Good Or Evil? Blockchain Yields Tech Benefits But Can Leave People Jobless

Good Or Evil? Blockchain Yields Tech Benefits But Can Leave People Jobless

There was no other rival in the investment sphere for stocks as cryptos. But for those, who are not very interested in trading, there is an alternative – blockchain, in which enthusiasts can pile as well as learn about it as it has massive potential in the future. Talking to CNBC, experts sais this technology is a revolutionary one. Among them, there is CEO of the University of Nicosia and an innovator in the crypto education Antonis Polemitis.

Internet-like Revolution

"This is an industry that we think that over several decades will be as revolutionary as the internet. We're going to have several million people working in this industry, if not tens of millions," believes Polemitis.

Polemitis believes that knowing how the blockchain functions can be an undeniable benefit when applying for a job, as only a few individuals know what it is. As it is highlighted in the Gartner's blockchain trend insight report, by 2030 business value added by this technology will soar to $3.1 trillion.

Adoptive in Various Spheres

Tech titan IBM was one of those who adopted blockchain technology in 2017. Now IBM uses its blockchain platform and collaborates with Walmart to accelerate food tracking. Walmart, in its turn, managed to decrease the food tracking process from nearly a week to just a few seconds with the help of the blockchain.

But why blockchain is so credible? Roughly describing, it works just like Google spreadsheet: every party can make some updates in the document, add new information. But the only difference is that every move that has been made is recorded, and nobody has the power to erase it. Simply speaking, blockchain saves all the ‘fingerprints’.

Nowadays blockchain is even endorsed by the healthcare sphere. Dr. Bryant Joseph Gilot, a surgeon whose work is related now to this technology, is currently working at Blockchain Health, developing a blockchain-based app that will secure sensitive data in medical trials. According to Gilot, the group with which he works plans to build a complex access control system.

“So your doctor can see it, your caretaker can see it, but not your insurance company, who might make a decision that won't benefit you but benefit them," the surgeon said.

Interestingly, Gilot has been a general and cardiovascular surgeon for a decade. But one time he made an acquaintance with Satoshi Nakamoto's BTC white paper, which is a document with the first historical mention of bitcoin. Since then he became focused on the blockchain, and finally, he joined its realm.

People Will Lose Jobs Because of Blockchain

Sure enough, blockchain seems to be a real innovation when it comes to hastening business practices. But on the other hand, blockchain can also make lots of people jobless. A finance professor at Duke University Campbell Harvey says that lots of workers – from baristas to those with MA degrees – will lose their positions:

"Blockchain enables many different peer-to-peer situations that eliminates middle people. So anything to do with the so-called back-office functions that exist in many firms, especially in financial firms, those are going to be the first job to disappear."

Time To Study

Therefore, it is essential for people to learn about this tech trend. So here are some online courses on blockchain:

  • a free introductory Massive Online Open Course on cryptocurrencies (The University of Nicosia)
  • a free course on "Bitcoin and Cryptocurrency Technologies" ( Coursera in partnership with Princeton University)
  • courses and projects about cryptos and blockchain for students enrolled (Stanford, Duke, the University of California, Berkeley, and New York University)
  • Experts say that one doesn’t necessarily have to obtain a degree on cryptos or blockchain to understand how it works. In the age of internet lots of things are possible, so brace for future, conquered by blockchain.