The relentless, breathtaking speed of technological advancements and innovations continue to drive towards a new standard of living, of society and of governance. We are constantly and consistently pushed to new frontiers in global finances, global delivery, global technology the likes of which are shaping a new global order. These all point to greater benefits for the masses, but can pose a serious challenge to the economic order that has ruled countries, continents, and conglomerates.
The rise of Blockchain technology and crypto currencies has been nothing short of phenomenal and since our post of December 2016 this blog has been speaking to this specifically, whilst focusing on the emerging Digital Economy since inception. As we speak, Bitcoin Cash, a crypto currency spinoff from Bitcoin, has hit staggering new heights, The growth of other crypto currencies has also risen. Etherum, has risen steadily and is considered a major substitute. The trajectory is an upward trend and this is expected to continue as its usability becomes more entrenched.
Quite apart from the crypto currency though, is the technology running Bitcoin. That technology is Blockchain. Blockchain is considered to be a foundational technology according to Karin Lakhani, Professor, Harvard Business School. Blockchain is basically an online distributed ledger, and each participant in a transaction has a copy of that transaction. This authenticates the transaction providing fair evidence, which then becomes the basis of proof of contract etc. Certainly digital transactions can be added to show proof of work and completion of work within scope hence enabling an agreement to pay.
The consequences of such a technology is enormous in ensuring accountability and engendering the culture of fairness and accuracy. In Trinidad and Tobago, the enabling factor for the proper enactment of the Procurement And Disposal of Public Property Act 2015, can be Blockchain.
Blockchain is a game changer.
The fact is we live in an ever changing world. Some people are comfortable with this change and relish it. The price of Bitcoin reach past the $7000 on Thursday 2nd November 2017 and attracting great attention by the public. Such huge shifts are bound to get noticed. The private Central Banks and their owners must be scrutinizing, in great detail, these going’s on to figure the effect it will have on their wealth. The Harvard University Press reported Oxfarm as saying the world’s wealth is controlled by a minute few.
What then can we expect from this super-wealthy elite? What would their reaction be to this real threat and how would such a realization manifest itself, but your guess is as good as mine. When personal wealth is threatened, people can be very defensive.
Technology definitely has its great benefits. Of that, there can be no argument, but it also has the effect of challenging the status quo, and can result in terrible consequences and of that, I’m certain.