Unleashing the power of Programmable Money: A Revolution in Our Wallets?
In today’s digital age, the concept of money is evolving rapidly. A year ago, the RBI (Central Bank of India) did something that few other central banks had done before — launch a Central Bank Digital Currency (CBDC). Think of this simply as an online version of our physical currency. It’s a digital banknote. With a CBDC, the RBI can simply ask people to open digital wallets and issue new digital notes to them directly called e-rupee.
Having run this pilot project for a year, RBI is deliberating it now to take it to the next level. Yes, as you rightly guessed from the title, RBI is deliberating to launch it as programmable e-rupee.
Unpacking the concept:
Programmable money, is reshaping the way we think about and use currency. Unlike traditional forms of money, programmable money is not just a medium of exchange but also a tool that can execute actions based on predefined conditions, thanks to smart contracts. This is often achieved through smart contracts, self-executing agreements stored on a blockchain. These contracts automatically enforce and execute the terms of the agreement with no intermediaries.
Imagine a world where government provides subsidy to buy a ration and beneficiary can only use this money to buy food ration as an example and nothing else. Voila, the purpose is served. Yes, that is exactly central bank is thinking of programming your money in your e-wallet so that you cannot spend the money on anything else apart from buying grocery or food stuff. The government can also set an expiry date for the money similar to loyalty reward points.
While some may argue that this may cause limited fungibility of money but that is only for the brief period until that e-money is spent on targeted sector/purpose for the first time.
Yes, this may cause the government to track your move and data privacy nightmare may become an issue. However, this may ensure that government money is used exactly for the purpose it has been distributed.
There are other use cases also which may ensure frictionless transactions ultimately benefiting humans. Some of the scenarios can be like it automatically deducts rent on your payday, or a donation to your favourite charity triggers after you complete a workout. This is the potential of programmable money, a digital currency embedded with code that defines its use. While still in its early stages, it holds the promise to revolutionize the way we interact with money.
Programmable money differs from traditional digital currencies, like Bitcoin, in its ability to carry instructions. These contracts specify conditions under which the money can be used, opening up a pandora’s box of possibilities.
The applications of programmable money are vast and still evolving, but here are some exciting examples:
- Automated Financial Management: Imagine setting up rules to automatically invest a portion of your pay check, send funds for recurring bills, or even allocate savings based on pre-defined goals. This can save time, minimize manual errors, and boost financial discipline.
- Targeted Aid and Micropayments: Governments and NGOs could create programmable tokens to distribute aid efficiently, ensuring it reaches the intended beneficiaries and is used for specific purposes like education or healthcare. Similarly, micro-payments for content, like online articles or music streams, could be automated based on consumption.
- Supply Chain Efficiency: In complex supply chains, programmable money could track goods along their journey, trigger payments upon delivery, and ensure compliance with specific conditions. This could improve transparency, reduce fraud, and streamline processes.
- Programmable Insurance: Smart contracts could automate claims payouts based on pre-defined triggers, like reaching a specific health metric or experiencing a weather event. This could streamline the insurance process and improve access to coverage.
- Tokenized Securities: Programmable money could facilitate the creation of new financial instruments like tokenized stocks or bonds. These could offer fractional ownership, frictionless trading, and programmable dividend distribution.
Challenges and Concerns:
While the potential is immense, several challenges need to be addressed before widespread adoption of programmable money:
- Technical Complexity: Building and maintaining secure and scalable platforms for programmable money can be complex and expensive.
- Regulatory Issues: Existing regulations might not be equipped to handle the unique aspects of programmable money, requiring legal frameworks to adapt.
- Privacy and Security: Programmable money could raise privacy concerns, as transactions might be tied to specific conditions. Robust security measures will be crucial to prevent fraud and manipulation.
- Accessibility and Equity: Not everyone has access to the technology and skills required to interact with programmable money, potentially exacerbating existing inequalities.
The Road Ahead:
Programmable money is still in its nascent stages, but the potential to transform financial systems and everyday life is undeniable. As technical hurdles are overcome, regulations evolve, and awareness grows, we might see this technology seamlessly integrated into our financial lives. The key will be to ensure its development focuses on inclusion, security, and responsible innovation, paving the way for a more efficient, transparent, and equitable financial future.
🛠 Project management is an essential skill that can help students with a wide range of situations and develop a variety of useful 📈 skills.
Project management skills encompass 🔎 a wide variety of management skills, including time management, scheduling, budgeting, and resource management. Being able to manage these aspects successfully can help students’ complete projects faster 🎯 and more easily while producing higher-quality
Successful project management skills are difficult to learn, but lead to a significant advantage when implemented properly. Learning project management can help students excel in their academic and career.
It’s good to see that a lot of business schools and colleges 🏫 are having project management as a subject. And it is very much the need of the decade.
📢 It was my pleasure to conduct the session on “Risk Management” and “Project Status Reviews” for students of IBS Mumbai over the weekend.
IBS Mumbai has a unique and innovative approach to business education, that focuses on providing the right knowledge, 100% case-based learning, imparting the right skills for enduring success in management careers, and shaping the right attitudes to transform its students into the leaders of the future.
Thanks to Dr.Roopali Srivastava for the invitation.
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💡AHA Moments!!! 🪄
The moments ✨when people have realized what to do in life!!! ❄️
The Merriam-Webster Dictionary defines an Aha moment 🎊 as a moment of sudden realization, inspiration, insight, recognition, or comprehension. In the context of SaaS and product companies, the Aha! Moment is the first key moment when users realize the value of your product.
Few examples of AHA 🌟💫moments. Note the Age when these celebrities have realized their AHA moment and discovered the valuable 🏅 products!!!!
Any other examples???
Waiting for my AHA moment!!! 😊
✨Delighted✨, as always, to be part 🏆 of this elite list of Project Management Influencers and Leaders alongside prominent Global world leaders in project management for the third consecutive year…
Thanks to Thinkers360 🙏.
Congrats 🤝 to all fellow #leaders who are part of the list.
📢Project Management Institute South Asia is engaged in the endeavor of encouraging project professionals to practice project management as a profession, use industry-related best practices, achieve credentials, and thereby promote the profession of project management.
Project Management Institute South Asia Champion Program is constituted to achieve this objective.
PMI Champion program aims at identifying and developing passionate 💪project management professionals who will act as ambassadors of PMI, and support its Project Management advocacy efforts in India.
I am happy to share that I have got inducted as a ✨PMI champion✨ in this PMI India champion program constituting of selected professionals. The Champions contribute to this program in an honorary role as a volunteer.
Anyone who is passionate about PMI and project management professionals can join this program subject to certain criteria.
Reach out to me if you are in India and wish to join this program. And yes, you can earn PDUs while contributing to this cause.
👉It was quite inspiring to meet the legendary Anil Kumble during one event. I am always inspired by leaders 🧑💼and honest celebrities 👑 like him, which keeps me going. His perseverance and focus is one quality that inspires me a lot.
Everyone knows this fantabulous ✨cricketer, also known by his nickname Jumbo, holds the record of bowling 40,850 balls in the entire Test career, which is the highest for an Indian and second-highest overall, and he is also one of six bowlers to take 900+ (956 to be precise) wickets in his entire career. He holds several other records, awards, and honors far beyond one’s imagination.
▶️ He once said that no one should tell from your body language, whether you are at “50 for 5” or “200 for no loss”. And I think the same applies to leaders in whatever field you are.
▶️Similarly, among several rituals for preparation, which included training properly, eating right, and sleeping well, “visualization”, he said, was key. A day before the match, I would think of each batsman of the opposing team, one at a time, and visualize how I was going to get them out. I would picture the fielder’s positions, my bowling technique, the strategy I would use,”
The same applies to leaders to visualize the upcoming situation and define the strategy to make it 💫successful.
Who inspires you most??
💡 For those newbies who want to take up free introductory project management courses, Project Management Institute has come up with the following eLearning courses. This is absolutely free to understand the basics of project management and relevant certifications.
The introductory free courses, which are more of the primer, include:
🔶 PMI Kick-off (45 mins)
🔶 Project Management for Beginners (4 hours)
🔶 The Basics of Scrum (1 hour)
🔶 Introduction: Basics of Disciplined Agile™ Online Course (1 hour) and even
🔶 Introduction: PMI® Authorized On-demand PMP® Exam Prep (1 hour)
It also includes other FREE other courses like
🔶 Business Continuity
🔶 Using Wicked Problem Solving to Make Better Decisions and Align Teams
This basic course provides the foundational knowledge necessary to join a project team and can serve as the first step on your path to a project management career. Comprised of a selection of modules from our best-selling course Project Management Basics, this program will allow you to learn the language of project management and build confidence working in project environments.
So, go register yourself (create user-id) on projectmanagement dot com and click on the link given in the comment – to take advantage of FREE courses.
I am not sure for how long this might be free.
Do share with your colleagues, friends, and even kids who might be interested to learn the basics of project management.
Do reach out to me for any issue.
🤩 It was awesome to learn that 510 professionals/learners 🧑🏼🤝🧑🧑🤝🧑🧑🏼🤝🧑 tuned in from across the globe for my session on “Introduction to Project Management” last Saturday morning.
Initially, I thought that 2 hours will become boring for participants. But almost the full audience was present throughout the duration and still there was no end to queries.
Not only that, we received excellent feedback from 171 participants, with 99% quoting it as an excellent session. And asked for more. The feedback snapshot is in the comments.
Can’t ask more!!!! Thanks, Ayush Malaviya, for the opportunity.
Get in touch with me for any advice in case if you want to upskill your project management skills.
My published book ‘Supercharge your project Management Skills’ also gives a good idea to aspiring and novice PMs, startup founders, and seasoned managers on how to handle some practical but tricky situations not documented anywhere else. Again, the link to purchase on Amazon India, US, and UK is available in the comments. The book has also received excellent feedback on Amazon.
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It was a pleasure 😊 conducting another session at CRISIL Limited about “Introduction to PMP Certification”.
In my first session (Introduction to Project Management) at CRISIL, around 200+ CRISILtes joined. The session was well-received. However, due to the paucity of time, we could not cover details about how to start the journey toward PMP certification.
In this follow-up session, I covered about nuances of PMP certification, starting from PMI membership, required training, education, experiences, application, exam fees, etc. Only serious PMs joined the session and got good in-depth knowledge about PMP certification.
Already few managers have either undergone formal training or planning to take up PMP training to become PMP-certified project managers.
It’s my way of giving back to the society!!!!
📢It was an honor to conduct a session on ‘Introduction to Project Management’ in my company CRISIL Limited. The session was to introduce newbies and aspiring managers to the Project Management concept and roadmap to certifications.
I was overwhelmed by 200+ attendees 🧑💼🧑🤝🧑 from across the globe. The session was well-received, with a good rating. The session triggered awesome curiosity, and several colleagues got inspired to onboard the journey.
We are starting a Project Management community in CRISIL Limited and conduct more events in the future to help take up the career.
Looking forward to helping all those out there to take up Project Management as a valued profession and career choice.