POWER AND PERILS OF MONEY GOING VIRTUAL.
How to save Nation’s Economy from fast impending disruption?
Short link: http://wp.me/p1ZsI2-11j
To whomsoever it may be of interest.
Dated June 5, 2017.
Introduction: Technology get continuously updated as time moves on, and no one can stop it. It is also the fact that advancements of most Technologies disrupt the path it grown through. To walk, and walk all the way with the disruptive path converting it as advantage, is the only way to progress.
Incidentally, I happened to be there in lead managing the initial roll out and later the Operation & Maintenance of one of the earliest GSM systems in India in Mumbai in 1995 and also in the implementation of the first IN based Prepaid service in GSM India.
Along with it then, I had also innovated and tested out the idea of Money Management using Phones (acronym) ‘Money through Mobile’ (mTm), using CCS 7 signalling “Unstructured Supplementary Service DATA (USSD) embedded in Intelligent Network Technology and the ‘Mobile Wallet’ feature as early as in the end of 1995 when no one has heard of Mobile Payments, then.
However, being aware of the need of having a uniform structure, applications, products and methods for it to succeed as Universal system, and visualizing the disruptive potential on Economy of such products & features working on ‘Prepaid mode’ involving transaction of huge volume of money getting converted from Physical to Virtual form creating Black holes of parallel economy of Virtual money owned by none, and it’s transactions between the Service provider and its Users when done, need regulatory measures by Government in place beforehand to minimize its disruptive effects on Banking Industry and eventual impact on Nation’s Economy; I did not venture to implement it, then.
Nevertheless, I had been writing to Government, RBI, Planning Commission and many in the Print & Visual Media on these and about many other related areas such as the need of UUID, Exclusive Government owned Communication Systems & Networks, availability of and readiness of required minimum Eco system and Digital Connectivity everywhere, especially in rural and remote areas, need of exclusive ‘Payment gateways’ in the form of Government controlled Digital ‘Payment Banks’, Cyber security using exclusive CLOUD and Cloud Computing, and so on and so forth; for its initial take off and smooth roll out across the country; as explained in my paper ‘Money through Mobile’ in the link wp.me/p1ZsI2-4g and various other related papers in my blog site papaulsblog.wordpress.com and gave many presentations on these during past many years.
This paper on ‘Power and Perils of Money Going Virtual’ deals with an overview of “How to save Nation’s Economy from fast impending disruption” as the prime object and also provide a consolidated view of how it can address most of the Contemporary and Futuristic Global challenges of which ‘Cyber security’ remains the main challenge on which depends the successful implementation and operation of everything digital.
This is because PRIVACY can no more be assured with INTERNET, and hence Segregation of Public and Private Information Communication using exclusive CLOUDS and Cloud Computing need be in place at the earliest.
The proposal in nutshell is expected to take care of the following contemporary Global Challenges. wp.me/p1ZsI2-1eJ
INCLUSIVE GROWTH THROUGH FINANCIAL INCLUSION. By realising Globally supportive ‘UNIVERSAL BASIC INCOME’ #UBI & #MIG
ERADICATION OF CORRUPTION / BLACK MONEY. To reduce Economic gap between Rich and the Poor.
ENSURE BETTER RESTRAINT ON PROLIFERATION OF TERRORISM. The one and only sure shot way.
TAX FREE REGIMES. To lessen the Economic burden of People in lower Social & Economic strata.
CYBER SECURITY. With Exclusive INDIACLOUDS and CLOUD COMPUTING.
(Please see my papers published in papaulsblog.wordpress.com on:
wp.me/p1ZsI2-ES and wp.me/p1ZsI2-12v & wp.me/p1ZsI2-M6 etc.)
Please click on the caption below to view full article of 20 pages:
Comments and suggestions are welcome.
Freelance ICT/ICN Consultant (Technology and Social & Community Affairs)
Please see my other blogs on this and other related topics in the links:
1, Make India ‘Tax free’ using Power of Money going Virtual.
2. Inclusive Growth, Cashless & Tax free Society, Corruption & Black Money eradication, Terrorism control; in one go. wp.me/p1ZsI2-XG
3. Universally Governments Operate Money as a Commodity. #UGOMAC wp.me/p1ZsI2-Yn
4. How to save Nation’s Economy from impending disruption. wp.me/p1ZsI2-10w
5. Power and Perils of Money going Virtual. wp.me/p1ZsI2-Ku
6. How to save Telecm Businesses; a Service Industry obliged to provide one of the Vital Essential Services, from collapse, World over. wp.me/p1ZsI2-12v
Abraham Paul. P. FIE, FIETE Freelance ICT/ICN Conultant. Ex. Owner Future Communication Network (FCOMNET) Futuregroups India and UAE / Vice President (TS) SPCNL SIEMENS Germany / Director TRG, TS & SC SIEMENS ICN RHQ Dubai / G M and SMT TBG BPL India / TES (A) DOT India. email@example.com