Over the past few centuries, the institutions of western civilization have provided the architecture for the global economy. That economy has provided an immense amount of wealth, food, education, and freedom to millions of people. But now that the capitalistic wheels have been set in motion, it seems hard to put on the brakes now that the 1 percent and multinational corporations wield tyrannical levels of power.
As technology has exponentially accelerated, the institutions which piece together this economy seem more and more antiquated.
How is it possible that banks can continue to gamble with depositors’ money and count on government bailouts?
How is it possible that elections can still be rigged?
How is it possible that there are data breaches which effect a significant portion of the human population (Yahoo and Equifax)?
Why does it still take several days to settle a money transfer? We can land a man on the moon, but we can’t send my grandma in Mexico her rent by Friday?
In short, humanity has got a shit ton of problems. But luckily, blockchain technology can solve almost all of them.
Cryptocurrencies and their ecosystems remove the need for banks altogether. Every time I read about the future of cryptocurrencies, I get a metaphorical vision of the scene in the movie Fightclub…when the credit card company skyscrapers fall to the ground (no one died). That was strangely cathartic. If you disagree, its probably because you enjoy long waits with velvet ropes.
Blockchain tech can ensure complete transparency for elections and a multitude of other organizational processes. When Edward Snowden pointed out the exact technical way that the voting machines in the USA during the 2016 elections could be compromised, I was like “Why is he considered an enemy of the state? And can’t we build a dummy proof voting machine”?!!
Ironically, Russia of all countries…is already in the process of using blockchain to ensure transparent local elections.
Don’t all of our government processes need to be replaced (along with all politicians)? The government of Estonia (aka SkypeLandia) is building an entire digital government partially based on blockchain technology. I think that means you wouldn’t have to guard your flimsy social security card with your life anymore. Wouldn’t it be so orgasmic but seemingly unpatriotic to burn it?
There is a reason we hate them. They don’t do a good job at what they say they do, they charge exorbitant prices, and they keep breaching our data! Cue the scene from Fightclub again please.
And what about my theoretical grandma in Mexico? She needed my money yesterday and I don’t want to pay that shady company Western Union ridiculous fees. I don’t want her to have to get out of the house, onto a crowded bus, and into a grocery store… just to be sent back because she didn’t have the right ID. Western Union? They’re probably still using telegraph technology! I hate them and their little songs too. We hate you STOP. You’ll only get this joke if you watch old movies STOP.
But actually, Western Union is investing in blockchain technology.
Good idea Western Union. I seem to remember a company called Blockbuster who just didn’t see the writing on the wall. Ripple is a google ventures backed blockchain company which is helping to replace the inter-bank money transfer technology that takes so damn long. And here are 11 more companies who are disrupting the remittances space.
But this is just the beginning. Ethereum and Holochain are not cryptocurrencies (Ether and Holo are). They are potential backbones of a digital future. I can’t wait until I’m executing smart contracts that remove the need for a legal system. Yes, of course I hate lawyers.
Ethereum and Holochain are writing the DNA that could create social organisms which are actually democratic and transparent.
In summary, humanity is going to hell in a hand-basket. But we’re realizing that we’re capable of more than basket-weaving technology. I for one have a plan that doesn’t involve burning down a skyscraper or my social security card. I’m moving to Estonia. Land of the free. Home of the brave. I just have to figure out where it’s located first.