The Shifting Nature Of The Financial Industry

DLT, or Distributed Ledger Technology , is changing the very nature of the job market.  Established fields, like the financial industry, are looking to leverage technology that most people don’t fully understand.

DLT allows organizations within finance a series of additional checks and balances. Initiatives that utilize DLT are impossible to corrupt and enjoy nearly impregnable security due to its decentralized nature.

Throw in the fact that DLT can also help transaction speed, project scalability, and structure, there’s no real surprise that the financial industry is clamoring an influx of job seekers who know something about blockchain and DLT. However, despite this need, most of the talent in the existing job market is woefully underexposed to DLT and the way it can affect their careers. This opens new doors for ambitious youths keen to educate themselves with lucrative future prospects in mind.

The Current Job Market

In Canada, and in Vancouver specifically, crypto technology is flourishing. To give students a head start in their field and educate them about DLT, several universities in BC (SFU, UBC, UVic, etc.) offer courses on the subject. UBC Blockchain and the RED Academy in Vancouver are just two places that are preparing young adults for a changing job market.

Current and future finance students will find numerous “crypto careers” in well-established job sectors.[1] A digitalized, decentralized peer-to-peer system will provide more opportunities for current work and future potential job growth. Since a distributed ledger system for the use of payment systems is the most common form of Blockchain, the finance industry will see the most applications across many fields in this sector.[2]

Whether it’s UBC, SFU, or UVic, students with a degree in finance will find a market ripe with opportunities for employment in their field[ . As more companies begin incorporating peer-to-peer technology in their operations, graduates will see the industry radically changing for the better. Stable, dependable technology such as Bitcoin is drastically changing the finance industry for the better[3].

Established institutions within the finance sector, such as the Bank of Canada, are quick to adopt DLT and the potential it unlocks. DLT and other blockchain technology have the potential to lower the cost of services, complete transactions more quickly, and provide better transparency and auditing of operations within corporations.

The writing is on the wall – the financial sector is going to be moving toward newer technology like DLT, and finance/business majors lacking in knowledge or skills within this area are at a clear disadvantage when it comes to finding a lucrative job.

Understanding The Shift

The current financial system is bogged down by inefficiencies caused by ancient technology. Some sectors are still heavily reliant on paperwork as well as a centralized economic system that is resistant to change! Such sectors are prone to hackers and cyber-attacks and exclude many people who have access to financial tools. Cryptocurrency will change how economic systems operate and conduct business, protect customers, and share information for the better.[4]

Each day, hundreds of thousands of dollars are regularly exchanged and moved from one part of the globe to another. Currently, these two industries are prone to mistakes and fraud that could be detrimental to a money management system. Cryptocurrency would provide an added layer of safety and security for the banking and finance sector and prevent errors from occurring.[5]

DLT’s applications have the potential to streamline numerous aspects of the finance industry, from banking, exchanges and payment systems, supply chain management, and accounting and auditing. As one of the world’s leading financial centers, Vancouver will experience many of these developments first hand. Additionally, crypto technology makes it easier for those in the finance sector to conduct and process, verify, and audit transactions on a local and global level.[6]

Many corporations across BC and the rest of Canada are already working to incorporate a decentralized network, including Barclays, JP Morgan, State Street, and UBS.[7] University graduates with a degree in finance will find that crypto technology positively changing how financial institutions like the ones listed handle financial transactions.

Your Path To A Lucrative Career In Finance

A digitalized economy is estimated to triple economy growth by 2025, meaning more jobs and more opportunities for finance majors to use their degree in a field of their choice.[8]

Those who seek a career in accounting will find understanding the nature of DLT, and it’s applications, useful for real-time events or making contracts that carry out themselves. For example, those who view a corporation’s ledger will be able to see any transactions and income in real time. Since each block in the chain has its timestamp that cannot be changed, accountants and others who examine company records will have greater transparency. This will eliminate the need for the release of quarterly statements.[9]

A great way to get better acclimatize with cutting edge technology is to check out our events![ We host trainings full to the brim with experienced DLT experts within B.C. We sometimes even have some hiring managers check out our events for fresh blood.

As Bitcoin and other cryptocurrencies grow in popularity and are used more widely, finance majors will find plenty of opportunities to help people manage their digital currency as financial advisors, accountants, or business analysts. Financial literacy will begin to encompass cryptocurrency along with traditional forms of money.

Digitalization will change the way business is conducted. New financial products and services will emerge thanks to a reduced cost of services and distribution. These developments in technology create changes that will foster opportunities for even more financial technologies in Vancouver and the rest of the country.[10]