The value mechanism for the Network Revolution


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The value mechanism for the Network Revolution

We share a belief in banks because governments say they can be trusted. Governments use the banks as a control mechanism, which manages the economy, and yet now we come to bitcoin and the internet age, where some of these fundamentals are being challenged. Considering it took 330 years between the emergence of steam power to the last steam power patent during the Industrial Revolution, that implies there’s a long way to go in our transformation during the “Network Revolution”.

Executive Summary

Let’s first consider the Network Age as we see the collapse of time and space. Einstein would have a giggle, but it is the case today that we no longer are separated by time and space as we were before. Distance is collapsing every day through our global connectivity.

We can talk, socialize, communicate, and trade globally, in real-time, at almost no cost. I can make a Skype call to anyone on the planet thanks to the rapidly diminishing costs of technology—there are phones out there today that cost one dollar, and the cheapest smartphone in the world is currently the Freedom 251. It is an Android phone with a 4-inch screen that costs just 251 rupees in India, around US$3.75. In other words, what is happening in our revolution is that we can provide a computer far more powerful than anything Chris Skinner Chairman The Financial Services Club before, and put it in the hands of everyone on earth, so that every single person is on the network.

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Inside magazine issue 13, October 2016

Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.

Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).

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