What will happen to society if cryptocurrency replaces countless institutions?
To my understanding of blockchain tech... Which is very limited.. It has so many capabilities which will effectively make so many jobs unecessary. Smart contracts can help replace the need for lawyers and title companies in real estate deals and defi can help to replace many roles in banking institutions. These are just some examples but I have seen documentaries which provide an exhaustive list. The medical field can be affected along with data entry, government & insurance fields.
This can completely upend society and in many ways for the better... Generally with new tech comes new responsibilities and new employment opportunities. I wonder if blockchain industries will bring about enough employment to help what it replaces. Otherwise, if jobs are lost to the technology than that decreases the output of productivity due to there being no need for that productivity. That would make people poorer because they wouldn't be able to generate wealth through work and if they did work then it may end up being something more mundane then what they used to do.
I get that this sounds backwards considering technology thus far has increased productivity immensely, which has generated great wealth, but blockchain tech almost seems autonomous in many ways to where it would actually reduce employment rather than increase it. It seems autonomous to the point where many jobs would become useless.
If blockchain tech and the industry it brings creates more jobs however, then that would be wonderful but people would need get used too and learn the technology. I think there are so many people that are failed by the school systems to where they are technologically illiterate in many ways.. Myself included, and taking up a new job role in block chain tech would be incredibly challenging. Many people may not want to go through those hurdles to learn new job roles this tech brings and they may not have the mental capacity to learn it. It seems like a "giant step for mankind" compared to a lawyer drawing up a Power of Attorney document.
My biggest concern is that this tech will not be well received because of job replacement indications and the inability to adapt, along with the lack of jobs that this kind of tech will bring, or the very specific jobs that only a small population of people will be skilled enough to fullfill. I just wanted to share my thoughts on this and see what other people think.
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from Bitcoin - The Currency of the Internet https://ift.tt/3vYgrQX
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