Blockchain had (past tense) the potential to democratise how we store and share value.
The potential to support the shift from the value if the many going to one, then to decentralise and redistribute the value of the many, to the many through, peer to peer value exchange.
The potential to transform and replace a broken model for federal capital negative equity systems from fiat based fractal banking based on debt lending, to a distributed network of positive, distributed equity. In the future, humanity will look to the behaviour of the 20th and 21st century, in much the same way that we view the behaviour of barbarians.
All of this ideology was based on a white paper by Satoshi which (whether advertently or inadvertently) drew its core ideologies from the ethics of horizontal collectivism. Pure democracy. We currently experience a perversion of democracy called vertical collectivism.
Early on, I was to become one of the founders and supporters of blockchain leadership in Australasia. I walked away from the opportunity when I learned that heads of banks would become sponsors, essentially sponsoring their way into strategic leadership positions. This happened worldwide. I met with company owners in blockchain who had not spent a single satoshi on wages or consumer goods purchases, yet who were governing the future of cryptocurrency.
Then the charlatans came.
Former criminals who became celebrated experts, like Jordan Belfort and a self proclaimed Bitcoin Jesus, who was so cavalier about the safety of postal workers while posting agricultural explosives as fireworks, that a judge threw the book at him and he was jailed.
Blockchain is riddled with greedy sycophants whose selfish ambitions and corrupt ethics have resulted in the failure of beautiful ideas like the DAO (distributed autonomous organisation). Billions of dollars of cryptocurrency has ben used for crime and tens of thousands of people have been swindled out of their value.
There has been widespread corruption.
Many lost their life savings.
I have lectured to over 30,000 people, ran workshops at several major events and joined advisory panels for several start ups. There is no doubt whatsoever that blockchain and cryptocurrency have been beset by neglectful and often evil people.
Yet there still remains the visionary of virtue, the ethical entrepreneur and the honourable humanist. Who look first to an ethos of ethics. To how we may develop systems to support the balance and equanimity of humanity. Distributing value and directing commands to uphold and serve the dignity of all people.
5G is more than people realise. It is a trigger for accelerated rate of change in the diffusion of the adoption of technology.
With the advent of 5G, the new standard upgrades cellular iOT infrastructure to a minimum standard of one million devices per square kilometre.
With data transfer rates like 2.6 gbps downstream and 200mbps upstream, and battery innovations extending life, soon to be powered wirelessly, we will see device automation through smart contracts and blockchain databases, integrating broadly across platforms.
Curating industry standardisation of disparate databases.
Call this confluence of interest or the singularity.
Collaboration is mere shadow of what is yet to come.
Along with this the dangers of erroneous AI, programmed without the discernment of empathy, and we have the potential of munitions being strapped to emotionally dispassionate AI drones.
A time in which ethics must surely take centre stage.
We are seeing the first nationalised cryptocurrencies.
Commoditisation leads to industry consolidation and large players eat small. Just as always. 1200 + cryptocurrencies will become consolidated through mergers, acquisitions and non competitive failure.
What excites me is took beyond earth based systems, to the kind of thinking we will need to explore our solar system.
Space resource mining.
The work of the space nation of Asgardia. A galactic currency.
Squabbling over earth based values seems Neanderthalic, in the context of the current commercial space race. Perhaps if we turn our minds and hearts to the heavens, we will see a bigger picture than the hustle for the finite. Infinite space portends an infinite potential for quantum based blockchain, with a level of computation per second unimaginable. Storing particles of light and moving them has now become possible.
What this means is that we will by 2300 have a level of computational power in something the size of pin head, that would seem like god to us today. The laws of thermodynamics cite that all systems must fail. They also cite that no energy is ever lost. It simply becomes something else.
We ought not to become besotted with one technological fad or another, but rather, seek to find our humanity and apply a sense of good stewardship to the use of tools for everything that we create for the good of humanity.
As to all those who tread the shallows of human greed, those who work for the profits of their day, will achieve a legacy of days. Those who work for the profit of humanity, will achieve a legacy for eternity.
Satoshi challenged greed.
That challenge is even more valid today.
The chain we must look to is our blockchain reaction.
Trusted, empathetic networks of ethics and virtue to serve humankind.