The Importance Of Cryptocurrency in an Automated Jobless Future

Automation and AI

The loss of jobs to automation has been a hotly discussed topic over the last few years.

The BBC reported in November of 2017 that automation could take 700 million jobs.

http://www.bbc.com/news/world-us-canada-42170100

As automation and AI improve more and more industries seem under threat by technological development.

Many people struggle to see a way out of this predicament.

Blockchain technology also contributes to this by threatening many jobs in a plethora of different industries:

Below are just a handful of examples where disruption can be expected.

• Banking and Finance

• Real estate

• Supply chain management

• Voting

• Car sales and leasing

• Cloud computing

Smart contracts remove the need for middle men and third parties.

Universal Basic Income

Many commentators have touted Universal Basic Income as a solution to a jobless future.

However, many people in society struggle to see how such a system could survive.

As reported as recently as yesterday by the Wall Street Journal (16/03/2018) people's opinions are divided:

http://www.wsj.com/video/universal-basic-income-two-contrasting-views-on-free-money/DD913992-8B39-4FF4-A04F-7A5DC0D7C38A.html

Cryptocurrency as an alternative to Universal Basic Income

With the onset of numerous cryptocurrencies aimed at participation in decentralised networks we can see a possible alternative to universal basic income.

Many cryptocurrencies aim to monetise everyday activities such as social media, gaming and participation in networks of many different kinds.

The idea that the data we produce on a day to day basis could sustain us makes a lot of sense.

Data is a hugely valuable asset and many huge corporations like Google, Facebook and Amazon stand to gain a lot from possession of our data. Using blockchain technology we can reclaim our data and monetise it to sustain us.

Is it any wonder that 2 out of 3 of these organisations have banned the advertisement of crypto currency related advertisements? (I do however agree that attempting to reduce scams is a positive thing)

As blockchain based alternatives to these services arise we can hopefully expect a lot of disruption and redistribution of wealth from these sectors.

The reduction in jobs means that the increase in opportunities to monetise all aspects of our lives presents an opportunity to fill the void of where once we had jobs.

This could eventually lead to a massively decentralised society.

Governments themselves could eventually become an outdated and unnecessary expense that can be replaced by peer to peer solutions.

The opportunity here is huge.