How blockchain can reduce inequality?

In 2017 there has been much public awareness about cryptocurrencies. Blockchain technology has been underpinning cryptocurrencies which is much more a general-purpose technology. The potential of blockchain does lie in its ability to secure inventory, track, subdivide as well as transfer wealth over the Internet.

Blockchain does provide a technological mechanism for enabling sharing. The technology of blockchain is indeed a mechanism for securely keeping track of information related to ownership and transactions. Rather than actually storing the information in a central location, blockchain does make multiple copies and also distribute them across all the nodes of a given network. Each transaction is rather propagated across the network at a zero cost via complete transparency.

The concept of authentic sharing economy is adhered to.

Blockchain can indeed reduce inequality as it has widespread reach across the network.

This capability does make blockchain a potentially powerful accelerant for ensuring that everyone finds it possible to own a share of the economic goods. Blockchain has been able to address the inequalities at its root, on the production side. Rather than expecting the inequality to happen and then addressing it via a universal basic income, one can pursue the idea of a universal right to intellectual as well as capital goods, which is a universal basic capital.

Politically also much effort has been done to bring about equality, although it is indeed a utopian idea. Making use of blockchain to enable a distributed, democratic ownership structure, that would allow everybody to have a stake in the roboticized future, rather than in deepening inequality as well as the political conflict is what that needs to be adhered to.

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About the Author: Nagendra Gadamsetty

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