Redefining the Focus of Advancement
Moving Towards Convergence
Socienty still regards individuals or corporations making massive profits from trading as the ultimate measure of success. In a fast-paced and efficient environment, traders of cryptocurrency have to increase energy or reduce mass if they want to increase speed.
Efficient behavior prohibits increased use of energy – in this case, the means deployed. Thus, reducing mass remains the method of choice and in this case, improving focus.
Focus always entails patience. A trader looking solely looking for quick profits usually has little regard for changing market conditions ahead. And this is the flaw inherent in self-preservation.
Traditionally, investment and self-preservation used to go hand-in-hand. However, the tenet of self-preservation is a sign of mediocrity. It hails from synergies of size characteristic of the second and third industrial cycles. The Fourth Industrial Revolution (4IR) is the fourth major industrial era since the initial industrial Revolution of the 18th century. 4IR will bring a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres. All these developments include cooperation and interconnectedness. And the generation that is going to execute these developments has different standards.
A characteristic in development of societies is the tendency to move towards similarity. This is the foundation of the convergence theory in economics, the outcome of which depends on access to favorable economic factors. Economic convergence of low-income and middle-income economies depends on deepening of human and physical capital, as well as by application of tested technologies. Alleviating waste of resources and keeping the momentum after achieving convergence is essential for the benefit of society. Ethical investment into innovation for the common good is crucial.
The world is on the dawn of emerging technology breakthroughs in a number of fields, including robotics, artificial intelligence, blockchain, nanotechnology, quantum computing, biotechnology, The Internet of Things, The Industrial Internet of Things, fifth-generation wireless technologies (5G), additive manufacturing/3D printing and autonomous vehicles.
The new era ahead will see the elimination of mediocrity. It will also radical changes in society, dividing people further owing to increases in populism, nationalism, exclusion and opportunism. These profound societal changes urgently entail new roles for companies providing goods and services. Industry leaders have special responsibilities towards moral conduct and fairness.
No Longer Just Business
The established precept of Nobel laureate Milton Friedman that “The business of business is business“ no longer holds true. The proposition that companies are obligated to their shareholders and should keep out of everything else is no longer up-to-date today if it ever was. Nevertheless, this approach was a comfortable one and is still valid code of conduct in many nations holding neoliberal hegemony.
However, in times ahead, solitary values will no longer meet the demands in terms of social good and sustainability. These also holds true for cryptocurrencies, which are in a phase of consolidation as the chaff is being separated from the wheat. The cryptocurrencies that are predicted to survive this consolidation process in the long term are those that offer features based on blockchain technology for the benefit of mankind other than just being trading commodities for profits of the individual.
Structures for a New Society
A mission statement for the new world 4.0 needs to be different. It could be: “The business of business is to serve society”. The focus of entrepreneurial activity could be on rebuilding structures for a multilateral and socially integrative purposes.
The foundation of this new tenet is based on the fact that strength calls for responsibility. It is those who are strong who can support those who are weaker, who can take and bear responsibility. They have access to anticipate, accept and shape the changes ahead. Those who are strong have access to new solutions and cannot build the future on monuments of the past or on monuments such as social romanticism.
Now, strength results from economic success. Social responsibility is defined by the outcome of implementation, such as the success of sustainable and honest management and the creation of perspectives for society. A new dimension of independence may create new perspectives as new perspectives do not manifest themselves adhering to the status quo.
Reconciliation of different interests of stakeholders will depend on humans and not on the implementation of new technology as it was always humanity that sought purpose and pursued active creation for the next generation.