PA’s Vaughan Jenkins, a financial services expert, is quoted in an article on blockchain in the Financial Times’ Connected Business special report.
The article looks at jobs in the financial services sector and how blockchain may affect them. Blockchain, for example, has the ability to handle a wide range of transactions that are managed by humans. Banks, insurers and financial institutions specifically are interested in blockchain as a way to increase security, efficiency and to lower costs.
The article goes on to explain that jobs potentially at risk in financial services are those that involve tasks such as processing and reconciling transactions and verifying documents.
Vaughan explains that the nature of such jobs is likely to change. He goes on to say: “You’d be hard-pressed to believe it’s not going to dismantle some of the infrastructure in the financial services sector and remove jobs.”