From Iron Snakes to Blockchain and AI: Embracing Innovation Through Understanding and Regulation

The Fear of the Unknown

Throughout history, humanity has witnessed the birth of innovation, often met with a blend of awe and fear. Just as African communities once feared the arrival of the "iron snake" spewing smoke from its head, our modern society grapples with a new set of enigmatic advancements: blockchain and artificial intelligence (AI). These technologies have sparked curiosity, apprehension, and uncertainty similar to that experienced by our ancestors. As we delve into the parallels between these historical fears and contemporary concerns, we uncover the crucial role that understanding and regulation play in fostering innovation while safeguarding the well-being of individuals and society at large.

The Iron Snake's Arrival: An African Perspective

Africa was run by prophets and seers, they warned of dangers in the future in order to safeguard the community. As we approached the end of the 1800s many prophets across the continent warned of an iron snake with fire coming from its head and warned this would lead to the loss of all our cattle. An African without cattle was not a thing you wanted to be in those days. This mysterious creature, adorned with a smoke-spewing head, instilled trepidation and wonder alike. The concept of a massive, smoke-belching creature charging forward defied explanation, leading to speculation and myths that grew in tandem with the fear of the unknown. Much like our modern-day blockchain and AI, the "iron snake" was a manifestation of what lay beyond the horizon of comprehension. Most prophets warned that its coming was an omen of worse things to come, they were worse things that came, we lost our freedom and land but it was not in the way they envisioned it. Trains, however, built our continents across the entire world transporting people, goods, and services far wider than they were before, expanding villages and closed enclaves into cities and towns.

The Modern Parallel: Fear of the Blockchain and AI

Fast-forward to the present day, and we find ourselves in a digital age marked by the emergence of blockchain and AI technologies. These advancements hold the potential to revolutionize industries, economies, and societies. Yet, just as the iron snake's smoke raised concerns among Africans, the complexities of blockchain and AI evoke fear and uncertainty among many today. Misunderstandings surrounding these technologies have given rise to apprehensions about job displacement, data privacy, and security breaches, mirroring the anxiety felt by our ancestors. New economic models that will make small businesses operate as “banks” will need some level of government flexibility to the rules and corporate understanding that old business models will have to change.

The Role of Understanding: Illuminating the Darkness

A common thread between historical fears and present-day concerns is the importance of understanding. Educating ourselves about the inner workings, benefits, and risks of these technologies can help dispel misconceptions and promote informed discourse. Initiatives aimed at disseminating accurate information can help bridge the gap between apprehension and acceptance.

?The Need for Regulation: Balancing Innovation and Protection

As history has shown, fear often begets the call for regulation. While it is essential to protect individuals and society from potential harm, overly restrictive regulations can stifle innovation. Striking a balance between safeguarding against risks and fostering innovation is crucial. Just as communities of the past benefited from trains and had to deal with new problems of exploded engines, and train accidents, modern society must find ways to regulate blockchain and AI in a manner that preserves individual rights, data security, and economic stability.

Collaboration Between Innovators and Governments: Paving the Way Forward

To navigate the intricate landscape of blockchain and AI, collaboration between innovators and governments is paramount. Just as ancient African communities might have worked to understand and harness the power of the Train, today's innovators and policymakers must engage in dialogue to craft effective regulations that protect citizens without stifling progress. By embracing a spirit of partnership, innovators can help shape regulations that encourage responsible use and drive positive societal transformation.

Embracing the Future

We launched Spearfish a platform to encourage group saving, early in 2023, the requirements for tokenization and the need to be registered as a financial institution capable of receiving money and having a store of cash as banks do lead to this solution being halted to be remodeled based on the current government regulation on financial institutions and how they are allowed to operate.

World coin is another case in point, those thousands of Kenyans flocking to KICC were not excited about the technology, they were Kenyans in need of the KES 7,700 being paid out. It piques my interest to know if over 50% of them had a clear understanding of what they are signing up to. Government regulation of notifications to local authorities and the police also seem not to have been done. My bigger problem is that they were signing on people who may not fully grasp what they are getting into good or bad.

History has shown that understanding and regulation can transform fear into fascination and facilitate the integration of revolutionary technologies into our lives. As we stand on the precipice of a new era, it is imperative that we learn from history and work collaboratively to ensure that blockchain, AI, and other innovations are harnessed for the greater good, enabling us to embrace the future with open arms and enlightened minds. These technologies are changing one major way we did things, we have always created tools to improve our lives, but now we are becoming the tools to improve our and other people's lives as these technologies scale human thinking and actions.

"Thanks to the DeFi Talents program (https://web3-talents.io/defi-talents), a 18-week mentoring program to empower talent for leadership in the decentralized finance space."?