Since the pitch video, I’ve managed to extend my imagination in regards to how the future world in roughly 25-50 years could change with the revolutionary technology of Blockchain.
My beta describes thoroughly my new plans after collecting feedback from various people about my pitch video. I envision that we may no longer rely on handheld cash in the future, and have a global connection where people have two main channels of payment between Central Bank Digital Currency(CBDCs) and cryptocurrencies such as Bitcoin and Ethereum.
Based on the current observable patterns of today, my Digital Artefact will focus on how the future smart cities throughout the world would adopt blockchain technology in the economy – and what social impacts may arise from all this.
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Hey Ahmir!
Simran here again! I’m glad you got a lot of feedback which helped with your final decisions on how to move on with your blog posts. I can see that you have a clearer focus and even chose to extend your futuristic expectations of Blockchain technology to 25-50 years! I can see that you have also researched and considered plausible topics (crypto mining), and finally choosing how blockchain technology can change the economy of future cities. – Your envision of a “cashless city”.
I do believe that one day physical cash payments will slowly no longer exist as I, myself mostly use online payments 90% of the time! From this, I am looking forward to your blog 2! You could see whether if your idea of future visioning is singular (only using CBDCs and Crypto) or plural (other digital ways of payment you can imagine as well after 25 years)
As we learned in class (in L5), I think that Think Tanks can play a big role in making and advocating this technology to be plausible. As Jonathan Rowe commented, they can sell ideas, and use media and communication strategies to showcase the futuristic parallel currency economy and how the future will impact in its society.
To add, other futurists such as Wendall Bell, believe that they see similarities with not just in basic needs but in human goals and values as well. –
I think the imagination of what can, is likely or ought to be in the future planning of Blockchain technology from its past predictions, history and current use can implement the changes in the long run.
If you have the time (if this helps), I have found an article on how a cashless society is predicted as a future of digital payments. It also talked about the current situation with COVID-19 being an inflection point for the adoption of digital payment technologies.
https://www.financierworldwide.com/cashless-society-the-future-of-digital-payments
I look forward to reading your blog posts for your digital artefact, good luck!
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Hey Ahmir! I feel like, in 25 years, the way we handle, transport, and exchange money will be very different from today, it won’t be simply used in the physical world but also within the Metaverse as you have mentioned. With that being said, what are the pros and cons of digital currency, and how will we manipulate the challenges of going cashless in the future?
Here are some readings for your reference:
(The digital economy and crypto-currencies: challenge or threat to traditional society https://uow.primo.exlibrisgroup.com/permalink/61UOW_INST/otb3u8/cdi_doaj_primary_oai_doaj_org_article_19fdd3a2e8394784a6f49575e02ba366)
(Research on the Development of Digital Currencies under the COVID-19 Epidemic https://uow.primo.exlibrisgroup.com/permalink/61UOW_INST/otb3u8/cdi_crossref_primary_10_1016_j_procs_2021_04_037)
Also, here is a reading that may help look at how the future development of the digital economy can impacts society. (The digital economy and crypto-currencies: challenge or threat to traditional society https://uow.primo.exlibrisgroup.com/permalink/61UOW_INST/otb3u8/cdi_doaj_primary_oai_doaj_org_article_19fdd3a2e8394784a6f49575e02ba366)
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Hi Ahmir!
I like your blogs and you does telling us about what is CBDCs and mention the possible future imagination about it. Before I look to your blogs, I don’t know much about somethings like that, and my knowledge about the cryptocurrency is just bit coin is still in a unstable value, and I don’t know about where the different between and how important the CBDCs and the online trading system like Paypal.
As you talking about the CBDCs, I hope that can be come true so my wallet can be more easy, and if it can replace the physical money, then surely it would be the best, especially some situation like now the covid made us have to keep distance between the other, if we can pay in non-physical money, then it would be more safe! Well done!
However, you are doing very great job so far, in your next blog you will be facing a challenge about CBDCs, like how can we trust the CBDCs? Are there any way can make sure hacker can’t get in it and making fake money then get benefit and crushing the whole economic system?
Except to what you said already, I don’t know much about this topic, here’s some things I try to find for, and I think can be helpful to your topic, hope that it’s work, and good luck to your DA! You will be doing somethings awesome! 🙂
https://www.bankofengland.co.uk/paper/2020/central-bank-digital-currency-opportunities-challenges-and-design-discussion-paper
https://www.scmp.com/tech/big-tech/article/3171881/chinas-central-bank-hiring-spree-expand-e-cny-digital-currency-trial
https://cointelegraph.com/news/jamaica-s-central-bank-digital-currency-and-the-problems-it-hopes-to-solve
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