Blockchain developers can’t be accused of failing to keep up with the times. The unprecedented shake-up in the world’s labor markets during the COVID-19 pandemic is accelerating the underemployment trends of recent decades. Signs of a jobless recovery ahead is spurring citizens to turn to all kinds of digital piecework in the absence of social security and conventional employment benefits.
To weather the sharp economic contraction and unpredictable pandemic lockdowns, 41% of businesses in a recent survey said they plan to expand their use of contractors for task-specialized work. Even ahead of the current crisis, the global gig economy was predicted to reach $455 billion by 2023, according to a 2019 Mastercard (NYSE:MA) study, which urged entrepreneurs to capitalize on the “opportunity.” The outcome of recent legal challenges to this employment model still seems uncertain.
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