How Hard Can It Be To See Greatness in Blockchain?
By the time I write this blog it is important to understand two things, first that we are all a bit confused about blockchain technology, we assume it is all about cryptocurrency. Secondly it is a bit scary when you need to be transparent. Governments usually have more secrets to hide from the public than the public itself. The cryptocurrency associations are quite obvious since it is Bitcoin who is promoting the technology and that is about as scary as it gets, like every new business there are believers and the skeptics. There is a maturity aspect we need to take in consideration just like any new business area. Since Vitalik Buterin took the protocol to the next level by introducing the opportunity to create own currencies and smart contracts, new business opportunities arose. The former has attracted many opportunists who have created their own currencies to attract ordinary people to invest in them and then go bankrupt or empty the company’s cash and disappear. So has it occur in the regular stock trading too, no new phenomenon whether forged banknotes or bankruptcies. We cannot explain people incapable just for that matter, investors just as in other investments needs to do the due diligence on its investment and who is behind it. There are far too many serious players out there to be pulled over one edge.
When the credit card came to the market it was the same, people were skeptical about it at first but as the banks marketed the opportunity it became more accepted in society, the early adopters were forced forward in favour of lucrative interest rates. Opportunists forged cards and the business owner did not notice until the day after when the bank informed that there was no company or person to withdraw the money. For some reason, it seems to be somewhat different for cryptocurrencies, when ordinary people invest in a new product that does not work you most probably feel cheated and deceived, then governments immediately see the need of new decisions to regulate and act on their behalf. What amazes me is why laws that already exist regarding fraud are not applied, but are suitable for creating new ones that regulate competition to exist, but does not apply to other Fiat currencies.
Talking About Focusing om The Wrong Things…
It is the technology behind it that is so fantastic, and there is a different attitude about it, firstly because the word transparency being the mantra of blockchain which politicians like to use in their daily rhetoric, then to apply it is where the defend mechanism of any politician immediately arises in resistance, a blockchain where we as taxpayers can log in and see where the states money is invested on or not, wages paid through the chain to politicians, resources consumed measured in real-time such as electricity, water and more upon that would definitely engage more voters, a different environmental awareness and, above all, accessible to everyone, who. Corruption would disappear, voters get better info to make decisions on to vote for the right political candidate or party for that matter, we shouldn’t then need to trust nor rely on what they say but on what they actually do, create political smart contracts. These are the opportunities we should focus on when we think of blockchain.