French Politicians Predict Blockchain Tech Will Lead to Job Losses

Two of France’s left-leaning political parties speculated in a publication that technologies like the blockchain could lead to “massive” job losses.

Feb 15, 2016 at 8:51 p.m. UTC
Updated Sep 11, 2021 at 12:08 p.m. UTC

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:

"In the context of current social and economic relations, the digital revolution, with automation linked to Big Data, robotics, connected objects, the blockchain in banking and financial...will cause [a] massive destruction of skilled jobs which will not be compensated by the creation of a number [of] restricted [and] highly skilled jobs."

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.

Image Credit: Hadrian / Shutterstock.com

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