Blockchain or Block Chain was introduced to facilitate the transaction of the now popular crypto-currency ‘bitcoin.’ It is a system of the Internet that is designed to guarantee integrity, transparency and decentralization. ‘By definition, the blockchain allows connected computers to talk to each other, rather than through a central server. Using a ‘consensus mechanism’ the connected computers on the network stay in sync and agree with each other. Every data entry references an earlier one, agreeing with the entire chain.’ New entries are widely distributed and are verified by various computers called ‘miners.’ Once the majority of miners approve of the new entry, it becomes a new block and is attached to the previously constructed set of blocks on a permanent basis and cannot be tampered with. For their efforts, miners are awarded ‘bitcoins’. Herein lies one of the novelties of the blockchain!
Don’t forget, the prevailing world system thrives on manipulation. Manipulating nature to satisfy immediate needs without considering long-term consequences to all life forms is the major one. Manipulation is also rife within the system’s social realm, particularly where there is a tendency to centralize functions with an intentional slant towards non-transparency. This is where the parasitic elements of the world system dwell! Ironically, many of the world’s existing institutions are engaged both in facilitating as well as preventing fraudulent activities. For instance the current banking system that depends on fractional reserve, not full reserve, is a bona fide fraudulent system wholly supported by the nation-states and their multifarious institutions. Once there is a fraudulent activity sanctioned by the states somewhere in the interstate system, it tends to breed more auxiliary fraudulent institutions down the line. Such a system collapses only when the majority of the global sheeple (human mass) living under the decaying regime, refuse to abide by its rules! Broadly speaking, the ‘deep state’ of the core countries, as well as the ‘Mafia state’ of the peripheral nations of the world system, are accomplished manipulative entities, operating behind the formally established interstate system!
Blockchain, is a technology of the Internet that has the potential to drastically change the ways things are done in the prevailing world system. In particular, those manipulative activities that continue to give rise to the world’s useless parasites will be in serious trouble, once the technology becomes dominant. In the coming world of the blockchain, arbiters of money (banks) or information (lawyers, media, etc.) might not be as relevant as they are today. Because of the blockchain’s potential to disrupt established regimes, existing hierarchical beneficiaries of both the state and the market are trying hard to secure dominant positions in this upcoming new world within the Internet universe! What these entities don’t want to see is; the whole system of the blockchain is inherently anti-hierarchical and very transparent with impeccable integrity, features the old status quo is not very keen about! For example if banks/states expect to create phony money by digitizing it into existence, (just like what they are doing today) their digitalized money system will be abandoned in no time. The sheeple doesn’t want to have another system of money where its labor is unfairly devalued by the dilution of phony bank money. The sheeple knows the money spigots of banks are only accessed by the connected, all over the world! Therefore, as soon as banks go back to their old fraudulent game, the sheeple will promptly exit their services and join the independently created currency systems that have no intention of fraudulently appropriating the labor of the working stiff by taxation, inflation or confiscation. Once blockchains take roots, goons, be they operatives of the state or otherwise, will not be able to forge documents for wicked ends! In a nutshell, blockchain promises to thwart off systemically perpetrated fraud and manipulation that currently exists in the world system!
‘Middle men/institutions’ certainly will not like the development of blockchain, as it will cut them out from all kinds of dealings. The current mature capitalism of the core countries probably has more parasitic ‘middle men’ than productive individuals. As a result, a whole lot of resistance is expected from many of the old sectors to the ascending blockchain technology. For example, an intermediary in international commerce/banks, (or a ‘used car salesman’, etc.) might not be all that necessary for buying and selling goods/services across borders. Litigations of all sorts will be systemically reduced once the blockchain comes into mainstream life, so to speak! Decentralized transparency with integrity is the future! According to one institution of the establishment; ‘blockchain is a foundational technology and has the potential to create new foundations for our economic and social system’ (Harvard Business Review.) We go even further; bitcoin is a system imbued with a whole lot of ‘creative destructions’ threatening to set up its own foundation, outside of existing order! The various applications that might come about as a result of blockchain technology are mindboggling, to say the least! Understandably, authority that was not an extension of the will of the people, but usurped by entrenched manipulative bureaucracies, like the ‘deep state’ (developed nations) or the ‘mafia state’ (developing nations) will not be happy at all with this ‘earth shattering’ new development! Have a look at differing viewpoints. See the articles next column, on page 34,57 & 58.
‘Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.’ Thomas Carper, US-Senator. ‘…the Blockchain, can change … well everything.’ Goldman Sachs. Here is a Russian born teen techie; a college dropout and co-founder of ‘Etherium’ (2014). (As we always say; universities have become abominations when it comes to insightful thinking and are increasingly losing their best & brightest). Etherium is an even more robust and nuanced computing platform than bitcoin’s blockchain that allows plenty of room for new applications to flourish. “Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much. I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet. I think the technology, if we do it right, may go in history books. Thanks to blockchain, many countries may rapidly develop their infrastructure.” Vitalik Buterin (born 1994.) Good Day!