[2015-12-02] CFTC Commissioner: The Blockchain Could Cost Wall Street Jobs

[ezak]

CFTC Commissioner: The Blockchain Could Cost Wall Street Jobs

A commissioner for the US Commodity Futures Trading Commission (CFTC) said earlier this week that, if broadly adopted by the world’s financial institutions, the blockchain could cost recordkeeping professionals their jobs.

On 1st December, Commissioner J Christopher Giancarlo discussed bitcoin and the blockchain during a wide-ranging guest lecture hosted by the Harvard School of Law that focused, in part, on new financial technologies.

Giancarlo said that the open ledger underlying bitcoin has "the potential to revolutionize modern financial ecosystems", pointing to examples like the recent blockchain working group established by the London Stock Exchange, the CME Group and several European banks and trade settlement organizations.

Should such a revolution happen, he noted, the impact on those working in the financial sector today could be significant:

http://www.coindesk.com/cftc-commissioner-blockchain-cost-wall-street-jobs/

[LiteCoinGuy]

hopefully alot 

[Mike Christ]

Sounds good to me

[Minecache]

Is there a problem here?

[Denker]

Well I think that is why we call Bitcoin and Blockchain a disruptive technology!
Many intermediaries will become obsolete and therefore these jobs will be rationalized.
And I hope regarding Wall Street that many of those Vampires there will lose there jobs!!!