A recent article in The Economist (Globalization has faltered, 24th January 2019) describes how the global economy has slowed down lately. The article notes that technological services are especially vulnerable to politics and protectionism, due to concerns that have arisen from fake news, tax evasion, loss of work, privacy and espionage.
Another concept that arises is Globotics, a term coined by Richard Baldwin, professor of International Economics at the Graduate Institute (Geneva). Globotics can be seen as the next phase of globalization. Globotics is the combination of globalization with intelligent software (“robots”), that is, the globalization of services and not of physical goods. It is considered that the development of intelligent software will gradually replace white-collar professional workers, first by substituting persons working locally and later by using algorithms.
What this boils down to is that the growth in services at a global level will be much more accelerated than the global growth of physical goods simply because of physical limitation of the later one. It arises many pains (OECD), like protectionism, high remittance costs, lack of transparency, fake news, high fund conversion cost, inefficient auditability, tax evasion, high transaction cost, counterfeiting, loss of work, tampering, false provenance, espionage, privacy, reduced efficiency, false certificates, among others.
These PAINS boil down to: anything that is disrupting business processes or procedures and causing inefficiencies and cost increase.
Given these challenges in the global economy, we must do something to enhance thrust-worthiness between professionals, companies and organizations…
Probably, the functionalities available in the Paradigma CrossCheck initiative could help to address these challenges, offering opportunities to increase global commerce and integration.