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The Socioeconomic Status ! 18 Sep 2018

The Socioeconomic Status !


When I first saw the Black Mirror episode titled «Nosedive» , back in late 2016, the first thing that came to mind was «Aha, so this is where Facebook is heading». 

For the uninitiated, "Black Mirror" is a contemporary reworking of «The Twilight Zone» with stories that tap into the collective unease about the modern world. 

The episode titled «Nosedive» opens our imagination to the evolution of social media (or more perhaps more correctly, where social media is going) ! 

It tells of a world where each person has the ability to view everyone else rating in real time via digital contact lens — so you quite literally see a rating besides everyone's head.

Or more appropriately put «A world where everyone shares their daily activities and rates their interactions with others on a one-to-five star scale, which affects that person's overall rating. One's current average can be seen by others and has significant influence on their socioeconomic status ».

Socioeconomic status is loosely defined as that «relating to or concerned with the interaction of social and economic factors». 

Or can be expanded as «an economic and sociological combined total measure of a person's work experience and of an individual's or family's economic and social position in relation to others, based on income, education, and occupation». 

So we all know about credit scores that are sourced from credit bureaus. Banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Imagine them having access to such an open rating systems that this episode tells us about. 

«Nosedive» has been widely compared to China's Social Credit System, a governmental initiative planned for testing in 2020.

Being connected to the Fintech — Blockchain / AI space, I can see a number of start ups jumping on the bandwagon that will probably being out this socioeconomic revolution bring referred to here. Where things are headed we just have to wait and see...... 

Even today I'm appalled by the amount of data people share freely on social media, their entire (personal) daily lives and even their families lives as well. But that's a topic for another article :P 

In the meantime, if you haven't had a chance to check out Black Mirror, Netflix it for a binge watch over the weekend.........




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