Blockchain technology promises to deal with global inequality of capital and of income. It also promises to revive dead capital by allowing small money transactions by the World’s poor.
Blockchain technology applications ensure an incorruptible record of ownership. They offer a decentralised contractual agreement between the customer and the service provider.
I want to avoid all the technical jargon in this block post and focus on what it means for you and me and the global state of affairs.
Basically the global economy is run by central banks. They decide how much money is printed and Who has access to that money. The supply of money is centralised through central banks.
Blockchain technology promises to decentralise not only currency but other services where third parties monetise the transactions.
The beauty of blockchain technology is to decentralise all centralise systems to make them faster and cheaper.
This is not good news for governments and third parties. It’s the most disruptive technology since the internet decentralised the generation and distribution of information.
Blockchain technology is decentralising our value system which has been controlled by special interest groups.
The biggest disruption of blockchain technology is poverty alleviation. It brings dead capital into the mainstream economy. People who can not afford to open a bank account can open a crypto currency account and send small amounts of money. This is a big deal for poor countries with untrusted governments. It’s citizens can protect their value from corrupt leadership.
The genius of blockchain is not just decentralised systems but encryption. It solves the problem of double spend. The system is robust because it is decentralised.
I wanted to share some of the things I have learned and will Make a series of posts as I learn more.