Can the blockchain resurrect dead capital?
The major cause of global inequality of income and of capital is due to financial exclusion. Money is a social construct. We have created a financial system which abuses the currency of trust to marginalise a big chunk of the global population.
About 2 billion people are unbanked. They are outside the financial system. The majority of those who are included in global finance, are enslaved through debt.
Why is a mortgage a 25 year agreement? To keep people working until their 50s and 60s. But the mortgage is not the only debt. We have car loans, personal loans, credit cards etc. Money is debt. It is the incentive to keep people doing the jobs they don’t like.
The blockchain promises to disrupt the global Ponzi schemes run by central banks and governments. Each person becomes a bank through a decentralised app on their smartphone. The bitcoin and other crypto currencies are bringing down the walls of traditional banks, symbols of global inequality of income and of capital.
Blockchain applications such as steemit.com and dtube.com are rewarding its users for the interactions they make on these platforms. More applications are being built in every sector of economic growth and development. In education we have AcademyCoin. You can find their white paper on their website.
The blockchain promises to unlock dead capital.