Blockchain: open source money

“Blockchains are simply distributed engines for processing transactions. The technology allows data to be stored in various different places while monitoring the relationship between different sides of that data. Most people who try to explain blockchains like to compare them to general ledger transactions, such as changing currency or adding a new one. devices in the network, it is recorded in a chain and anyone can keep track of what happened. That’s why law enforcement is so interested in Bitcoin – digital prints are a simple clue. “ Fortune tech, Stacey Higginbotham, May 29, 2015

What if we live in a world where global access to money was available to everyone? Money can be zoomed around the world at the speed of digital as a peer-to-peer decentralized and cooperative process – no top-down banking system is needed. Trust relationships happen automatically through digitally signed transactions without permission, destroying the inevitability of poverty. Would this be a huge step for humanity?

It is the utopian dream of technology developers. The next generation of computer networks is preparing to surround the world for the common good. Welcome to the intention of blockchain (financial) transformation of the world.

Ignore it at your own peril.

My article from May 2016, Power behind the throne, talks about mostly unreported but steady progress, towards cashless society through blockchain technology, and my thoughts on who really benefits. It could end up as a huge leap for the banking industry, gaining omnipotent control over our financial transactions. Bloomberg article, Inside a secret meeting where Wall Street tested digital money, May 2, 2016, quoted representatives of Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others present.

Enter 2017 and a documentary created for inspiration and excitement: Blockchain and Us. Some say 2017 will be the year in which this technology moves into the mainstream; others say it is simply too risky.

The commercial-type documentary features “leaders” from countries around the world who glorify the virtue of open source money, a basic and cultural bottom-up gearbox launched by Bitcoin 2008. Blockchain technology and its potential impact compare to how the introduction of airplanes has changed society; reportedly, only the structure of the financial services industry will be transformed 100% into digital within 20 years. In addition, blockchain technology is expected to:

  • Influence every industry as a “value” platform with military-class cryptology

  • Create a generational shift in technology, an opportunity capable of “pulling people out of poverty”

  • Adapt to what they called “smart” contracts

  • Take advantage of the profound change in the way the Internet could be used to create new forms of value and new ways of value transactions

  • Create more jobs with automation

Here you go … Blockchain and me. Yet nuisances, like me, cannot see a proportionate personal benefit. Hand over the poor financial privacy we have left in cash to the Goliath banking industry? It seems to me that we may not have a choice, because it seems that “small” people are units of income just for driving.

However, using cash and paying on the go has obvious, and perhaps not so obvious, advantages:

  • Choice

  • Transaction privacy

  • No bank fees (overdraft, credit cards, loans, lines of credit, etc.)

  • Possible 5% discount for seller on request

  • Fiscal responsibility destroyed by the use of credit

  • Suppressing the mindset of instant gratification encourages easy lending

  • More personal time when keeping up with debt means working harder / faster

I think life in the material world is easy to forget that the complete definition of wealth involves more than accumulation. The intangible wealth of personal well-being and peace of mind are invaluable until we overlook and underestimate them. Instead of a utopian dream, imagine this: We no longer make purchases we don’t need, we don’t have to impress people with money who don’t really care about us. If more people had a habit of using cash, we could strengthen our own money management skills towards creating real wealth, and also send a message to those who own gold.