Decentralized Sustainable Employment Ecosystem (DSEE): Future of Employment Generation

Utpal Chakraborty, Chief Digital Officer, Allied Digital Services Ltd., AI & Quantum Scientist

Many countries across the globe have been successful in building infrastructure, enhance defense capabilities, expand education, promote technology & rapid digitization, and in many other avenues. But most of the governments across the globe has failed to tackle the growing unemployment over last few decades. Unemployment is the biggest challenge for the entire world today and has direct adverse impact on the economy and social setup of a nation as well as humankind at large.

The conventional approach of generating employment has already failed miserably and all such missions had very little or no outcome. Governments across the globe have invested huge funds for producing jobs came out to be drastic flops. Even turning the coin to a traditional entrepreneurial model, like encouraging start-up ecosystem has very little contribution to the larger issue. These clearly indicate that we are approaching the problem from a wrong direction.

Decentralized Sustainable Employment Ecosystem (DSEE) is going to be the Future of Employment Generation.

Also Read | Behind the Scenes of Web3 and Metaverse

The pandemic has already proved that many of the job functions are evolving into self-managed, decentralized, entrepreneurial, community-supported model wherein people are more comfortable with freelancing (not exactly freelancing but I am using an analogy) kind of a flexible model rather than a conventional nine-to-six office going, fixed-salary employment model. Increasingly, enterprises are also comfortable to get the work done cheaper from some expert hailing from a trusted tech community rather than hiring full-time employees for short-term & need-based projects.

This transformation in the employment ecosystem is a positive sign that can solve the unemployment problem to a great extent. The only components required is to support this new evolving model with an ecosystem empowered by strong platform(s) & communities and endorsement from Governments and Enterprises. At one hand, a DSEE can serve the purpose of skilling or up-skilling professionals and prepare them to take up matching assignments; on the other hand, it can facilitate enterprises to offer range of assignments that requires specific skills and expertise.

On a broader level there are two major aspects of the concept -DSEE, the core philosophy behind it, and the technical architecture to support such ecosystem. The core philosophy may sound a bit similar to a DAO (Decentralized Autonomous Organization) but in reality, it’s beyond a DAO and there are other elements that makes it sustainable. Again, sustainability is another core component of a DSEE. The technical architecture and the technology stack of DSEE is somewhat similar to a Web3 DAO but there are some fundamental dissimilarities when it comes to DSEE. We will discuss more on this in the Part-II of the article. Of course, DSEE brings the flavor of decentralization and transparency with powerful Blockchain as backbone and strong community guidelines & security.

Industry and academia collaboration in the DSEE is also essential. At one hand, academia supplies the talent and on the other hand industry generates projects & assignments. Academia also plays an important role in many R&D related initiatives and utilize those in the industry specific use cases.

Also Read | Implications of NFTs in traditional finance

This kind of a platform (DSEE) can act as a national platform for employment generation if nurtured well and endorsed by the Government by encouraging talents & syndicates to join as independent entrepreneurs; and enterprises to support such ecosystems by offloading their work to be accomplished to the DSEE platform. A decentralized ecosystem like DSEE is both employee & employer friendly, that can boost the economy in contrary to traditional centralized ecosystem that introduces disparity in the work and employment balance.

Support and Endorsement from the Government is essential for such ecosystem to flourish. It’s a big employment culture change, and only Government support can democratize such concepts & ideas. Government can encourage such initiatives by offering various benefits and bring policies to support such noble initiatives for the betterment of the country and its citizens.

We will discuss more on this in the Part-II of the article.

Views expressed by Utpal Chakraborty, Chief Digital Officer, Allied Digital Services Ltd., AI & Quantum Scientist.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.