Cryptocurrency And Automation: A Perfect MatchsteemCreated with Sketch.

in LeoFinance •  11 days ago 

A great deal is made about the move towards automation and for good reason. This is going to have a tremendous impact on the job situation. In fact, if we take into account the downward pressure on wages, automation already has affected millions of middle class families around the world.

It is a situation that is only going to expand as we proceed forward. COVID-19, in my opinion, only accelerated the trend since companies now have added incentive on top of profit to automate. Human workers come with a risk of having operations shut down.

Ultimately, this will be an outcome that spreads across the globe.

Many involved in cryptocurrency understand how this industry can help to offset what is taking place. While originally a realm where people would invest their fiat to get crypto, we are now at a point where the essential focus has to be upon people getting rewarded in cryptocurreny. This is the next leg of the progression.

Being able to put cryptocurrency in the hands of everyday people is vital. While the governments of the world argue over how to alleviate the economic situation, we offer up an ideal solution. Essentially, crypto can grow where it replaces people's lost income.


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However, that is only one piece of the puzzle. Over the next decade, our world is likely to get more automated. A great deal of discussion centered around the Internet of Things. We know that billions of devices are going to be connected. This is an opportunity if structured properly.

The world is waking up to the value of data. Facebook, Google, and many other major companies are making a fortune through Surveillance Capitalism. They provide a platform for people and they track everything that is done. The fact that people are starting to understand how valuable their data is will result in major changes.

This is only a step. What we do is part of the story. What about all that data that is being fed from the billions of devices that will come online over the next 10 years? This is something that has to be put back in the hands of the users.

Tesla is a prime example.

People pay to get the cars. For the most part, they love them and are happy to part with the money. They also tend to buy into Musk's view of the future with EVs and automation coming together. Each vehicle is providing data to Tesla's autonomous driving software, helping to bring that to a reality. Most who are involved with Tesla, whether working for the company or a customer, want this to become a reality.

However, this data is not paid for by Tesla. It is provided to them for free. On top of that, not only do the customers provide the free data, they have to pay for the option of activating the self-driving mechanism when it is a available.

Does this sound like a good deal?

Of course, Tesla is only following the model that we accepted from the start. Apple, Microsoft, and all other technology companies operate from the same script.

Unfortunately, the view is the data is owned by the platform. Tesla, as well as the others, feels it is its right to amass this data without compensation. After all, they are the ones collecting it.

Here is where we see cryptocurrency enter the picture. It would not be difficult for a company like Tesla to bring out a token to pay its customers for the data received. Each time the vehicle sends a data packet up, crypto is placed in the user's wallet. This would not affect Tesla's profitability in any way.

The tokens could be used to develop an entire ecosystem around. Tesla has over 1 million vehicles on the road. That is an economy that would rival Orlando, Florida, at least in terms of the number of people. All tokens could be used to purchase any upgrades, service, or even new vehicles from the company. It would be a way to further tie the customers to the company.


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Consider what this would do to the wealth inequality situation. Obviously, when discussing Tesla, we are referring to people of means. If one is buying a Tesla, they are not lacking in resources. However, there are a lot of other items where this same concept could apply.

Since most items will end up being connected, we can see this filter through to every product we own. It also would apply to services. Just ponder all that this would entail.

All of our appliances will be spitting out data. We could be earning from the refrigerator, stove, and coffee maker. Services such as Pandora, Netflix, or HBO could pay us for the right to monitor what we are viewing or listening to.

Essentially, any product that provides a company with information that helps to better their product or is used to sell to advertisers, is paid for.

In this manner, we see the shift towards automation being embraced by people in general instead of being opposed to it. Technology would enhance all individuals instead of just favoring a few.

What is the likelihood that major corporations will move in this direction? It depends upon the company and what is being done with the data. Those that make money off it via selling it to advertisers like Facebook will probably resist it. Yet, when we look at those such a Tesla, who are amassing data for a project, I would believe it is the "no skin off their nose" scenario. It basically would cost a company like Tesla nothing to do this one the program is set up.

The window here is for developers to step in and start innovating everyday uses that are tied to tokens. When automating something on a large scale, it should be tokenized. It would further be enhanced if the software is open source so it could be altered for other products.

If I was a trainer for a corporation, I would be paid to improve the performance of the people I am training. Why is it any different with automation? If my product is training your AI system, then you should pay for that.

Tokenization provides an easy way to accomplish this.

When this happens, cryptocurrency and automation will be a perfect match.


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@taskmaster4450, have you ever considered doing a TED talk?

I think most people aren't connecting the dots on cryptocurrency and its potential for supporting new ways of doing things and helping people to thrive under volatile, dynamically changing economic circumstances. They see Bitcoin as a high-speed train and wish they had jumped on board, and scramble to see if there are other cryptocurrencies they can invest in that might have that same potential. But I just think overall people don't see the vision.

You could submit this article as the basis for your talk. 😄

Thank you for the compliment and, no, I hadn't thought about it. But it is an interesting idea.

As for the rest of your comment @jayna, I agree. most do not connect all that dots. That is why I try to draw some viable conclusions in my articles and videos. Incorporating all that is taking place economically, technologically, and politically is important.

The challenge is that most look at cryptocurrency as something to speculate on. This causes them to miss the entire picture which is a technology that has the potential to change the path of humanity.

This is all part of a larger trend.

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Or you could pull all of your articles on the topic together in a book. And then maybe you would be invited to do a TED talk. I'm sort of kidding about the TED talk, but sort of not. Dream big. How can you get these ideas and insights out to a larger audience?

Actually collected data is beneficial to ecosystem and I think whole fight is who is getting the profit from that data.
Reward model including all stakeholder will be always welcome.

I think the title of this post has said it all because I can't imagine the world of cryptocurrencies without automation.

Yeah. I think the first major company (Apple, Google, Facebook etc.) to figure this out and offer some type of payment to their customers for their data is going to kill it.

If, say, Apple was willing to pay me something for their acquisition of my iPhone data for instance. Then they use that data for their own nefarious purposes. Then they turn around and offer me some kind of discounts if I in turn use that payment for products. They'd probably get some portion of their "token" back to pass on to the next customer.

It'd be like crack for the masses. Most people already pay them to steal their data. They could even pretend to have seen the light and are mending their ways. People would be all over it.

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