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Can blockchain transform the financial services industry?

The global blockchain market is set to grow $163.83 billion by 2029, up from $7.18 billion in 2022, exhibiting a CAGR of 56.3%.

Can blockchain transform the financial services industry?

That being said, blockchain is still viewed with suspicion by many.

And while the UK financial regulator’s crackdown on cryptocurrency platforms isn’t as extreme as the recent actions in the US, which saw the SEC sue Coinbase and Binance over breaches of securities law following the collapse of of crypto exchange FTX in November 2022, blockchain-powered technology still has a long way to go before mass adoption takes place – writes Aoibhinn Mc Bride, Content Editor, Jobbio.

However blockchain technology has the power to alter the financial services industry as we know it.

From streamlining processes such as doing your daily banking via your mobile phone to completing international bank transfers at the tap of a button to issuing smart contracts that are highly secure and highly automatable, blockchain’s scope is vast.

It is also proficient at preventing cybersecurity risks by providing more transparency, while also securing assets via multiple layers of protection thanks to cloud hosting.

So, with so many potential benefits hanging in the balance, what needs to be done to encourage utilisation of all blockchain has to offer.

Moving away from the idea of blockchain as monetary value is one way, says John Ward, CEO of ServBlock, a blockchain biotech software company that digitises material traceability.

Distancing blockchain from crypto

Speaking recently as part of a panel at the Dublin Tech Summit, Ward highlighted that distancing blockchain from cryptocurrency has been one of the biggest challenges when bringing new technologies to market.

“It’s kind of a bit of a double edged sword, but the cryptocurrency industry has spurred on a lot of adoption and a lot of the development of technology,” he shared. “But it involved maybe some bad actors or some scandals that have happened around the blockchain space that have tainted the true value of what the technology can bring.”

Joining Ward on stage were several experts in the field, including Ronit Ghose, head of future of finance at Citi, who had the following to add: “What’s intrinsic about blockchain is the transfer of value. It’s a way to move, store, transact and build things, but it’s about value.”

The good news for those working within the field is that the demand for blockchain professionals grew 517% from 2018 to 2019, so for those working in fintech who want to future proof their careers, blockchain is an area ripe with opportunity.

Ready to start your search? The Payments, Cards and Mobile Job Board features thousands of fintech roles in companies that are actively hiring, like the three below.

Project Manager EMEA (Contract), Blockdaemon, London

Blockdaemon is seeking a highly motivated and driven Project Manager for a contract role, reporting to the programme director. As a Project Manager, you will manage and coordinate all aspects of a project to ensure it is completed on-time and within budget. You will work closely with product and engineering leads to ensure the delivery of quality products at pace, driving appropriate scope and solution decisions to deliver the outcomes needed to continually drive competitive advantage. You will also be responsible for delivering to target dates to support the product roadmap, managing scope, resources and cost while providing first class stakeholder management at all levels of the organisation. Get more information here.

Senior Software Engineer, RippleNet Payments, Ripple, London

The RippleNet Payments team is at the forefront of building the “internet of value” by connecting traditional financial entities like banks, payment providers, and corporations with emerging blockchain technologies and end-users. It is hiring Software Engineers with a passion for solving problems in the cross-border payments space to work up and down the stack, mix software engineering, data engineering and distributed systems knowledge to build modern enterprise payment applications. For this role you’ll need hands-on software development experience with Java and experience building and deploying containerised applications, for example Kubernetes or Nomad. See the full job description here.

Staff Blockchain Software Engineer, Core Ledger, RippleX, Ripple, London

RippleX operates on the belief that realising the Internet of Value hinges on how easily new technology works for more people. As Staff Blockchain Software Engineer you will see the huge potential of blockchain technology and have the entrepreneurial spirit and technical excellence to realise the vision Ripple has. As such you will be expected to do everything from architecture and design, to implementing those designs in code (C++), to testing the implementations for correctness and performance, and finally optimising the implementations for better performance. See the full job description here.

Cryptography and Blockchain Researcher, EY, London

As Cryptography and Blockchain Researcher you will be a part of the Global Blockchain team, an innovative and collaborative group of technical developers, cryptographers, mathematicians and business strategists who are dedicated to the application of blockchain technology and the development of world-class products. You will help EY’s clients, some of the most influential companies, explore emergent applications and transform the way the world does business. You will also have the opportunity to drive the creation of advanced mathematics for blockchain technologies and enable high-value offerings in one or more of its Service Lines. View additional details here.

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