Since the year 2000 the largest shift in society has been around the fact that society and its leadership models have fundamentally changed. Due to the advent of the internet and accessibility of individuals to market and have a voice, ‘tribes’ are forming fast around new ideas. We no longer are lead by those placed in power, rather than by those who take it. To quote Seth Godin, “Skills and attitude are essential, authority is not. In fact, authority can get in the way.”
Specifically to nations that fundamentally function in an authoritarian process, the coming years of blockchain implementation pose both huge opportunities and risks to the status-quo. Prior to the 2008 banking crisis and the now famous Bitcoin Whitepaper, although there was an ability to develop and grow an autonomous group or collective, there has always been a hard cap on the ability of ‘the group’ to step outside the incumbent system due to the nature of money creation and distribution. As famously one said; “give me control of a nations money supply and I care not who makes its laws.” - Amschel Rothschild.
Blockchain technology is the leaver to strip this power. As a free market system in the truest form of the term, cryptocurrencies and blockchain contract protocols are emerging at an astounding rate. Many of these platforms and tokens are:
- Decentralized in both distribution and ownership
- Trust-less systems in that execution is transparent and immutable
So there has become a glaring risk for governments around the world. Not only do citizens now have an outlet to organize and spread a message, everyday people now have the ability to essentially remove themselves from the system. Of course Governments of the world could institute draconian laws and rules to prevent its citizens from participating, however this will simply be an acknowledgment of all of the reasons why individuals what to participate in this new paradigm in the first place! Of course, nothing will hold down a great idea and as with all other virtuous movements in history from the abolishment of slavery to equal gender rights, this pivotal and highly emotional transition will play out in a supercharged fashion. The polarization of agenda is clear.
There is an opportunity and upside for existing governments and already we are seeing this being played out quickly, below the un-informed noses of the general masses. Perhaps the most ‘bullish’ nations, specifically Japan, have already seen the writing on the wall with their own fiscal easing programs, making Bitcoin and other cryptocurrencies, legal tender. This was a huge jump start on other governments of the world, placing it in the strongest position should a fundamental shift take place.
Singapore is embracing controllable aspects of blockchain technology. This is being done as a first mover response to promote the message, ‘this is an amazing opportunity. Given the risks t, e government will guide the people into it’. America in contrast seems to be having more of a split stance. Not being able to control the much wider media and social narrative, USA has mixed messages, from the positive SEC meeting and outcome in February, to more hand slapping and threat making on personal taxation for speculators and rouge ICO offerings. China and other nations have so-far been the most heavy handed, implementing rolling bans and blocks on aspects of the technology such as ICO’s, exchanges and mining operators.
At this infant stage is is still a huge guess as to how this technology will evolve and permeate our society at large. There are commentators who liken this space to ‘tulip mania’ as the current working use cases of blockchain technology are very small and the prediction makers are betting this ‘fake’ technology will never get lift off. Conversely, the slow creep of blockchain technology and its underlying principles certainly could re-shape the world as we know it. Perhaps even decentralizing governments and its systems. The next chapter in the blockchain revolution a very exciting time.
Fascinating Article, great read and I agree. Interesting times we live in indeed.
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