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Big data and the Future of Money (World Big Data Congress 2013)

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This is my (short version) talk from the Big Data World Congress in London in June 2013.

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Big data and the Future of Money (World Big Data Congress 2013)

  1. 1. BIG DATA AND THE FUTURE OF MONEY Daniel Austin, Principal Architect PayPal, Inc. 2nd World Big Data Congress London, UK June 27 2013 v1.3
  2. 2. Today‟s Talk Big Data is King Big Data and Money The Future of Money – Three Predictions And the usual disclaimer – these views are my own and not necessarily those of my employer.
  3. 3. Ben Chaim - fotolia
  4. 4. BIG DATA MAKES ALL THE DIFFERENCE • The real Big Data problems are only now becoming evident – in Media, Finance, & Administration • It‟s not an accident that these problems are surfacing now, just as we are able to bring the tools online to solve them
  5. 5. BIG DATA LETS US ASK BIG QUESTIONS • Are you a Big Data problem? –How much data will you generate over the course of your lifetime? (~ 5 petabytes) • How much of human behavior is predictable? –At what scales? –The answers may make us uncomfortable • How much control can we have over the Big Data about ourselves?
  6. 6. BIG DATA + BIG MONEY = BIG CHANGES We can know more about what‟s happening now We can store it and manage it for a lot longer This allows us to know more about the past in order to better predict the future
  7. 7. MONEY IS A MEASURE OF ORDER• We add order to the system by doing work on it – adding value by opposing entropy • Big Data is a means of imposing order on large volumes of data • Taking the friction out of payments increases their value • Predictability also contributes to stability
  8. 8. Monetary Digital Encoding Methods Bitmint • A means of digitizing the value of money (in existing currencies) • Respects the sovereign currency system – transparent and credible • Allows for digital storage and transfer of funds • Focused on cryptographic security and associated metadata • Reduces anonymity Bitcoin • Virtual standalone currency • Lies outside the sovereign currency system • May be subject to instability • Irreversible transactions offer high levels of anonymity – but at high risk • May not enjoy the trust factor associated with nation-based financial systems
  9. 9. CURRENCIES AND CURRENCY OVERLAYS • Commercial services offer a „currency overlay‟ facility – Allows for the free flow of digital money while preserving the distinctions between currencies – Reduces „friction‟ in payments, accelerating the flow of money globally and locally, perhaps at different rates – Big Data facilitates this ability, allowing us to manage these flows in a secure and stable way
  10. 10. PRIVACY & SECURITY AS COMMODITIES? • Our ability to process Big Data problems will open the door to recording a great deal of personal information • As the value of security and privacy goes up, they will naturally come to be sold on the market • How much of the data about your behavior can be kept truly private, given our ability to collect and manage large data systems?
  11. 11. EVOLUTION: MONEY AS AN APPLICATION • Digitally encoded currencies are only the first step • Need to add application functionality – “Object-oriented Money” – Encapsulate data, business rules – May include its own models – Allows for indeterministic behavior • Conditional Money – Tied to a specific purpose or intent
  12. 12. SELF-AWARE MONEY? What if you wanted to send $1000 into the future, say 1,000 years? • We need a means of preserving and transferring value across longer timescales than existing currencies allow • By giving money autonomy and conditionality we could enable action on our behalf over long periods of time. •
  13. 13. PROGNOSTICATION - TIME HORIZONS 25-50 years 5 -10 years 36-60 Months • National currencies become fully digitized • Acceleration of money leads to acceleration of development • Long-term autonomous financial instruments • Money as an application • Monetary flows accelerate exponentially • Privacy and Security as commodities • First self-managing funds and financial models • Mobile payments continue to surge globally • Evolution of digital currencies • Big Data begins to blur the line between money and information
  14. 14. 3 PREDICTIONS:THE FUTURE OF MONEY • Big Data and (digital) Money will become more tightly coupled as the line between money and information blurs • Our ability to control the Big Data we produce about ourselves will be limited • Money will evolve toward becoming an application, with autonomous, self-managing long-term behavior
  15. 15. BIG DATA AND THE FUTURE OF MONEY Daniel Austin, Principal Architect PayPal, Inc. 2nd World Big Data Congress London, UK June 27 2013 v1.3 Thank You! daaustin@paypal-inc.com @daniel_b_austin The future of money?