Is software the new money?
The business of technology seems to require the concentration of power in the hands of a few, with the requisite marriage between big money and big brains. Is software the new money?
Is Intelligence the essence of money? Information?
The new bank (or at least the basis of same) …the microchip… deals in the currency of information rather than that strange cipher or construct called credit, with its relatively crude personal estimate of probabilities – crude compared to the intelligence of a computer program.
Credit comes from the same root as belief.
Is information the essence of money?
Information offers us a more advanced form of apprehension than belief, with its ability to map out the process of a thought-network with all its logical connections. It succeeds, in other words, in giving us a real and accurate blueprint for doing something systematically and rationally.
The information bank is much more rational ergo much more efficient than the present cash system.
We have smart phones. Are we ready for smart money?
Before we answer the question….Is software the new money?…we have to understand what money is and what it isn’t.
Money – even in ifs material form (cash and coins), is a partial abstraction that – despite its ability to be used intelligently – is not essentially intelligent.
Using digital queries, a la Google, to come up with a sound plan for this or that undertaking could be seen as a way to create value at a fundamental level, with the soundness of same being rated on the basis of how likely it is to succeed. Abstractions are made for quantification and digitization.
Is software the new money
Re economics, the timeline of the modern era is bristling with instances of advances in technology leading to big changes in our everyday lives. How about being as mindful of the changes wrought by advances in financial technology? We also need to be careful about monitoring those changes with an eye to the incredible power accorded to the financial sector by the computer today. The happy servitude of digital automation should be translated into happier outcomes in everyday affairs.
What we’re talking about here is essentially the replacement of money by software, apps and everything digital.
….to be continued