Control and Security
Blockchain, crypto, decentralisation, tokens - words we are now hearing more frequently. How many truly understand this new language and more importantly, the impact it is going to have. We live in a "centralised" system - Central Government charging the Central Bank to discharge [some] economic policy though in fact it is to exercise control. Why do our schools not teach financial education? I have a theory which has been expressed by cleverer people than me. It is to ensure our kids embrace the "system", be owned by it, financially support it, be dependent on it...so the system can monitor all that we do, enforce change without negotiation [rail fare increases, duty on fuel, council tax, NICs, and so on] Is this not exactly where we are?
Our digital economy has turned banks, governments and shops into personal data storage organisations but as recent history illustrates few are able to cope with the ferocity of those who try to steal this data.
Decentralisation will hand control to us, protect our identity, shield our money and encourage a mind shift away from all we know and help us to embrace something which will be truly transformative. The asset which is at the forefront of this decentralised system is BLOCKCHAIN.
Decentralisation is the essence of blockchain; no one party controls the data so there is no single point of failure; it is impossible to hack blockchain. If you have a digital wallet with cryptographic keys this cannot be accessed by anyone except you.
Last year Equifax exposed personal information of over 147 million people - including social security numbers, dates of birth, home addresses, drivers license numbers AND credit card numbers.
This year Facebook is under investigation by the FBI and US Justice Department over its failings to safeguard 87 million user profiles.
Everyone suffers; we now have the GDPR which if nothing else has added to the cost burden for employers. It will not end here.
Blockchain will eradicate the "middle man" - the organisations which profit from our need to buy from them because at the moment we have no choice. Food supply and distribution is just one example, but there are many, many others. How we buy our energy, entertainment, financial services, legal services relating to property, property itself. Look at the retail sector. How many outlets, large and small have closed in the last 12 months.
Decentralisation is not to be feared. It is something to be excited about. It will change our lives for the better. Unlike the Internet which is now controlled by the biggest corporations blockchain will only ever serve its users.