The end of Rs 500 and Rs 1,000 announcement by Narendra Modi has led to rise in digital payments thereby helping India move towards Digital India. In the last few days it has been seen that the difficulties among the people to purchase goods for their livelihood post banning Indian currency notes like Rs.500/- and Rs.1000/-, looks like the nation that comprised of over a billion people have realized the advantage of digital currency.
Looking over the Google Trends page, it seems like “buy Bitcoin” is rapidly gaining popularity. Bitcoins are a digital currency, made by computers, whose prices are validated through a public bitcoin blackjack ledger. Like any digital money, this money can be used to pay for goods and services, such as buying coffee, a food packet at a restaurant or even clothes.
Although digital currency is yet to mature, it has the power to play a key role in the future of financial services. As bitcoin and other related technologies grow in adoption, our financial system is going to rely heavily on a large centralized institutions that has a globally distributed network. With the proliferation of the internet, we have witnessed the industries such as media; software and communications were transformed and invigorated. Sooner or later we will experience a similar revolution in financial services, where digital currency permanently substitutes our age old, costly, and time-consuming systems and arises a brand new structure that facilitates payments, streamlines accounting processes, and enforces contracts with ease and scalability. In this fast developing landscape, digital currency can emerge as the valuable trade that empowers the “internet of money.”
“There’s no doubt that digital currency is going to play an important role going forward.”
– John Donahoe, President & CEO of eBay
Cryptocurrency enthusiasts remain hopeful Bitcoin will oust cash sooner or later.
Millions of Indian people have limited or no access to financial services through traditional means. This means Bitcoin can fill a need, should that ever arise. Benson Samuel, one of the most popular names in Indian bitcoin community and the co-founder of Coinsecure, welcomes the decision. He states, “This is very good for digital currencies in India, as people will now be forced to look into alternatives to store value. Decentralised digital currencies will play a vital role in maintaining a variety of options for people who need to use the same.”
“People are getting remittances in bitcoins, instead of Paypal. They are able to liquidate them by paying just 1% transaction fee,” said Sathvik Vishwanath, CEO and co-founder, Unocoin.
Governments all around the world have recently announced that they are investigating their own plans for digital currencies.
The Manila-based bitcoin wallet service provides consumers with direct access to basic financial services such as sending and receiving money, bill payments, remittances, and mobile top-up from within a Coins account. Customers with or without a bank account has access to online shopping at over 63,000 merchants who accept the digital currency.
Bitcoin and Digital Currency are going to the future of financial system, however the main challenge is developing on emerging technologies and providing innovations for consumers and businesses across the globe. Also technologies should be as safe and easy to use as possible, and working with governments to find out how to allow these innovations mapped with law.
What about your careers and businesses?
The emerging digital tools can enable organizations to focus not only on finding talent, but also on managing, retaining, and developing employees. Digital employee portals will get integrated with these tools helping companies to expand their employee database, refine their recruiting and screening methods, and deploy their employees more effectively. Such platforms can help put the right person in the right job, find gaps in skills, help employees as they achieve new capabilities, chart career paths, and drive the development of the next generation of leaders.
Two million-plus people may already be employed in the creative and digital sectors, contributing £137 billion to the country, yet a report published by the UK Commission for Employment and Skills (UKCES) in June 2015 revealed that there are more vacancies in these sectors than across the rest of the UK economy. It also predicted that 1.2 million web development and programming jobs will need to be filled by 2022. Web developers and programmers are therefore in high demand, as fewer graduates are choosing to enter the sector.
Customers are better connected, as data is connecting everything allowing competitors and start-ups outperform established players. Those who adapt their business model around the customer will win in the growing digital age. Businesses need to become more innovative and agile to be able to adapt to customer demands and market changes. This will allow them to increase customer engagement, grow employees and become more profitable. Ultimately, they need a business strategy for the digital age.