In the bygone epochs, as the older generation commenced its financial transactions, the barter system was the initial modus operandi. Over time, economic systems evolved, marking a transition from barter to monetary currency. This financial evolution persisted, gradually advancing from rudimentary forms to the intricate systems prevalent in our contemporary world. The quest for more sophisticated means of financial and banking transactions emerged, aligning with the transformed financial culture and the dynamics of new global economic systems, all under the auspices of environmental stewardship, echoing the principles integral to the pursuit of the 17 Sustainable Development Goals.
However, the ongoing financial transformation cannot be solely attributed to the shifts in economic systems, whether transitioning to a knowledge-based system or working towards achieving the Sustainable Development Goals. The impetus for this transformation also stems from the pursuit of secure financial transactions and the eradication of the illicit black economy, including unlawful practices such as money laundering, currency counterfeiting, and other forms of corruption that thrived during traditional economic eras.
The yearning for a paradigm shift in financial transactions became evident with the advent of bank account cards, gaining further momentum as these cards were employed in supermarket transactions and various public and private establishments. Today, discussions about digital currencies, blockchain technology, and digital wallets are pervasive, signaling an expansive trajectory that may manifest in various forms.
Some envisage these digital wallets taking unconventional shapes, perhaps in the form of a capsule implanted under the skin, allowing individuals to securely carry their funds and engage in transactions without intermediary brokers. This trend is poised to proliferate, introducing diverse manifestations of these digital portfolios.
Living in an era of continuous transformations mandates adaptability to evolving forms, where the familiarity of traditional modes intermingles with innovative, tech-infused updates. Civilization ceases to evolve only when creativity and innovation wane. Hence, the future and present of humanity hinge on the excellence of human creativity and the spirit of innovation, enriched by the technological creations that hold promising prospects.
In times of crisis, the world’s ability to address challenges underscores humanity’s awareness cultivated through centuries of cognitive accumulations and experiential learning. The desire for continuity, rooted in the human spirit, emerges as the strongest impetus for survival.
Furthermore, to elaborate further.
Author : Manahel Thabet
Published January 16 2022
Al Bayan Newspaper
