Internet of information to internet of value
There is no original in the world of internet. Everything is a copy. This is about to change with the blockchain which is transforming the internet from internet of information to internet of value.
What are the problems created by fiat currency? I am listing few of them below.
- Can be faked easily
- Cannot track how much cash is in actual use
- Cannot track who has how much cash
- If damaged the currency has to be recreated it
Let us compare that with cryptocurrency and see the difference.
- The value of the crytocurrency is held only within its network. Just like casino tokens they are not useful if you take it outside of the casino and try to spend it.
- Can be tracked easily on how much of it is in circulation.
- Can track how much each user has
- There is no change of damage for it in the digital world
This should show how money was made completely digital like music and how it can have its intrinisic value in the digital world.
It is not just cryptocurrencies that can created with value. Every digital object like gaming assets, art collectible, virtual avatars can be created with intrinisic value in blockchain and that is what is fuelling the Non-Fungible Token stores in internet today. With metaverse bringing together blockchain, augmented reality, virtual reality and other graphics new assets with unique intrinsic value can be created in the metaversa can be bought, loaned and sold in the metaverse for real money or cryptocurrency.
The emerging technologies like Cloud Computing, Edge Computing, Internet of Things, Big Data & Analytics, Blockchain, Artificial Intelligence, Augmented Reality and Virtual Reality are taking us to a converging point where physical world and the digital world get tighly intertwined. The currency we are using now can be withdrawn from ATM in physical form and at the same time we use money in digital form for online payment. Companies should start thinking about this future for their business.
There are also few economic changes that we should be prepared for if we need to ride the new waves fueled by the convergence of this physical and digital world. The economies of scale is no longer a sustainable competitive advantage that big companies have. Everything is becoming a service with subscription economy. Ownership is inconvenience for the current and future generation. Now it is time to reimagine your products and services running on the digital world completely and work backwards to make that a reality.
Founder & CEO
He is an expert in emerging technologies like cloud, big data and analytics, blockchain and artificial intelligence. He is the author of the book Learning Google BigQuery. He recently completed his Masters in Blockchain from Zigurat Innovation & Technology Business School, Barcelona, Spain which is affliated to University of Barcelona, Spain. He lived in USA for 13 years and moved back to India in 2018 to start his own company. He lives in Chennai with his family.