Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Saturday, 11 November 2017

#CreditCard #DebitCard

The  Prophet  of  Probability



About Ray Kurzweil ( Director of Engineering – Google ) , it is said that 86 % of his predictions about the shape of things in future, has come true in 15 / 20 years




Nearer home , one can say that 90 % of the predictions about the shape of Indian Economy, made by Shri Amitabh Kant ( CEO – NITI Aayog ) , will come true

Except that in Dr Kant’s case , this could well happen in 5 / 10 years !


Example :

Today’s DNA , reports following :




“ Debit, Credit cards and ATMs will be redundant in 4 years



Niti Aayog CEO Amitabh Kant on Saturday said debit and credit cards as well as ATMs will be redundant in next three-four years and people will use their mobile phones for financial transactions.



"India will make credit cards, debit cards and ATMs technologically redundant in next 3-4 years and we all will be using mobiles for doing many transactions," Kant said at Amity University Noida campus where he was felicitated with an honorary doctorate degree.



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For my own views supporting this belief , read :

RIP ,CREDIT CARD ?  [ 21  Nov  2016  ]
=================================

Reincarnationof Smart Phone ( with SARAL app )  [ 02  Dec  2016  ]

https://myblogepage.blogspot.com/2016/12/reincarnation-of-smart-phone-with-saral.html

=================================

WhenBHIM is here, can ARJUN be far away ?  [  30  Dec  2016  ]

https://myblogepage.blogspot.com/2016/12/when-bhim-is-here-can-arjun-be-far-away.html

=================================

WakeUp , BHIM , Wake Up !  [  16  March  2017  ]

https://myblogepage.blogspot.com/2017/03/wake-up-bhim-wake-up.html

=================================

#Aadhar  [  28  Oct  2017  ]

https://myblogepage.blogspot.com/2017/10/aadhar.html

================================

Allow me to add to this what Times of India writes today :


“ Banking for Everybody , without banks : BLOCKCHAIN “


HOW

Anyone with an internet connection and a mobile phone can send, save and borrow money peer-to-peer . Low income people could open small businesses and send money easily and cheaply


WHY  THIS  HELPS

·         2 billion adults have no access to banks

·         Blockchain backers advocate its use for secure, tamper-proof digital records



THE  CATCH

Wide blockchain use will disrupt existing industries . Also the poorest will need internet access first





No doubt , as and when the Blockchain-based financial transactions become universal in India , it may neither be possible to generate NEW black money or dispose off EXISTING piles of high denomination currency notes



In absence of a TARGET DATE for universal adoption of Blockchain ( since RBI is opposed to it ) , I urge NDA government , once more to implement what is possible TO DAY , viz :


·         Embedding high currency notes with RFID nano-chips ( as decided recently by the Australian Government ) , or


·         Using technology developed by Dr Shyam Gollakota ( Associate Professor , University of Washington , USA ) ,


  'gshyam@cs.washington.edu'



whereby the metallic SECURITY THREAD in the Currency Notes can be made to store the unique SERIAL NUMBER of each currency note , AND a simple Smart Phone can read that number and transmit that data to any government agency ( IT / ED / CVC / SFIO etc )


It is an INNOVATION which combines two existing technologies and can be implemented by NDA government within a few months !


Although  I await confirmation from Dr Gollakota re practical feasibility of his technology, I am sure , he will fly down to Delhi if requested by Shri Jaitley or Shri Ravi Shankar Prasad



Future does not “ arrive “ to people who await its arrival with folded hands


Determined / Passionate people leave no stone unturned to “ reach “ there !





12  Nov  2017


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