The Great Flood of 2020

ArabAd - - OPINION - BY: NASSEEM JAVED

Those who do not be­come the war­riors of change, will have to dis­cover other al­ter­na­tives.

By the time the world cel­e­brates the ar­rival of the year 2020, the cor­po­rate world will be drown­ing in the great­est flood of un­em­ployed ex­ec­u­tives ever. Some one billion plus se­nior and mid­dle man­age­ment white col­lar work­ers around the world will be­come re­dun­dant due to highly ad­vanced and very timely “block-chain” tech­nol­ogy and brand new dig­i­tal sys­tems. So, let’s ex­plore block-chain. Vo­cab­u­lary has been chang­ing with our chang­ing world. A few decades ago, the world was fac­ing two brand new but never heard of terms, “hard­ware and soft­ware”. Hard­ware was de­scribed as a ‘wash­ing ma­chine’ and ‘soft­ware’ was the ‘soap and de­ter­gent. Still the con­cept was ex­tremely com­plex to the masses of se­nior ex­ec­u­tives of the pe­riod. The in­quis­i­tive em­braced the new ter­mi­nolo­gies, adopted rapid trans­for­ma­tion and sur­vived, while oth­ers got erased from the chap­ters of busi­ness his­tory.

Hard­ware and soft­ware run our world to­day.

Since that pe­riod, no other word as pow­er­ful and mighty as “blockchain” has ap­peared on the global scene. A blockchain is a dis­trib­uted data­base that main­tains a con­tin­u­ously-grow­ing list of data records, which are pro­tected against tam­per­ing and re­vi­sion. Each

Oc­to­ber 2016 block con­tains a time­stamp and in­for­ma­tion link­ing it to a pre­vi­ous block. There are mas­sive tech­no­log­i­cal and qual­i­fied ex­pert ex­pla­na­tions avail­able on this new fron­tier. The trans­for­ma­tion is un­stop­pable and the speed is al­most scary. If you never heard about a blockchain plat­form be­fore read­ing this now, you may be in the wrong of­fice.

What will the blockchain econ­omy do?

Presently, all highly ed­u­cated, trained and ex­pe­ri­enced ex­ec­u­tives the world over, cur­rently nes­tled in cor­ner and cushy of­fices have a clear man­date to pro­fes­sion­ally man­age and su­per­vise daily trans­ac­tions of a fi­nan­cial and le­gal na­ture. Their prime man­date is to lend weight and cred­i­bil­ity by their ‘phys­i­cal pres­ence’ so nec­es­sary to po­lice the ac­cu­racy, dili­gence and in­tegrity of the pa­per flow. Each of these trans­ac­tions de­mands ver­i­fi­ca­tion, with fidu­ciary ex­e­cu­tion and re­spon­si­bil­i­ties. Hours of work and per­sonal in­ter­ac­tion will sud­denly be re­placed by a sin­gle click with blockchain tech­nolo­gies.

What took days and weeks of for­mal meet­ings and face to face hag­gles will be re­placed by the in­stant push of a but­ton. Fi­nan­cial trans­ac­tions, such as pro­cess­ing and sign­ing big and small loans, pur­chases of fi­nan­cial in­stru­ments, real-es­tate trans­ac­tions, no­tari­sa­tions and le­gal pa­per chase, au­dits, and ac­count­ing func­tion­al­i­ties and hun­dreds more of such se­ri­ous func­tions we do to­day will be taken over by but­tons and clicks on mo­bile de­vices.

Come 2020 a highly ef­fi­cient busi­ness world and a ‘chained econ­omy’ will emerge.

FACTS: Guar­an­tees: The ac­cu­ra­cies and ef­fi­cien­cies in all trans­ac­tional pro­ce­dures will have safe­guards. In­stan­ta­neous: the speed of tab­u­la­tion and trans­ac­tional ex­e­cu­tion will be in­stant and on global scale. Elim­i­na­tion: The su­per ex­pen­sive and slug­gish bu­reau­cracy of trans­ac­tions will be elim­i­nated.

Decades ago only, IATA cer­ti­fied travel agents metic­u­lously wrote by hand multi-copy air­line tick­ets and in­serted minis­cule flight and seat num­bers, which were never to be ques­tioned by flight at­ten­dants con­ti­nents apart… Now, a click on a mo­bile phone does that while mil­lions of highly skilled travel agents sim­ply

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