During my time at Quess Corp, I was involved in addressing labor market frictions. Our focus was on creating solutions to reduce friction such as search & match, verification, validation, and onboarding. We had advanced to the stage of developing a Permissioned blockchain-based skill identity system, addressing many of these labor market challenges. However, it became evident that mere identity creation was not enough; the mobility and utility of these identities were crucial.
It was in this context that I came across Raghavan Jagannathan's "Jobs Crisis in India." This book was a revelation, shedding light on the state's inability to effectively tackle job creation and the evolving nature of employment in the digital age. Jagannathan's comprehensive analysis of the micro and macro factors affecting the job market, including the rise of the gig economy and the impact of automation and AI, resonated with our work.
One insight from the book that particularly influenced our direction was the concept of skill-based communities. Jagannathan's exploration of the changing job landscape in India, where middle-class jobs are increasingly turning into gigs and contract work, spurred us to look beyond traditional employment models. His perspective helped us pivot our focus from not just facilitating gig work but to fostering communities based on skills.
Jagannathan writes, "If you’ve read about self-driving cars, blockchain, and the internet of things (IoT), [...] the chances are you are one of the select few Indians adjusting to the reality of a brave new world driven by technology and automation". This observation struck a chord with me, as it aligned with our vision at Quess, where we were looking at the future of work. The transition from full-time jobs to contract employees to gig workers was just the beginning.
His book steered us one step further, towards cultivating skill-based communities. This idea became integral to our approach, as we realized that the future of work is not just about individual gigs but about building ecosystems where individuals can thrive based on their skills and adaptability.
In conclusion, "Jobs Crisis in India" by Raghavan Jagannathan was more than just an informative read; it was a catalyst that shaped our strategic direction and influenced my thoughts on 'The Internet of Value'. This book is a must-read for anyone seeking to understand the evolving job market in India and the role of technology and innovation in shaping our future work landscapes.
For more on how these ideas integrate with 'The Internet of Value', please visit The Internet of Value.
References:
- Jagannathan, R. (Year of Publication). The Jobs Crisis in India.