Blockchain and the free market
Alright, so I’m taking up a challenge in which I am not sure I can succeed.
My confession: I am blockchain-critical.
There. I said it. I’m announcing this as if this is an illness, because I believe that in this community – for obvious reasons – this is not the most popular thing to say. In fact, it’s probably looked down upon.
Now let me admit, I don’t understand it all. But I really wonder whether anyone does, and can.
I had many discussions with the blockchain evangelists around me who convinced me of the transformative and revolutionising potential of the blockchain. I get it, it’s great. It has huge potential: Not only with the basic stuff in taking out the intermediaries and unnecessary institutions but also how it can fundamentally change the economic system for example. How energy distribution can be come much more efficient. And the list goes on.
And maaaaaan. I agree. And I really wish it will.
But.
The blockchain started as an idea. It’s a theory. At this point it is an idea and a tool. No one can grasp what the blockchain can and will actually be used for.
Many people compare it to the internet. I will try to rather compare it to free market theory.
Why the free market?
Well, the free market was also an idea. It’s a theory. It became a tool. It fundamentally transformed society. Many people argue it did so for the better, many people argue it is a destructive tool for society.
After all, a theory is only a theory. And put into practice, what does it do? I think we should think, talk and indeed also theorise about this so that we
So in the upcoming weeks or so, I will try to do two things:
- Give an overview of the main principles of free market theory and of the blockchain
- Compare them and try to draw a picture of the future impact of the blockchain on society and the world.
So, rather than looking at it from a detached perspective, I want to look at the potential for blockchain in society – and the possible abuses.
Any thoughts already? Let me know!