The future of money

| Print |  Email
Articles - March 2014
Tuesday, February 25, 2014

img006 digitisedBY JAKE THOMAS

In the beginning, money as a medium of exchange revolved around grain, cattle and other necessities. Next came beads, cowry shells and shiny pieces of metal. Today government-issued paper and coins are the rule of thumb. Increasingly, the entire financial system is devolving into sequences of zeros and ones.

For centuries people have relied on an unspoken social contract that assigns a commonly understood value to a recognized set of objects. But if currency has always had a physical existence, its value is defined by the community and the marketplace and is therefore ephemeral. At some level, money has always been an abstraction.

In 2014 physical currency is less tangible than ever, with money’s bling increasingly likely to be found on computer screens. As cash turns into trash, technological innovations are streamlining banking practices and commerce for businesses and consumers.

But the changes under way go beyond transactional efficiencies. As the nation’s financial system comes under increasing scrutiny, currency innovations are being touted as a solution to social and economic problems, democratizing access to capital, helping nurture local businesses and giving a boost to those near the bottom of the economic totem pole.

Oregon Business explored some of the innovations taking place in various financial institutions, from banks cautiously exploring mobile payments to cutting edge digital-currency startups still searching for a market. One thing is clear; although the future of money may be fast, easy and literally immaterial, the goals of the evolving ecosystem remain decidedly old-fashioned:  to facilitate exchange, to allow people to move goods and services and, ideally, to boost work, productivity and income.



 

Comments   

 
Guest
0 #1 RE: The future of moneyGuest 2014-03-29 12:13:24
APSJEX.com - Your reliable partner in buying or selling Bitcoin.
Quote | Report to administrator
 

More Articles

Unshakable

September 2015
Wednesday, August 19, 2015
BY BRIAN LIBBY

Ben Kaiser holds his ground.


Read more...

Staffing Challenge

July/August 2015
Monday, July 13, 2015
BY KIM MOORE

A conversation with Greg Lambert, president of Mid Oregon Personnel Services.


Read more...

Wildcards

Guest Blog
Tuesday, July 28, 2015
072815fergusonthumbBY JASON NORRIS

Uncertainty in Greece and China, along with potential interest rate hikes mean investors are looking at the market and nervously questioning where they should be invested.


Read more...

Reader Input: Energy Overload

June 2015
Wednesday, July 15, 2015

We asked readers to weigh in on the fossil fuel-green energy equation.


Read more...

Big Trouble in China?

Guest Blog
Tuesday, August 18, 2015
0818-wellmanthumbBY JASON NORRIS | CFA

Earlier this month, the People’s Bank of China (PBoC) announced they were going to devalue their currency, the Renminbi. While the amount of the targeted change was to be roughly 2 percent, investors read a lot more into the move. The Renminbi had been gradually appreciating against the U.S. dollar (see chart) as to attempt to alleviate concerns of being labeled a currency manipulator.


Read more...

Flattery with Numbers

July/August 2015
Friday, July 10, 2015
BY JOE CORTRIGHT

The false promise of economic impact statements.


Read more...

Best Foot Forward

July/August 2015
Monday, July 13, 2015
BY CHRIS NOBLE

Whether you're stepping out to work or onto the track, Pacific Northwest shoe companies have you covered.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS