Blockchain - Is it Good News or Bad?

blockchain is good

Can you imagine that the world we are living can have worldwide access to money which was available to everybody? What if money can move very quickly around the world just like the rate of motion of a digital p2p (peer-to-peer) decentralized and also cooperative process with no whatsoever necessary top-down banking system.

Relationships based on trust can automatically happen through digitally signed, less permission transactions, wrecking poverty’s inevitability. Would this serve as a huge step for the humanity?

This scenario seems like a utopian dream of technology developers. The computer network’s following generation prepares up to enclose the world for the good of most people. Let us embrace the intended (financial) transformation of the world through blockchain.

Disregard it at your own risk.

The Power Behind the Throne, is the article I wrote around May2016 which details most of the under-reported but steady advancement on the way to a society that is cashless through the blockchain technology and also the thoughts I have with its real beneficiaries. It could have end as a huge leap for the banking business, having supreme control over the financial transactions.

An article of Bloomberg entitled, “Inside the Secret Meeting Where Wall Street Tested Digital Cash” on May 2nd 2016, have mentioned representatives from Citigroup Inc., Visa Inc., Nasdaq, Fiserv Inc., Fidelity, Pfizer Inc. and many other who have attended.

In this year 2017, a documentary was produced to excite and inspire, entitled: The Blockchain and US. There are several people who said that this year will be the time for this technology to trend and be on mainstream; there are others however who says it would still be too risky.

The documentary which was an infomercial type have brought in “leaders” from nations all around the globe who glorify the open source money’s virtue, as well as the grassroots and the game changer which was bottom-up cultural started by Bitcoin around 2008.

The potential impact of the blockchain technology is the same with how was airplane introduction able to change the society; the industry of financial service’s structure alone is reported to have transformed one hundred percent in the span of 20 years. In addition, blockchain technology is predicted to:

  • Influence every enterprise as a platform ensuring value bearing military-grade cryptology
  • Make a technology generational shift which is a favourable circumstance able to “ lift people from poverty”
  • Accommodate “smart” contracts as what they have called
  • Employ a thorough shift on how will the Internet can be used to make value forms and new methods of transacting value
  • Create more employment due to automation

So there it is… Blockchain and US. Do you think this can provide adequate personal benefit? Should we give up the puny financial privacy we have still left through cash to banking industry of Goliath? It feels like we are running out of options since the revenue units are actually the “little” people who are simply together with the ride.

Having said that, utilizing cash and paying as you go, may have noticeable and unnoticeable benefits:

  • Transaction Privacy
  • Choice
  • Five percent vendor discount possible upon request
  • There’s no bank-interest charges (credit cards, loans, lines of credit, overdraft, etc.)
  • Fiscal responsibility ruined by credit card use
  • Repressing the mindset of instant gratification encouraged by easy credit
  • Working faster or harder to keep up with debt, done with so much personal time

Living in this materialistic world enables people to forget easily that the true definition of wealth is more than just accumulation. A personal being’s intangible wealth and peace of mind are invaluable up until they are not well valued and overlooked. Rather than the utopian dream, think of this: People will no longer buy things that are not necessary, don’t have to impress a lot of people who don’t really care about them. If more people prefer the using cash habitually, it could strengthen one’s skills of money-management towards accumulating true wealth as well as transmit messages to those people who own gold.