“Blockchains are simply distributed transaction processing mechanisms. Technology allows data to be stored in different places while tracking the relationship between different parties in that data. Most people who try to explain blockchains want to compare it to a book. A transaction, such as changing a currency or adding a new device to a network, is recorded in the chain and anyone can track what happened. That’s why law enforcement is so passionate about Bitcoin – digital fingerprints are easy to track. “ Fortune tech, Stacey Higginbotham, May 29, 2015
What if we lived in a world where global access to money was accessible to all? Money can approach the world at the speed of digital as an equivalent decentralized and cooperative process – no top-down banking system is needed. Trust relationships occur automatically through digitally signed transactions without permission, destroying the inevitability of poverty. Would this be a giant step for humanity?
This is the utopian dream of technology developers. The next generation of computer networking facilities surrounding the world for the better. Welcome to the planned blockchain (financial) transformation of the world.
Ignore it at your own risk.
My article from May 2016, The power behind the throne, discusses mostly underreported but steady progress towards a cashless society through blockchain technology and my thoughts on who really benefits. This could end in a giant leap for the banking industry, gaining omnipotent control over our financial transactions. Bloomberg article, Inside the secret meeting where Wall Street tests digital money, May 2, 2016, quoted by Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others present.
Enter 2017 and the documentary created for inspiration and excitement: The Blockchain and Us. Some say 2017 will be the year that this technology transitions to mass flow; others say it’s just too risky.
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The ad-type documentary features “leaders” from around the world praising the virtues of open source money, levels and bottom-up cultural change launched by Bitcoin in 2008. Blockchain technology and its potential impact are likened to the introduction of the plane changed society; only for the structure of the financial services industry is transformed 100% into digital within 20 years. In addition, blockchain technology is expected to:
- Influence any industry as a “valuable” platform with military-grade cryptology
- Create a generational change in technology, an opportunity capable of “lifting people out of poverty”
- Adjust what they call “smart” contracts
- Make a profound change in the way the Internet can be used to create new forms of value and new ways of transactioning value
- Generate more jobs thanks to automation
Here it is … Blockchain and us. Yet dissatisfied people like me cannot see the commensurate personal gain. To hand over the scarce financial confidentiality left to us by cash to the Goliath banking industry? It seems to me that we may not have a choice, as “small” people seem to be the revenue units just for travel.
However, using cash and paying as you go has obvious and perhaps less obvious advantages:
- Confidentiality of transactions
- No bank interest (overdraft, credit cards, loans, credit lines, etc.)
- Possible 5% discount on the seller on request
- Fiscal responsibility that the use of credit has destroyed
- Limiting thinking about immediate gratification encourages easy lending
- More personal time when dealing with debt means working harder / faster
I think life in the material world is easy to forget that the full definition of wealth involves more than accumulation. The intangible wealth of personal well-being and peace of mind is priceless until it is neglected and underestimated. Instead of the utopian dream, imagine this: We no longer make purchases we don’t need, we don’t have to impress people with money who aren’t really interested in us. If more people have a habit of using cash, we could strengthen our own money management skills to build real wealth and also send a message to those who own gold.