bits, bytes, blockchain

CW bits,bytes,blockchainBlockchain is today what Big Data/ Cloud Data was back in 2012- part new-kid-on-the-block and part mysterious technological chanteuse. Everybody’s talking about it, everybody wants a piece of it and almost everybody is intrigued by it.

The open ledger-mining method for tracking, trading and creating digital -slash- cryptocurrency called Bitcoin for monetary transactions across the internet – that’s how most of us have been introduced to Blockchain technology.

Not familiar with what  Blockchain is?

“The blockchain is a digital ledger of sorts, where all transactions that have been made, or events that may have occurred, can be seen online, by anyone, without compromising the privacy of the parties involved. These ledgers are shared and distributed amongst different computing nodes, and can only be changed once there is a shared consensus among all nodes. Once information is entered, it cannot be erased, and the distributed nature of these records — along with a built-in layer of cryptographic protections — make them difficult to hack or alter by any one individual.”

A blockchain is a massive, fraud-resistant distributed ledger that could be the new infrastructure of the future. The open ledger uses consensus algorithms to transparently record and verify any transactions without a third party. It replaces the middleman with mathematics. Because the blockchain infrastructure is decentralized, there’s a lot less friction and time wasted than traditional, centralized processes.

CW blockchain everythingNow, more and more, we hear of Blockchain being paired up with varying partners – Education, the Banking sector, Governance  to the Music industry- any discipline where records are kept.

Zeroing in on my particular favourite, what can we expect if Blockchain technology is applied to Education? In particular, what, if any, revolutionizing will take place if the open ledger database system is applied to everyone’s academic records?

Looping back to last year’s hottest story, the Axact – Fake Degree scandal, there are enough people out there with inauthentic academic qualifications, intentional or not, to make a case for verification of academic credentials and to identify products of diploma mills. Then the question is raised whether a public ledger system for educational records will be considered reliable.

Audrey Watters covers this particular conundrum wonderfully in a recent post of hers. Here’s an excerpt:

…When it comes to issues of “trust” and, say, academic certification, who is not trusted here? Is it the problem that folks believe students/employees lie about their credentials? Or is the problem that credential-issuing entities aren’t trustworthy? I mean, why/how would we “trust” the entity issuing blockchained credentials? (What is actually the source of “trust” in our current credentialing system? Spoiler alert: it’s not necessarily accreditation.) How would the trustworthiness of blockchained credential-issuing institutions be measured or verified? If it’s by the number of transactions (eg. badges issued), doesn’t that encourage diploma milling?”

Audrey Watters of  Aud.Life 

According to The New Stack blog, the Holberton School in San Francisco is using blockchain technology in a bid to authenticate degrees it offers. Effectively providing a service to both the graduate as well as the potential employer by being the very first educational institution to offer secured and publicly accessible academic certificates in the world.  Sounds like music to my ears, what with recent experiences in hiring department, though it seems to put the pressure on other institutions to either follow suit or share why they will stick with the status quo.

Sony Global Education announced it’s launch of  block-chain-based technology to share academic records; Sony’s product will be in the market sometime in 2017.

I had been meaning to write about this for a few days now, however, with the global uproar over the Panama Leaks, it seems to be kismet!

The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca….The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.

The scandal lines up nicely with the topic at-hand; with such wide-scale corruption, a decentralized, distributed model of public record-keeping applied to the purchase and transfer of assets seems to be a scheme worth trying.

data_transferIs the growing enthusiasm for uber-transparency in all services up for consumption a symptom of the decaying global economies?

Are we abandoning the bogeymans enforced on us in the era of Capitalism and trumped up banking charges to embrace the glaring authenticity of a public record-keeping system for all transactions  – all to avoid a dystopian future where no markets exist except for under totalitarian rule? (Think of any post-apocolyptical society represented in popular Hollywood cinema)

Is this the continuation of the global equality movement underpinned by technology – such as open source softwares or free online college courses?

Or is this forced declaration of one’s records (financial, academic, professional, etc) exploiting technology and millennial zeal for transparency to satisfy the need of habitual whistle-blowers and conspiracy theorists?

Tell me what you think. Leave a comment below. Tweet at @marsonearth or @catalystwoman

 

“Phir ban gaya na, equal -equal” – Fair and Lovely takes a Jab at Fairness in Adulting expectations

You *must* have eye-rolled at this fairness cream ad by now. It depicts a father-daughter duo jogging in a park when the father pitches a potential suitor who has EVERYTHING a young girl could desire ‘a good job, his own house, well-settled’.  Since this is a fairness cream commercial, based in India but also shown in Pakistan, the young woman gains confidence to ward off the potential suitor with her OWN plan to get a ‘good job, her own car, etc’ in three years.

Surprisingly, my issue this time around with the fairness creme advertisement is not that the systematic bleaching of one’s skin makes a woman not only more beautiful, but also endows her with wit and savvy.  (That is a long-standing objection with the prejudicial and superficial approach that such beauty cream adverts take when marketing to multi-complexion communities such as Pakistan. No complexion takes precedence over another.)

She is effectively bargaining with her parents/guardians  for a paltry three years to put into play all that she has learned at university (even Life) before entering into an arranged marriage situation.hqdefault

Can Fair & Lovely ad execs back up the claim that Snow White makes that she can accomplish all the markings of financial and vocational success fresh out of university in 3 years? a car, home, “good job” in THIS  global economy? It is impossible to afford a home independently on just a Bachelor’s degree in Pakistan or India, especially within three years of graduation.

Going with the general dynamics when desi folks go ‘rishta’-ing, it is likely that that the potential groom is at least 5 to 7 years older than our  formerly- dark and distressed damsel. Why does this invisible casanova of her father’s dreams get a minimum 5 year advantage on the whole ‘success’ aspect?

This ad reinforces that the double-standard that is glaringly relevant in Pakistani and Indian communities the world over; if a young woman is to experience her adulthood as singleton, she MUST be achieving the very pinnacle of vocational, educational and social success.  That, too, on a considerably shorter deadline (leash?) than her male counterparts; to be exact, before her  ‘looks’  or ‘charm’ fade into oblivion. 

F&L, if you are listening, this may be the one time I will applaud you for illustrating just how drastically societal expectations for  young men and women vary, especially when it comes to leading one’s life as an Adult.

What do you think? Drop me a tweet @catalystwoman. 

 

 

#1 One Reason for Millennial Women to be Financially Literate

Blog Series: 10 Reasons For Millennial Women To Be Financially Literate

Are you Financially Literate?

Being financially literate goes beyond knowing how much savings one has in the bank; it means possessing the ability for informed financial decision-making.  I will be sharing the top ten reasons why Millennials Women MUST dominate their finances and what that looks like – beyond the jargon.

The Number One Reason for Millennial Women to be Financially Literate

#1 – FOMO is a Trap

FOMO.  Fear of Missing Out.  According to the dictionary :

FO·MO  ˈfōmō/   noun informal     noun: FOMO

  1. anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.”I realized I was a lifelong sufferer of FOMO”

The important words in the definition are “social media” and “anxiety”. Social Media posts by other people, especially acquaintances or the random troll,  can be annoying, but Anxiety-Causing?   Turns out this is a real issue – we can literally feel disconnected and dissatisfied with life due to the perceived success and contentment of our peers and idols.

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There is nothing wrong with staying up-to-date with our friends’ lives, but when FOMO sets in, we start comparing and evaluating our lived experiences – unconsciously. That is damaging behaviour.
feedthefears

If you have ever felt the need to constantly check your Instagram or Facebook Timeline while out with friends, that is what FOMO looks like. The theory is that social media, with its sheer speed and glossy selfies, overwhelms users with imagery that is picture-perfect. In-fact, that is exactly what it is – Too Good To Be True.

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While our rational mind is well-aware of the fact, the subconscious gets triggered by these posts and creates a nervous energy – a nervous energy that is often channeled, at a HUGE disadvantage to your wallet, by going shopping.

choices

See enough pictures of your ex-boss’s new Ferrari and chances are you are gonna want to a) Buy a Ferrari  or b) Realize you can’t afford a Ferrari  and eat a tub of Chocolate Ice Cream or c) Go shopping and buy yourself another scented candle set to gloss over the feeling of overwhelm.  If this happens enough times, you will be making decisions triggered by outside influences – including how you spend your money- rather than by rational thinking and planning for what suits you best.

Still not convinced that FOMO is dangerous to your financial health?  According to Yahoo Finance, the need to keep up with friends has resulted in 56% of Canadians aged 18 to 30 to live beyond their means.  Their purchasing decisions are the result of social pressure from Instagrammed selfies and Snapchat clips, often with luxury brands popping up.

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So, the number one reason that Millennial Women should be Financially Literate is that FOMO or Fear of Missing Out is a trap.  It is an anxiety-ridden behaviour that often results in overspending that ruins your budget and fills nothing but your closet.
Coming Up Next –>   Cut It Out!  The Expenses! Stick to a Budget! 
Like what you read? Want to ask me a question about personal finance? Drop me an email at talktocatalystwoman @ gmail.com or visit my Facebook page