Will pay to the Bearer on Demand
Was money created by god? Or was it created by government? Or was it created by businesses? What we do is say 'In God We Trust'. We see government of cronies with huge public debt and businesses such as Banks with massive bad debt waiting to be overwritten by Depositors! Can such a freak show happen?
The stakes are too high, for everybody but the winner is Debtor whose Books are being asked to Wipe off. How about instead of these Books handled by Banks be handled by entrepreneurs?
Would the community trust and build it up in circulation?
Interesting example to this is BitCoin - a popular algorithm based circulation. Where algorithms are based in miners computers mining the algorithm to earn coins. Though despite its popularity in global media, this algorithm based circulation has many flaws despite some pros. Pros such as Anonymity, Virtual Digital operations, which opened global exchange yet was limited in circulation and scope apart from the hype.
Learning from this example, one can see enormous potential that lies in algorithms based circulation. For example: mobile banking allows the telecommunication service providers to be mediator of the extended circulation, helping telecom retain customers and allowing them to pay bill on time.
How about such a strategy is devised to include simpler device based services as mediators for rural population. Would this help in adoption, engagement, retention of new members.
Though in order to pursue such a strategy one needs to consider poor ICT capacity in rural India. Due to policy flaws which created a state of dependency to imports. The investments in Fabrication Labs can run to impressive sums.
Though the value adding aspect lies in designing for those ICT. Which not only help learn global manufacturing process, but also cultivate skills in community to build more sophisticated tools for communities.
Promise of hinterland for experiments, innovations and promising new services are magnificent. But current potential remains muted due to Agrarian crisis. Governments continue to focus on Markets listed in Big Cities instead of focusing on decentralized market place of hinterland.
Hinterland needs, growth in productivity and improvements in standards of living. Which opens plethora of opportunities to develop new businesses, new kinds of businesses. In order to fuel such a growth can efficient book keeping suffice.
