Peter : Can we expect this ?

In his latest blog ,

FUTURE OF FINANCE & BANKING - PART 1  ,

Peter Diamandis writes :

peter@diamandis.com

Beyond interest rates, a second failure of traditional consumer banking is that customers do not control how their stored money is invested by banks.

Meaning that your money could well be invested in the petroleum industry when you are in fact a die-hard environmentalist.

As the name implies, Good Money enables you as the user to choose how your stored money is invested, aligning it with your vision for humanity.

In Part Two of our  Future of Finance and Banking  Blog, we'll explore ,

·         how exponential technologies are impacting  investing and lending,

·         AI financial advisory services (e.g. Robo-Traders),

·         new stores of value (e.g. Bitcoin and Stable Coins), and a discussion on

·         how we might ensure that FinTech can be trusted in our rapidly accelerating future.

With the dematerialization, demonetization and democratization of financial resources, today is the greatest time in human history to be an entrepreneur — no matter where you live on planet Earth.

Peter,

Will your Part Two , support what I envisioned some 2 YEARS  ago , as follows :

A Matter of Time    [  03  Jan  2017  ]

Extract  :

Yesterday's Proverb  :   Necessity  is the Mother of  Invention

Today's Mantra        :   Competition  is the Mother of  Innovation

So , just wait to find out which Mobile Wallet comes up with the following " innovations " FIRST :

*  All bank accounts of a person ( in different banks ) become inter- operable / fungible

   through seamless interlinking , using Aadhar / UPI Interface in a Mobile Wallet

   No need to " select " a particular bank name

  

*  All transactions using a Mobile Wallet, automatically entered in  BLOCK-

   CHAIN  database commonly shared by ALL banks

  

*  Wallet based algorithm will  move funds across different bank accounts  for best yield ,

   constantly searching for best interest rates offered by banks on Fixed Deposits

   This will happen automatically , much like algorithm-based share trading , taking

   advantage of price differences in two bourses located 300 km apart ( in one thousandths

   of a second ! )

   No rocket science here considering availability of  " BEST PRICE "  apps for thousands of

   goods and services

   And since computing power of mobiles are doubling every 18 months ( Moore's Law ),

  nothing will stop algo-trading through a Mobile Wallet , as well ! ( Demat A/C on

  Wallet ? )

17  Sept  2018

www.hemenparekh.in / blogs

Pauper in Pune : Prince in Paris ?

Here is some good news for “ Publishers “ (  - like me too ?  )

On my web site [  www.hemenparekh.in  ], I publish my blogs / poems / notes / photos etc

Of course , these are “ free for viewing “ by public , but I have not said that these can be “ linked “ by search engines like Google for free !

But when I searched Google this morning , I found following “ links “ ( Search term  /  No of Links ) :

·         Hemen Parekh…………………………. 17,700  ( on Yahoo  >  5,250  links  )

·         Hemen Parekh wiki………………….    2,660

·         Hemen Parekh poems……………… 30,500

·         Hemen Parekh blogs………………… 10.500

·         “ Hemen Parekh “…………………….    7,880

Now , instead of  “ publishing “ these in Pune , had I published in Paris , I could be asking Google to pay me for each of these links .

$ 1 /- per link is good enough for me !

And that good news reads :

“ Article 11 is meant to give publishers on the internet , the ability to make an extra buck by imposing a “ link tax.”

Put simply, it’s supposed to shift some of the massive profits away from powerful news aggregators like Facebook and Google by allowing smaller publishers to charge them each time the aggregators link to their sites. “

( source : 

https://futurism.com/copyright-directive-european-law/

This newly approved European Copyright Law might break the internet  )

But question arises :

For “ reproducing “ the above excerpt from the web site of Futurism ( and linking to it ) , would I be liable to pay some amount to Futurism ?  If yes , how much  ?  Under which Indian law or European law  ?

May be , as of now , no one has any clear answer to all the complications that are bound to arise , if – and when – this European initiative gets ratified as “ Law “

But the questions that our own Policy Makers ( Cabinet / Supreme Court / B N Srikrishna Committee etc ) ought to be asking are :

·         If European Union can go to this length , to grant its “ Publishers “ ( remember , these are Organized Sector Companies ), a “ right “ to earn money from the likes of Google , why should not India , come forward ( with appropriate law / mechanism ) to protect the “ fundamental right “ of its “ Ordinary Citizens “ to earn some money by “ selling “ their private / personal data to the Social Media / E Com web sites etc ?

Answer : 

India must enable its citizens to earn money from personal data

·         Once ordinary citizens voluntarily upload their private / personal data on Social Media ( through that sham process of “ registering / I accept the terms “ ) , is it at all possible for the government to “ protect “ them against alleged “ misuse “ ?

Answer :

 

It is just impossible to protect if people don’t have a better alternative ; and that better alternative is …”  A  Matter  of   Motive  “

·         As required under EU’s Article 13 , are web sites capable of “ filtering uploaded content “ , when even those very powerful “ cyber forensic labs “ of the Governments are having a tough time deciding ,

#   whether content getting uploaded is “ copyright protected “ or not

#   “ who “ uploaded such content and “ when “

Answer :

   No , because content is governed by “ Parekh’s Principle “ defined as follows :

             Parallel to the ”  Theory of  Thermodynamics “ , I would like to propound the

             following , as far as the  “ Theory of Information “  is concerned :

     

             “ Like Entropy , content keeps growing with each and every human

              interaction , either with other humans or with his environment , and content

              can no longer remain hidden , nor can it be destroyed  “

14  Sept  2018

www.hemenparekh.in / blogs

  

Justice delayed is Justice Denied

This saying might have originated in Britain but it seems Chinese are taking it seriously

And the Chinese do not need to debate issues endlessly without reaching any conclusion

They like to move at the WARP speed

Here is the latest example :

Round the clock cyber court opens in Beijing

Highlights :

·         An internet-based court that runs 24/7

·         internet-related cases will be tried online

·         Courts will stay open perpetually and plaintiffs can file cases anytime.

·         People can "file a case online instead of going to the court with paper-based material

·         a new model of social governance system

·         Citizens can log onto the litigation service platform to file cases

·         Cases would be heard online through video-call

·         12,000 cases were heard and 10,600 were closed during the past year

But , closer at home , it is a very different story , as following news suggests :

“Court puts ex-minister, MLA on trial through WhatsApp , SC asks if it’s a joke “ 

 

Highlights :

·         The lower court judge in Hazaribagh put the accused on trial by  pronouncing the order framing the charges against them through a WhatsApp call

·         A bench comprising Justices  S  A  Bobde and  L N Rao , said :

“ We are here on the way of trial being conducted through WhatsApp . This cannot be done . What kind of a trial is this ? Is this a kind of joke ?

·         Senior advocate Vivek Tankha said :

“ The trial was directed to be conducted through video-conferencing …. Video-conferencing connectivity was most of the times very low in Bhopal and Hazaribagh district courts and the April 19 order was pronounced by the trial judge through WhatsApp call “

Apparently , we in India , are stickler for “ following established procedures “ , no matter how much justice gets delayed !

We like to tell our subordinates :

“ Don’t stick out your neck . It will get chopped off, unceremoniously “

We believe in , “ The operation was successful ; it does not matter that the patient died “

How else can we explain the following ?

·         There are 2,76,74,499 cases pending in district and subordinate courts of country

·         Sanctioned strength of these courts is 22,444  [  in June 2018  ]

·         As against this, total working strength is 17,221 judges ( shortfall of 5223 )

Source :

https://www.business-standard.com/article/pti-stories/fast-track-recruitment-of-lower-court-judges-centre-tells-hcs-118090900367_1.html 

https://www.businesstoday.in/current/economy-politics/3-3-crore-cases-pending-indian-courts-pendency-figure-highest-cji-dipak-misra/story/279664.html

MY  TAKE :

If we want to reduce the average “case disposal time “ from 6 YEARS to 6 MONTHS , we must do better than the Chinese – as follows :

·         Launch online portal……..www.OnlineJustice.gov.in

…..having following features / pages / User Interfaces :

#   Who can register a litigation and how ( detailed form to be filled in )

#   What kind of complaints can be filed ( Eg; property / divorce / fraud / loans etc )

#   Time frame of hearings ( based on backlog at that point )

#   Search / Selection of “ empanelled lawyers “ ( with their fees tariff )

#   Method of conducting “ Online Trial “ ( Audio – Video Conference calls )

#   Online payment of Court Fees / Lawyer’s fees

#   Who can “ watch “ the online trial and how ( Video broadcast ) and when

#   Progress Chart as trial proceeds / Upload – Download of documents

#   Court Room allotted ( by software ) to each litigation

     Not being limited by any “ Physical Constraints “ , it will be possible ( for the

     software ), to open as many “ Virtual / Online “ Court Rooms as required

     Only limitation will be the Number of available Judges at any given time

Let none have doubts about the ability of our Start Ups to design / develop and launch such a portal within 6 months , whose “ Conceptual Frame Work “ could resemble ,

     On Line Jobs Fair   

    Software Architecture For Online Jobs Fair   

        And as far as finding 10,000 Judges to conduct “ Online Trials “ from the comfort of

        their homes ( and without imposing any “ Infrastructure Burden “ on the State –

       except providing them with a fast broadband connection ) , I suggest that we rope in

       retired judges on a “ Per Case Retainer “ basis ( paid into their Jan Dhan accounts )

       There must be a “ Bonus cum Penalty “ formula to govern the payments to the Judges ,

       depending upon the “ Actual Time “ taken to dispose off a given case as against the “

      Target Time “ ( to be computed by Artificial Intelligent Software , based on historical

      data being continuously compiled for all the cases , once the portal gets launched )

     I urge Chief Justice Hon Deepak Misraji to treat this email as a PIL and “ direct “ the

     NDA government to initiate action on this suggestion ( I cannot afford a lawyer ! )

Your " Activism " in this matter will go a long way to restore the faith of the ordinary citizens in the judiciary  !

13  Sept  2018

www.hemenparekh.in / blogs

       

13  Sept  2018

www.hemenparekh.in / blogs