Things Have Changed

Things Have Changed

Hey, we're Things Have Changed. We unpack stories about technology and the ever-changing digital economy. Specifically, the things that will matter in the coming years, and the things that have evolved from the past. read less

How UPI Revolutionized India's Economy
6d ago
How UPI Revolutionized India's Economy
Technology is changing finance in developing countries. The Pandemic turbocharged it. With a staggering 650 million Internet users, India has been one of the biggest winners of digitization and by some degree!Just a decade ago, India’s millions of small business owners used only cash to transact. Now they use phones. This has been nothing short of a financial revolution, as Mobile payments, powered by a technology called the UPI, have more than doubled to a staggering $1 trillion in 2021 from the year before!Similar accounts of financial transformations across the globe have taken decades! So how did India’s cash heavy economy manage to turn, in the matter of years, to a more inclusive digital economy from the bottom up?The Indian digital payments story is one of success when it comes to financial inclusion and immense growth. It’s been so successful, Google had suggested our own Federal Reserve adopt something similar - so we’ll hear a lot more about FedNow in 2023, something that will be our version of UPI. Although UPI has brought financial inclusion to India, it also opens the door for an extra level of control of the government, which has a whole new set of risks for an institution with access to, in the future, 1.2B peoples biometric information.This has been really fun to learn about the Indian story of Financial inclusion and we hope to see initiatives like this grow around the world to reduce friction in transacting! Until next time, stay curious!Helpful Links:UPI supercharged mobile payments in India. It’s now gearing up for next phase of growthIndians living in the US, UK, and Gulf can now use UPI - QuartzFintech: India's UPI is beating blockchain in the paymentsUPI, the Made-in-India Payments System, is Rocking Not .What is UPI?India is likely to be the world’s fastest-growing big economy this yearIndia UPI WikiIndia Digital Payments Win PraiseIndias Digital PlatformsZero MDR the PriceSupport the show
The End of U.S. Dollar Dominance?
Jan 16 2023
The End of U.S. Dollar Dominance?
The dollar tumbled to a nine-month low against the euro this past week, after data showed U.S. inflation was easing, prompting bets that the Federal Reserve will be less aggressive with rate hikes going forward. But this isn’t new.. The greenback’s share of global foreign-exchange reserves has extended a two-decade decline, but it’s still used more than all other currencies combined. For decades, the dollar has been the worlds most important currency. You buy energy in dollars, you pay back debts in dollars, and most of world trade is done in dollars. This gives the United States a unique amount of influence which some countries acknowledge is a challenge. Recently, developing countries including Brazil, Russia, India & China have been steering away from the surging US Dollar, in their global transactions. China, the worlds biggest trading partner, could also start demanding “Yuan” for it’s exports instead of dollars - I mean they’re starting to do that already! BRICS (Brazil, Russia, Inida, China, and South Africa) recently hinted at a plan to “dethrone” the dollar. A system of trade between the countries that could reduce the importance of the dollar for more than 40% of the world population. The dollar will remain the worlds reserve currency for a while but as the United States sanction countries that do not align with its political agenda, it becomes increasingly clear that dollar dominance comes at the risk of US policy alignment. Will we see the US dollar become less relevant? So today, on Things Have Changed, we’re going to talk about the US Dollar declines, why the rest of the world celebrates when this happens & the possibility of the US Dollar becoming less dominant as new contenders around the globe emerge! Support the show
How Sustainable Data Centers Can Help Us Achieve Our Climate Goals - with Dr. Bharath Ramakrishnan
Nov 7 2022
How Sustainable Data Centers Can Help Us Achieve Our Climate Goals - with Dr. Bharath Ramakrishnan
One of the highest consumers of electric power are data centers. According to the International Energy Agency (IEA), the data center industry, accounts for approximately 4% of global electricity consumption and 1% of global greenhouse gas emissions. To top it off, the carbon dioxide emissions of data centers are comparable to that of the aviation industry.The data center industry is responsible for more greenhouse gases than commercial flights  🤯 And so the pressure is on for them to achieve net-zero emissions!The growing intensity of computing power as well as high performance demands has resulted in rapidly rising temperatures within data centres. More computing means more power, more power means more heat, more heat demands more cooling, and traditional air-cooling systems consume massive amounts of power which in turns contributes to the heating up of sites.So what can we do??Our guest today, Bharath is at the forefront of this exact problem and is working on some very exciting sustainable methods of reducing DC energy footprint to help us achieve our NetZero goals.Throughout this conversation with Bharath, Shikher and I learned so much about why Data Centers are starting to become an industry to watch. Although we’ve branded it as one of the most profitable businesses of the 21st century, we acknowledge that it’s also going to continue to take a toll on our environment.Researchers and engineers like Bharath are the people that are working to improve the way we use technology, so that it doesn’t have to be technology vs the environment. As a lover of technology, maybe you can start learning about these problems and help building the solutions for the future of data centers. We’re putting some links in the description to help you get started! And you heard him! Reach out if you’d like to know more!Until next time… Stay Curious!Helpful Links:The environmental footprint of data centers in the United StatesHow green data centers can cut your carbon footprintBharath Ramakrishnan LinkedinSupport the show
What Is Moore’s Law and Are We Coming to the End of It?
Oct 24 2022
What Is Moore’s Law and Are We Coming to the End of It?
As of 2022, approximately 95% of organizations are using cloud computing for their work and nearly 85% of companies have deployed their workload on cloud in 2021. Furthermore, with the rising usage of internet and mobile phones & laptops, digitization is flourishing rapidly.Cloud computing is clearly here to stay.. and it's still growing.. but what drives the cloud in the physical space?To continuously expand the capabilities and the capacity of the cloud, we need to build data centers.. and to build data centers.. we need semiconductors. This has been the core technology enabling us to build the future of the cloud. The leading principle of the semiconductor technology can be traced back to the 1960's into the empirical observation of Gordon Moore.Anything exponential in this world is typically paired with something called "Moore's Law".. Founder of Intel forecasted that the number of components on a chip would double every two years, roughly. That prediction really defined the trajectory of technology as we know it today and it's been a huge growth driver of our economy. A few years ago, leading economists credited the information technology made possible by integrated circuits with a third of US productivity growth since 1974. But as we know in this show, things ALWAYS change and they have.In this episode, we explore the validity of Moore's law for the foreseeable future and we also speak with an expert in the space of preparing for that inevitable future, Bharath RamakrishnanHere are some cool links to read up on:Why Liquid Cooling May Soon Be the Hottest Thing in Thermal ManagementCost-Efficient CoolingLiquid Cooling Options for Data CentersThe 5 Best Liquid Cooled Gaming PC in 2022Support the show
How TikTok Is Eating up All of Social Media
Aug 8 2022
How TikTok Is Eating up All of Social Media
Since the start of the pandemic, there has been one app that has taken over Social Media. Tiktok is the most downloaded app in the App store & despite being the new kid on the block, the Chinese company is breaking records that the incumbents could only dream of.From launch to a billion users, Tiktok only took half the time that Facebook did to get there. It’s insane!The company has proven that it can grab attention like no other social media company - But can it also win the advertising dollars that make Facebook and Instagram the 100 billion dollar behemoths they are today?3 Ways Tiktok is Changing the Business Model in America: Advertising: inviting brands to work with creators to make potentially viral content, such as skateboarders swigging Ocean Spray juice to the sound of Fleetwood Mac.E-Commerce: TikTok now enables viewers to buy goods directly by tapping a shopping tab on a video. It has teamed up with Shopify, an e-commerce platform, to bring more merchants to the siteSocial Commerce (Way bigger in China - Douyin kills this game)Ticketmaster and Tiktok partnerCreator Economy Growth: Tiktok’s seven highest-paid stars earned a total of $55.5M from work on and off the platform last year (Triple the sum it counted in 2020). This boosts incentives to create fresh content!Today, on Things Have Changed - we’re going to explore how TikTok has become the TV for Gen Z and as a result eating the rest of social media.Stay Tuned!Important Links:Kids Spending More on Tiktok than YouTubeTikTok Grabs More Ad Dollars, as Marketers Look to Attract Gen Z and MillennialsPersonal Finance is a Hit on TiktokTiktoks Rapid Growth Shows the Potency of VideoTiktok Isn’t Silly It’s SeriousSocial Media Briefing - The Economist (All-Conquering Quaver)Tiktok Bursts the ZuckerbubbleTiktok Overtaking Facebook in Influencer Marketing Spend this Year, Youtube by 2024Support the show
How to be More Efficient at Imposing Sanctions with Professor Seth Benzell
Jun 27 2022
How to be More Efficient at Imposing Sanctions with Professor Seth Benzell
32 years ago, Mcdonalds opened a restaurant in Moscow. Many people interpretted it as a soft integration to the west. In 1990, 30,000 people lined up for the opening at Pushkin Square, for many, it was the first taste of western consumerism. Since then, the Russian people have fallen in love with the Big Mac and the chain has grown all over the country. But today, the American fast-food giant has pulled out of Russia entirely. McDonalds closed over 800 stores in the country and ended up selling their productive resources to the Russians. The new owner replaced the symbolic golden arches with a new brand, "Vkusno & tochka", which translates to "Tasty & That's it".But McDonalds isn’t the only one. So many other companies are leaving Russia! From the Auto industry (Ford, Toyota, Volkswagen AG), to the Finance industry (Goldman Sachs, Visa, American Express, and Paypal), companies are either suspending operations or limiting their services in the country of 146 million people - check out this article to see who's made drastic measures.The sanctions of the west are definitely taking effect and the Russian economy is drastically changing… But are the changes what the west was aiming for?Last episode, we talked about what Sanctions are and Professor Seth Benzells work around studying their effects. In this episode, we’re going to hear the professors thoughts about where policy makers might want to spend more time.Tune in to learn about which Moscow factory, that used to employ 10,000 people, is being sold to the Russian government for $1 rouble..Some Helpful Links:Simulating Russias and Other Large Economies' Challenging and Interconnected TransitionsWhat Companies have Pulled Back from RussiaWhat to KNow as U.S., Allies Put Sanctions on RussiaHow New Sanctions Could Cripple Russias EconomyProfessor Seth Benzells ResearchSupport the show