cashless society_finance conference 26aug2011
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Cashless Society
A FINANCIAL PARADIGM SHIFT THROUGH SOCIAL
NETWORKING
Author:
Manish Parihar
Faculty of Marketing
Saraswati Institute of Engineering & Management
Po. Rajpur, Dist. Mehsana 382740, India
Co-author:
Dr. Sarla Achuthan
Director
B.K. School of Business Management
Gujarat University, Ahmedabad
FINANCE CONFERENCE- 2011
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Contents
Objective
Introduction to cashless society
Type of research Review of literature
Findings and conclusions
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The objective of this study is:
To explore prominent social media platformsand other online technologies that are beingused for the creation and use of virtualcurrencies
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Type of research
Exploratory and based on secondary dataonly
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Review of literature
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Introduction to
Cashless Society
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Cashless Society envisaged wayback in 1887 by Edward Bellamy
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A
re we there yet..?
Not yet.
But we might not be far..
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Introduced in the 1949s byDiners Club
Plastic Money
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Online Funds Transfer
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Pros & Cons of a cashless society
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Pros:
Clean wallet
Tax the underground economy
Exposure of corruptionEradicate counterfeiters
Promote business efficiencies
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Cons:
Assault on family privacy
Impulse buying
Hackers and security issuesBig brother is watching
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Introduction to social media
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Blogs
More than 20 crore blogs exist on theinternet..
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Wikipedia the open source onlineencyclopedia, has over 15 million articles.
More than 1700 new articles are added onWikipedia every hour!
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Surprisingly, 78%of these articlesare non-English.
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y YouTube has become the second largestsearch engine in the world after Google
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eBooks
y Kindle eBooks outsold paper books in2010
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Facebook
It took radio 38 years to reach 50 millionusers.
TV took 13 years; internet took 4 years,Apple iPod took 3 years to reach the samenumber of users.
But social networking leader, Facebook,added over 200 million users in less than ayear!
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Facebooks launch of virtual currency
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Second Lifes virtual currency:
The Linden Dollar
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Living a virtual life..
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There are more than 6500 profitablebusinesses in Second Life and newventures are cropping up all the time.
On just one day more than US$ 650 000(330 000) was spent by Second Liferesidents in 24 hours.
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Exchange, auction, buy/sell virtual goods
Helps reduce illicit trade in virtual goods Operates through users PayPal accounts
and takes a 10% cut
Currently its a $200 million market..!
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Bitcoin is a de-centralized digital currencycreated in 2009
Also called crypto-currency
Each bitcoin divisible upto 8 decimalplaces
1 bitcoin = 9.58 $ (as of today)
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As ofAugust 2011, there are over7.1 million bitcoins in existence.
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Other technologies on the horizon..
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Google Wallet
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Micro-chips embedded in body
A high profile club in Spain, implants micro-chips in its VIP memberprofmanishparihar.blogspot.com
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Bio-metric scanners
Bio-metric scanners for entry at an amusement park in USprofmanishparihar.blogspot.com
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Source: http://www.infowars.com/cashless_society.htmprofmanishparihar.blogspot.com
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Findings and conclusion
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Facebooks game credits and Second Lifes
Linden dollars are already a reality and millions
of dollars worth of transactions are being done in
the virtual world. Bitcoins are also in circulation though its wide-
spread use will take some time.
Newer technologies promise to change the
financial landscape
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Further Research
This paper is just an eye-opener to thefabulous world in which social media isfundamentally changing our lives.
A formal research into this area would bethe next logical step.
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