Sunday, 12 November 2017

THERE IS AN ANSWER : FOR THOSE WHO SEEK


The  Prophet  of  Probability

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About Ray Kurzweil ( Director of Engineering – Google ) , it is said that 86 % of his predictions about the shape of things in future, has come true in 15 / 20 years




Nearer home , one can say that 90 % of the predictions about the shape of Indian Economy, made by Shri Amitabh Kant ( CEO – NITI Aayog ) , will come true


Except that in Dr Kant’s case , this could well happen in 5 / 10 years !

Example :

Today’s DNA , reports following :


“ Debit, Credit cards and ATMs will be redundant in 4 years


Niti Aayog CEO Amitabh Kant on Saturday said debit and credit cards as well as ATMs will be redundant in next three-four years and people will use their mobile phones for financial transactions.


"India will make credit cards, debit cards and ATMs technologically redundant in next 3-4 years and we all will be using mobiles for doing many transactions," Kant said at Amity University Noida campus where he was felicitated with an honorary doctorate degree.

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For my own views supporting this belief , read :

RIP , CREDIT CARD ?  [ 21  Nov  2016  ]
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Reincarnation of Smart Phone ( with SARAL app )  [ 02  Dec  2016  ]

https://myblogepage.blogspot.in/2016/12/reincarnation-of-smart-phone-with-saral.html

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When BHIM is here, can ARJUN be far away ?  [  30  Dec  2016  ]

https://myblogepage.blogspot.in/2016/12/when-bhim-is-here-can-arjun-be-far-away.html

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Wake Up , BHIM , Wake Up !  [  16  March  2017  ]

https://myblogepage.blogspot.in/2017/03/wake-up-bhim-wake-up.html

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#Aadhar  [  28  Oct  2017  ]

https://myblogepage.blogspot.in/2017/10/aadhar.html

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Allow me to add to this what Times of India writes today :

“ Banking for Everybody , without banks : BLOCKCHAIN “

HOW
Anyone with an internet connection and a mobile phone can send, save and borrow money peer-to-peer . Low income people could open small businesses and send money easily and cheaply

WHY  THIS  HELPS

·         2 billion adults have no access to banks

·         Blockchain backers advocate its use for secure, tamper-proof digital records


THE  CATCH

Wide blockchain use will disrupt existing industries . Also the poorest will need internet access first



No doubt , as and when the Blockchain-based financial transactions become universal in India , it may neither be possible to generate NEW black money or dispose off EXISTING piles of high denomination currency notes


In absence of a TARGET DATE for universal adoption of Blockchain ( since RBI is opposed to it ) , I urge NDA government , once more to implement what is possible TO DAY , viz :


·         Embedding high currency notes with RFID nano-chips ( as decided recently by the Australian Government ) , or

·         Using technology developed by Dr Shyam Gollakota ( Associate Professor , University of Washington , USA ) ,




whereby the metallic SECURITY THREAD in the Currency Notes can be made to store the unique SERIAL NUMBER of each currency note , AND a simple Smart Phone can read that number and transmit that data to any government agency ( IT / ED / CVC / SFIO etc )


It is an INNOVATION which combines two existing technologies and can be implemented by NDA government within a few months !


Although  I await confirmation from Dr Gollakota re practical feasibility of his technology, I am sure , he will fly down to Delhi if requested by Shri Jaitley or Shri Ravi Shankar Prasad


Future does not “ arrive “ to people who await its arrival with folded hands

Determined / Passionate people leave no stone unturned to “ reach “ there !



12  Nov  2017



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