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How digital currency can help to crack the code on unemployment

16 Sep , 2022   By : Monika Singh

How digital currency can help to crack the code on unemployment

Cryptocurrencies seem to have established itself as a form of investment, with its economic impact expected to be seen across different areas of national and global communities in the coming years. Among the many sectors where it’s believed will leave a mark, employment is predicted to be one of them. As per a previous research by Indeed, an employment website, job postings which are associated with terms such as cryptocurrency or blockchain have increased 621% since November, 2015, with a 1,065% growth in searches for jobs. “Reportedly, cryptocurrency jobs have increased by almost 15 times since 2019, which is a sign that organisations are looking for people with expertise in blockchain. Application developers, wealth managers, blockchain developers, technical product managers, among others, are some of the many roles which could see a rise in hiring. I believe people from various academic domains are looking for jobs in the cryptocurrency space, and this convergence of intelligence makes cryptocurrency an interesting place to work,” Avinash Shekhar, CEO, ZebPay, a cryptocurrency exchange, told FE Blockchain. 

Insights from reports have stated that use of cryptocurrencies are expected to provide a decentralised and communal approach towards jobs creation over a centrally-controlled and profit-driven approach. According to a report by Linkedln, an online service provider, number of cryptocurrency job listings in the USA went up by 395% in 2022. Reportedly, technology companies such as Amazon, Meta, Twitter, among others, have opened cryptocurrency-oriented vacancies in 2022. “Usage of cryptocurrencies has the potential to benefit the Indian technological industry in terms of employment. It will also show that the interest factor of working professionals towards this space is high. Furthermore, jobs are being created for marketers, accountants, public policy specialists, and for traders,” Gaurav Dahake, co-founder and CEO, Bitbns, a cryptocurrency exchange, said.

Moreover, experts believe that usage of decentralised protocols such as smart contracts have the capability to help with employment of industries such as real estate, banking and finance, government authorities, among others. Data from HackerNoon, a technology publishing platform, stated that smart contracts’ application can be used for storage of records such as salary amount, job responsibilities, and help with wage payment procession. “Smart contracts can be considered an appropriate way to enable parties to comply with the terms and conditions of employment contracts. Decentralised mechanisms help automate an agreement’s execution so that all concerned parties can be sure of the outcome without an intermediary’s involvement and time loss,” Pratik Gauri, co-founder and CEO, 5ire, a blockchain platform, mentioned.

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