While leading global financial institution and tech giants are jumping on the blockchain bandwagon, two of France's left-wing political parties have shared their skeptical views related to the technology.
According to a document published last week entitled "Digital Revolution”, the Left Front and the French Communist Party believe that although digital technology is revolutionizing all human activities, it will lead to job losses, CoinDesk reported.
The report said that massive big-data processing and the analytical and predictive models derived from it, affect all sectors: medical research, climatology, legal, security, urban planning, economics, transport, waste treatment and breakdowns, marketing, policy, finance, energy, media, language and others. Moreover, connected devices, sensors, drones and robots, constantly feed data into the big-data and are revolutionizing these sectors.
“Automation induced big-data is highly destructive of employment, qualified or not, in all areas”, according to Google-translated version of the report. “In 2020, we [will] be constantly interacting with 30 billion connected objects. They will also be very destructive of jobs.”
It described blockchain technology as open source, distributed and decentralized – where all information is available in each network node. It said that the technology “challenges” the monopoly of States on the currency and means of payment, banks on financial transactions and notaries on real estate transactions.
The report said that the blockchain technology has the potential to replace all the 'trusted third party' centralized (banks, notaries, land registers, civil status, and a lot of sovereign functions of the State) by its decentralized network of trust 'peer to peer ‘.
“In the context of current social and economic relations, digital revolution, with automation linked to big-data, generalizing robotics and connected objects, the blockchain in banking and financial, will cause massive destruction of jobs which will not be compensated by the creation of a number [of] restricted [and] highly skilled jobs”, it said.
