Will Blockchain Technology and Smart Contracts Steal Jobs from People?
Increased automation in banking and financial sector by implementing blockchain technology based smart contracts may not have a significant impact on employment opportunities in the sector. 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....
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No, smart contracts will not rid the world of lawyers, despite the greatest efforts of blockchain innovators. At least, that's according to Nick Szabo, the man widely credited with inventing the smart contract concept itself. During the keynote address at the Smart Contracts Symposium at Microsoft's New York headquarters this week, Szabo gave an update on the industry he helped create – a talk that was followed by a string of commenters from smart contract startups. Addressing a group of about 250 people (comprised largely of members of the blockchain trade association, the Chamber of....
Business accelerators all over the world are always looking for the next big thing in technology and finance. It only makes sense to see these accelerators keeping an eye out for companies exploring blockchain technology. Or in the case of BNP Paribas, they are looking at one startup in particular – called CommonAccord – which aims to bring automated....
Smart contracts are one of the hottest trends in the world of digital currency and blockchain technology today, which is also attracting a lot of attention from startups and entrepreneurs. RSK Labs is one of these companies looking to introduce smart contracts by using the Bitcoin blockchain, and they have recently raised $1 million USD in seed funding....
Hackers are soon going to be the new lawyers as the adoption of smart contracts increase in the near future. The advent of Blockchain 2.0 and Blockchain 3.0 has given rise to new ways of automation using Bitcoin’s underlying technology. There are special cryptocurrency platforms like Ethereum, Rootstock, Counterparty, Lisk and more that allows people to create smart contracts on the blockchain. These smart contracts enable automation by allowing developers to set trigger conditions. These trigger conditions are certain prerequisites, when met, will execute the function programmed on the....
Australia’s top law firms are preparing themselves for the disruption of blockchain-led ‘smart contracts’ with the technology expected to threaten thousands of jobs and the role of lawyers’ intermediating commercial negotiations and disputes that will soon be automated by computers. On Friday, Allens, one of Australia’s biggest law firms, sent a report to its clients informing them that the future of the business model that lawyers profit from due to an absence of trust in organizations working with each other is under threat from computers via the distributed ledger technology, also known....