The promotion of Bitcoin core technology may cause a large number of people to lose their jobs

Many people have heard of Bitcoin , but few know that the core of Bitcoin technology lies in its smart contract management system, which is to legally combine self-executing agreements through software.

For Bitcoin, the contract is the transaction itself, that is, one party transfers funds to another party. In commercial banking or commercial investment, smart contracts respond to emergencies of unknown complexity in real time according to the terms of the contract, and the whole process is open to all parties involved.

     This process may sound too fast, but it is actually a speed-up for lawyers, tellers, consultants, bankers and other industries that charge by the hour. Relatively speaking, the smart contract system is just a software that is not even complex. What really makes it invincible is that the system will not be fraudulent. Each transaction has a unique key, and each data zone chain transaction is recorded in the public ledger. Therefore, if one party tampers with his public ledger, other users can compare all their public ledgers and find problems easily.

     The question is, if two tech geeks are transacting on the Internet, will anyone care? I think Fortune 500 companies would do well to take notice. Innovators in the blockchain space are trying to use B2B settlement protocols to remove all conventional limits on transaction volume. If they succeed, it could spell doom for credit card companies, clearing firms, accounting and legal professions (and, of course, consulting).

     For example, a large number of unemployed people will appear in the above industries, but on the other hand, it will also save some labor costs for enterprises, and the transaction speed at all levels of the economic field will be accelerated (various secret anonymous transactions will also increase accordingly). It is also worth noting that the increase in blockchain transactions will also have a great negative impact on the US Internal Revenue Service.