The impact of blockchain on the working world of the future

The impact of blockchain on the working world of the future

Blockchain technology is widely considered the most important breakthrough since the advent of the Internet. But what exactly is it?

Imagine a long series of data duplicated on millions of devices and updated around the clock. You no longer have to rely on banking institutions to check your account balance or transfer funds. Blockchain technology promises to make these transactions faster, cheaper, and more accurate than previously possible.

From tech innovators in data services or supply chain experts to artists and musicians are inspired by the potential. In doing so, blockchain makes a simple promise: New ways to store information and authenticate processes, and all with more security than ever.

Economy on the move

In a society where trust in traditional sources is dwindling, new ways to commercially establish truth and trust are gaining traction. Blockchain comes as a harbinger of a future where truth is tangible and mechanized. As a result, new relationships between companies, employees and customers are emerging.

The possibility of smart contracts for the so-called “gig economy” is fostering a “numbers-as-you-go” revolution. Here, freelancers only work when there is demand from their clients. Why should they also tie themselves to a single employer? They schedule their daily work in the morning according to their core competencies via a smart contract.

In the last decade, the economy built on short-term contracts and freelancers grew worldwide, especially in the US with a 50% increase (study by L. Katz and A. Krueger, 2016). The reasons for participating in the gig economy are primarily flexible working hours and a better work-life balance.

The end of the intermediary role

In a few years, the significant role of blockchain technology in the data revolution will become more visible.

In the EOS operating system, founded in 2017, a wide range of applications can be enabled through the use of smart contracts that are immediately applicable. Programmers are likely to encourage lawyers to use them. Data-driven contracts will, for the first time, be based increasingly on algorithms than on human expertise.

In a world where one’s activities can be transparently and securely documented, intermediaries will come under increasing pressure to prove the value of what they do. With the proliferation of blockchain technology, the verification of information by a trusted intermediary and their job description will become increasingly obsolete. Peer-to-peer relationships will become more secure than the Internet has allowed.

Steemit is a social media platform built on blockchain technology. Content providers are rewarded in the form of “token” STEEM for contributing content to the network. This token structure of companies can decide the income of value drivers. Individuals can consequently earn a living in a peer-to-peer environment without commercial intermediation.

Embedded transparency

Programming is becoming an increasingly important competency in blockchain-based services. Codes are fed into Blockchain technology as important components without the need for discussions or face-to-face decision-making processes.

Project Provenance Ltd uses blockchain technology to create an easy-to-use system that guarantees the provenance of products – from coffee beans to bales of fabric. This transparency embedded in blockchain solutions means that companies can be held more accountable in the future.

As a result, new business structures are emerging that promote a seamless transition between value drivers and value recipients. With access to token structures, individuals can be their own “boss” like never before. Think of Uber as a company owned and run by its drivers.

Everledger is a fraud detection system for diamond trading. By storing smart contracts in a decentralized inventory ledger, product origin and development are clearly documented This prevents fraud and black market trading. This type of accountability allows potential employees to realistically assess the true nature of a company – rather than the image presented. As a result, the company image is becoming increasingly important in recruiting talent.