The reality is that it’s not just finance changing in this new digital landscape
Finance is one of the most traditional careers around. Following an academic route through school and university, trainees step out into the career rat race ready to face the world. After years of study, they set about taking the industry by storm. Moving up the ranks, eventually becoming a CFO.
And then digital.
Because at university, nobody mentioned blockchain and bitcoin. There was no training on automation, digital disruption, the cloud, artificial intelligence or the associated risks and opportunities.
According to a recent roundtable discussion from CIPFA, CFOs feel that the traditional financial career path structure will disappear, replaced by AI and RPA.1 They see a need for new finance roles at entry level with training that goes beyond finance. To survive in an ever-changing digital world, professionals need to be able to adapt and use their skills in new areas.
Blockchain and the future of finance
The reality is that it’s not just finance changing in this new digital landscape. Everything is adapting and moving with the times. Blockchain was defined by Don and Alex Tapscott in their book, Blockchain Revolution, as:
An incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
It is unsurprising then, that having been developed as a way to trade Bitcoin2, blockchain has since grown in many different directions. Its robustness and transparency make it perfect for sharing legal documents, eliminating the need for multiple copies and physical signatures. Even the government are considering using it to transform the way they work.3
A cheaper way of life and the disappearing industries
According to Juliet Stott writing for the Guardian,4 everything from car insurance to banking is set to get cheaper and easier. Driverless cars will eliminate the need for traditional insurance. Transactions will be done without money – or banks.