Technology Undermines Government Control

soujanya bargavi

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Jun 19, 2018
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mindmajix.com
n recent years, governments have not been able to control information on account of technology. Witness WikiLeaks and the social-media inspired Arab Spring.

“Blockchain is the key to this taming of the rebellious teen called bitcoin,” he writes. “The main thing to take away is that the way out of the digital disruption of government is the digitisation of government itself. So Mintcoin comes along, then Bitruble comes along and then Mr Haldane starts talking about ‘was it Bitstirling’? How long before we get a BitBuck?”

Tripath predicts that half of the OECD currencies will go digital in 10 years and by 2050, there will be fewer, more stable, less inflationary, more secure currencies than presently exist.

Noting that the foundation of power of trust, he says the trust of the millennials is not in government, assets or other people, but in proof.

Block Chain Brings Trust
Blockchain changes everything about the economics of trust. Not just currency, but anything that requires trust is now subject to decentralisation through proof. And proof requires data that’s available to all, immutable and tamper proof.

For the first time in history, technology makes it possible to have a data set that powers a “reasonably secure evidence of activity.”

The trust can be broken by a central authority or a well-funded adversary, Tripath notes, but to date, he does not know of a block chain that’s riskier than a central counterparty, bank or government.

To realize the benefits that block chain technology can bring, regulators need new technologies and skill sets. “They need many more computers, programmers, data scientists and well… hackers to match the technological and analytical sophistication of other ecosystem participants.”

“Blockchain is just one of the megatrends that’s about to force the issue. 5 years or 10… we don’t know but this is another intergenerational change in the offing – not just in how we consume products and services, but also how we regulate and govern.”

Source: ccn