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Banks And Tech Companies Prepare For Huge Blockchain Job Market

by on September 4, 2016
 

Most people automatically assume blockchain technology and cryptocurrency will result in job losses. While it is true a good amount of processes can be automated, there will be newer jobs on the horizon. In fact, most of the major US banks are scrambling to increase their staff. That is, assuming they have some affinity with blockchain technology.

This initiative goes much further than the financial sector, though. IBM, one of the leading technology firms in the world, is big on blockchain as well. The company will go through a  massive reorganization to cater to this new and disruptive technology. That is not surprising, as IBM has been involved in blockchain for quite some time now.

The Blockchain is Not A Fad

To be more precise, IBM will establish a new unit, called Watson Financial Services. This initiative focuses on artificial intelligence, blockchain technology, and cloud-based solutions. The primary objective is to create new industry platforms and standards. A big hype to live up to, but not as impossible to achieve as some may think.

What many experts assumed to be another flash in the pan has grown out to be the future of technology and infrastructure. Once looked at a way to create fake internet money, blockchain has too much potential to be ignored. Thanks to its decentralized nature, “too big to fail” somewhat applies here.

Other companies are looking to hire more staff to fill new blockchain-oriented roles as well. Financial institutions have been experimenting with these concepts for years. Big names such as BNY Mellon, Citigroup, and Bank of America are all hiring new people. So much for jobs being cut left, right and centre.

At the same time, a lot of people still feels banks will get rid of the human element. It is doubtful this will happen, as plenty of customers value a human teller in the branch office. If that were ever to go away, it is not due to this technology. The process of eliminating physical staff started many years ago.

Header image courtesy of Shutterstock

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