Two of France's left-leaning political parties are speculating that technologies like the blockchain could lead to substantial job losses in the financial sector.
The comments came part of a document published last week by the Left Front and the French Communist Party entitled "Digital Revolution," which explores the implications of Big Data, connected devices, 3-D printing and the blockchain on the power of state institutions – and how those power centers may be disintermediated by these technologies.
The impact of this technology on jobs, the groups argue in the missive, could be widely felt in the years ahead.
A translation of the document reads:
The French political parties aren’t the first to speculate on potential job losses arising from the use of blockchains in financial services. Last December, CFTC Commissioner J Christopher Giancarlo suggested that some financial sector positions, especially those focused on record-keeping, may be replaced entirely.
"This transformation will not come without consequences, however, including a greatly disruptive impact on the human capital that supports the record-keeping of contemporary financial markets,” he said at the time.
The comments coincide with the other reports that have found an increasing need for professionals that can bridge the knowledge gap between the existing financial and blockchain startup communities.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.