“There’s just doesn’t seem to be many blacksmith jobs these days.”
At first glance, this would be a ridiculous thing to say. Of course there aren’t many blacksmiths around. We live in a modern society and machines do a way better job of making things from metal anyways.
However, it also raises an important point.
What if machines are better at driving long-haul trucks? What if machines are better servers at McDonald’s? What if robots did your taxes for you?
While some of these ideas are contentious today, in the future we may look back thinking that our fears were ill-placed. The truth is that the job landscape is constantly in flux as technology changes.
Some of today’s jobs with high automation potential may be the future “blacksmiths”, and we should not be surprised if they go away. The best thing that we can do is to understand these trends and build a set of skills that will be in demand in any market.
The Trend is Your Friend
The following graphics from NPR shows the evolution of jobs over time in the United States.
The first divides jobs into four main categories: white collar, blue collar, farming, and services. It shows how the composition of the overall job market has changed over the last 165 years:
The second shows the same information, but plotted by the total number of jobs:
There were 10 million farmers in America in the early 20th century.
Now there’s closer to one million, and yet those farmers produce way more food. Technology may have “killed off” the majority of farm jobs, but at the same time new technology created jobs in the service, blue collar, and white collar industries.
We may now be at a similar inflection point for other careers – this interactive graphic shows some of the jobs that have been on the decline in recent years.
In 1960, a whopping 11% of the workforce was employed in factories. Today only 4% are employed in factories.
In the late 1970s, almost 5% of the workforce was secretaries. Today, we’re at about half that, but professionals can be just as productive without a secretary thanks to better computer software.
Yes, there are globalization issues at play here as well, but even a modern domestic factory such as the Tesla Gigafactory (which has the largest building by footprint in the world) will only employ about 6,000 people. The majority of the work will be done by robots.
And while it seems scary to think about the rise of machines and a faster pace of technological advancement, it’s important to recognize that these types of sweeping changes to the job market have happened throughout history.
The point is, try not to be the 21st century version of a “blacksmith”.
How Decentralized Finance Could Make Investing More Accessible
Under the current global financial system, billions of people do not have access to quality assets. Here’s how decentralized finance is changing that.
Infographic: How Decentralized Finance Could Make Investing More Accessible
Did you know that a majority of the global population doesn’t have access to quality financial assets?
In advanced economies, we are lucky to have simple options to grow and protect our wealth. Banks are all over the place, markets are robust, and we can invest our money into assets like stocks or bonds at the drop of a hat.
In the United States, roughly 52% of people are invested in the stock market – but in a place like India, for example, this portion drops to a paltry 2%. How can we make it possible for people on the “outside” of the financial system to gain access?
Breaking Down Barriers
Today’s infographic comes to us from Abra, and it shows how decentralized finance could make investing a more universal phenomenon, especially for those that don’t have access to the modern financial system.
It lays out four key obstacles that prevent people in developing markets from investing in quality financial assets in the first place:
- The Geographic Lottery
Where you live plays a massive role in determining your ability to build wealth. In advanced Western economies, the average person is much more likely to be invested in financial markets that can help compound wealth.
- Financial Literacy and Complexity
Roughly 3.5 billion adults globally lack an understanding of basic financial concepts, which creates an impenetrable barrier to investing.
- Local Market Turmoil
Even if a person is mentally prepared to invest, local market turmoil (hyperinflation, political crises, closed borders, etc.) can make it difficult to get access to stable assets.
- The Cost of Investing in Foreign Markets
Foreign assets can be pricey. One share of Amazon is $1,800, which is realistically more money than many people around the world can afford.
In other words, there are billions of people globally that can’t take advantage of some of the most effective wealth-building tactics.
This is just one flaw in the current financial system, a paradigm that has created massive amounts of wealth but only for a specific and well-connected group of people.
Enter Decentralized Finance
Could decentralized finance be the alternative to open up access to financial markets?
By combining apps with blockchain technology – specifically through public blockchains such as Bitcoin or Ethereum – decentralized finance makes it possible to get around some of the barriers that are created by more traditional systems.
Here are some of the innovations that are making this possible:
Smart contracts could automate transactions and remove intermediaries, making investing cheaper, faster, and more accessible.
Fractional investing could allow partial or shared ownership of financial assets by using tokenization. This would make expensive stocks like Amazon ($1,800 per share) available to a much wider segment of the population.
Location independent investing is possible through smartphones. This would make it possible for people in remote parts of the developing world to invest, even without access to nearby financial institutions or local markets.
Like the internet with knowledge, decentralized finance could reshape the world by making financial access universal. Who’s ready?
How Much Data is Generated Each Day?
By 2020, there will be 40x more bytes of data than there are stars in the observable universe. See how much data gets added to the mix each and every day.
How Much Data is Generated Each Day?
View the full-size version of the infographic by clicking here
You’ve probably heard of kilobytes, megabytes, gigabytes, or even terabytes.
These data units are common everyday amounts that the average person may run into. Units this size may be big enough to quantify the amount of data sent in an email attachment, or the data stored on a hard drive, for example.
In the coming years, however, these common units will begin to seem more quaint – that’s because the entire digital universe is expected to reach 44 zettabytes by 2020.
If this number is correct, it will mean there are 40 times more bytes than there are stars in the observable universe.
A Crash Course in Data
Today’s infographic comes to us from Raconteur, and it gives us a picture of this new data reality.
Before we get to how much data is created each day – both now, and in the future – it’s worth getting acquainted with how data scales in terms of units.
|Abbreviation||Unit||Value||Size (in bytes)|
|b||bit||0 or 1||1/8 of a byte|
|B||bytes||8 bits||1 byte|
|KB||kilobytes||1,000 bytes||1,000 bytes|
|MB||megabyte||1,000² bytes||1,000,000 bytes|
|GB||gigabyte||1,000³ bytes||1,000,000,000 bytes|
|TB||terabyte||1,000⁴ bytes||1,000,000,000,000 bytes|
|PB||petabyte||1,000⁵ bytes||1,000,000,000,000,000 bytes|
|EB||exabyte||1,000⁶ bytes||1,000,000,000,000,000,000 bytes|
|ZB||zettabyte||1,000⁷ bytes||1,000,000,000,000,000,000,000 bytes|
|YB||yottabyte||1,000⁸ bytes||1,000,000,000,000,000,000,000,000 bytes|
There’s no doubt that data literacy will only become more important in the future, so make sure you know your zettabytes from your yottabytes!
A Day of Data
How much data is generated in a day – and what could this look like as we enter an even more data-driven future?
Here are some key daily statistics highlighted in the infographic:
- 500 million tweets are sent
- 294 billion emails are sent
- 4 petabytes of data are created on Facebook
- 4 terabytes of data are created from each connected car
- 65 billion messages are sent on WhatsApp
- 5 billion searches are made
By 2025, it’s estimated that 463 exabytes of data will be created each day globally – that’s the equivalent of 212,765,957 DVDs per day!
If you think the above information is fascinating, see what happens in an internet minute.
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