There is an emerging technology that few know about or fully understand but which has the potential to disrupt the core of our society. It is the blockchain. Let’s take a look at ten reasons why the blockchain has the potential to disrupt society.
1) The blockchain crushes the power of the gatekeeper by eliminating the need for gatekeepers. It is fundamentally decentralized.
2) The blockchain eliminates or reduces the costs of the middle man. Despite democracy and the Internet, middlemen (especially in the financial sector) wield enormous amounts of power and set rigid, ineffecient rules to retain that power. Whether it’s the government or the global banking system, in some economies the financial industry is upwards of 40% of the GDP. Yet much of the financial industry is a net drag on the economy. Think about that!
3) The blockchain diminishes the very need for money. Money is ultimately a human tool to handle human transactions and get things done. The blockchain allows for the efficacy of money without the centralization of money.
4) The blockchain threatens the notion of taxation. It follows from point one (removing the power of the gatekeeper) and point three (removing the need for money) that people may be able to use the blockchain to achieve the same ends as money without many of the downsides. If there’s no money, and no centralized point of power, taxation loses its sting.
5) The blockchain encourages free association. As a technology for establishing rules of consent, the blockchain can facilitate the organization and cooperation of like minded individuals with common dreams, visions and capabilities.
6) The blockchain divides value more meritocrously. Power under the blockchain is not nearly as much about control as ability. Reward comes from contribution to the system, not control by means of holding and defending power.
6) The blockchain allows an end-around arcane rules and bureaucracy. Many laws and organizational rules were built for a different time and place and drag on efficiency. Think about all the times its taken you 30 minutes of ridiculous paperwork to do something that should have taken 30 seconds. The blockchain will remove many of these legacy drags on time.
7) The blockchain encourages efficiency. By giving people a tool for efficient, meritocrous organization, the blockchain helps eliminate our dependency on cumbersome legacy systems. This increases the agility and speed at which we can accomplish new things.
8) The blockchain will free up your time. By encouraging the removal of inefficiencies and bureaucratic headaches, think about the amount of time you might save. Not to mention the fact that if money becomes less important to life, you’ll be less beholden to your 8-5 job.
9) The blockchain will simplify life. Think about all the time you spend filling out forms, waiting on the phone, applying for healthcare, doing taxes, talking to an accountant, keeping track of your bank account, etc. It’s not that you won’t have responsibilities. It’s that your responsibilities will be less confusing, less tedious, and far more human-centric.
10) The blockchain will free up your mental bandwidth. By spending less of your mental energy dealing with time and energy wasting beuaracracies, you will have more time to focus on your passions, your family and your overall well being. You’ll feel less weighed down. It’ll feel like freedom.