The technology promises to change the paradigm of the labor market, allowing contracts to be executed automatically.
Blockchain technology can have a huge impact on the job market in the coming years. According to Future First's forecast, in partnership with Michael Page, which identifies the main trends of the labor market in the future, smart contracts will be used and executed automatically according to premeditated code. Its use eliminates intermediates, experts say.
As mentioned, Blockchain will provide new ways of being sure of things, as well as storing information and authenticating processes, running them in a very secure way. The use of technology will impact on different aspects of the labor market, eliminating middlemen one of them, since the contracts will be based on algorithms and not people.
The second impact will be transparency and integrity. According to the report, the new truth is tangible and mechanized, with companies having a higher level of accountability. This means that the candidates go on to see what a company really is, which leads to a reputation building to attract talent.
Blockchain will also strengthen the economy of sporadic work, where contracts allow for payment on the spot. This means that self-employed people only carry out activities when there is a demand for consumers rather than a link with a single employer. As reported in the study, this type of activity had a 50% increase in the last decade in the United States. Finally, it is mentioned that programming will be more valued in the services supported by Blockchain.
The study concludes that there is increasing demand for uniformity between the creator of value and the beneficiaries. To do this will be used token structures, in which people will become able to become their own bosses.