期に注目すべき銘柄リスト

    ...

    5 hours ago
  • 今日注目すべき1ドル未満の新しい仮想通貨 ― 9月6日版

    今日注目すべき1ドル未満の新しい仮想通貨...

    5 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.