AI agents and blockchain are redefining the digital economy

AI agents and blockchain are redefining the digital economy

Table of Contents

Opinion: Arunkumar Krishnakumar, head of institutional growth at Malinade Finance

The emergence of the Internet and social media re -identifying how brands communicate with billions of users around the world. There is continuous competition for the interest of users, to the extent that the digital ecosystem was designed accurately for distraction. Welcome to the attention economy, as priority is given to the scales of the participation in meaningful user experiences.

People are bombed by notifications, ads and optimal content to capture clicks instead of meeting the needs. A 2020 study was conducted by the Economic Intelligence Unit Find 28 % of working hours in the United States in knowledge work are lost due to distraction, with a highlight of the economic impact of this continuous pursuit of attention. User attention race has caused great cognitive, financial and social costs, which requires a more focused framework for the user called the intention economy.

Mechanics Economy Interest

Digital platforms are designed to capture the user’s attention, keep it and drive through a series of dopamine generation mechanisms. The algorithms give the content of addiction to ensuring that the users remain involved and continue to return to their platform. For example, Google’s search for travel insurance will lead to deviant results through the practices of senior economic officials and paid ads, and users often push users towards optimal options.

Likewise, although it appears to be useful, price comparison sites seem to give priority to the results based on the auction positions instead of real importance. There is a focus on utility instead of accuracy when serving the user.

This imbalance between the user’s intention and the system design is economically expensive. The 2020 Economic Intelligence Unit Study estimated that the deviations cost the US economy 391 billion dollars annually in the lost productivity.

Cognitive losses

The digital economy that focuses on attention has affected users and creators. With users, the continuous flow of notifications hurts me focus, reduces productivity and erodes the ability to think deep and critical. A study conducted by King College London Find 51 % of the respondents believe that technology affects the attention of young people.

Content, quality and economics

For the content of the content, the pressure on the economy of interest is so painful. Creators are closed in preparation where they should produce a continuous flow of attractive content to maintain vision and participation. This often leads to great tension and fatigue.

Creators are forced to provide an exciting and low quality content. They may resort to Clickbait addresses, mini images or controversial topics to attract views, often at the expense of accuracy and depth.