Why Blockchain is 'Socialist'
Jaspreet Bindra
![Jaspreet Bindra]()
Jaspreet Bindra
Founder: AI&Beyond and Tech Whisperer Ltd | ex-CDO Mahindra, Microsoft, TAS | Author - The Tech Whisperer | Faculty - AshokaU, SingularityU | M St - AI & Ethics, Cambridge University | Gurgaon, Cambridge, Dubai
This tweet by Naval Ravikant, technology savant and founder of Angel.co, that 'the killer app for crypto is socialism' is a single line summary of my philosophical thoughts on Blockchain overall. Here, in short, is why I think so:
- Blockchain is the great decentraliser, it distributes centralized business models. Money is the most famous example - fiat money is centralized, owned & issued by ‘central’ banks, bitcoin & other crypto are distributed & decentralised with millions of owners & issuers/miners.
- The best Blockchain use cases are those that decentralize central authority – money, energy, supply chains, commerce, ride-sharing, identity, governance.
- As Joel Monegro, formerly of USV and now running his own fund, famously said: The WWW (World Wide Web) is fat apps on a thin protocol (TCP/IP), Blockchain is thin apps (DApps ) on a thick protocol. In the WWW, the apps do everything & capture all the value & the app owners become superrich – Google App, amazon App, Facebook App, Uber App
- In the case of Blockchain , the protocol is thick and very powerful – with crypto grade security, consensus based decision making, provenance, smart-contracts, and the DApps are thin. Thus most value is captured in the protocol.
- But the protocol belongs to no one, it belongs to the ‘people’. So, intrinsically, the Blockchain distributes wealth back to the people. It breaks capitalist monopolies such as banks & other centralised institutions & so is a little anti-capitalist or post-captitlist.
- Thus, as a philosophy , Blockchain , Crypto and Bitcoin it is a bit ‘leftist’ or 'socialist'. Therefore, central banks and central governments sometimes fear it. And they resist it. Ergo, Naval's tweet about crypto and socialism
- I demystify and describe this a little bit more at https://www.youtube.com/watch?v=8fbhI1qVj0c&t=1s
- I am not sure how right I am, so would love to have you comment and criticise it here, or on YouTube . Would love to hear whether the above is wishful thinking or there is something to think about…
Diretore, divine justice law firm. India. Researchers in Crypto Cross Border, and C. B. D cs. DPDPA and GDPR. A I Regulatory. Bsc. ((Hon) L. LB., M. B. A. Block Chain, D. E. and B. L. ***********
5 年Very good Article!! Interpretation from socialistic point of view stands highly appreciated.
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6 年GOLDEN ARTICLE! IN 1991 A PARTICULAR INTELLIGENCE AGENCY CREATED-ENVISIONED THE DECENTRALIZED CURRENCY AS EVERYONE AT THE TOP KNEW OF HOW SOON THE EXISTING GLOBALLY-ACCEPTED CURRENCY WILL LOSE VALUE-TRUST.
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6 年The decentralisation use-case for money is clear. Could you explain how it applies to, say, energy or commerce (decoupled with the money angle)?
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6 年Nicely put ! . In one of the ted talk you had mentioned about how block chain can help agriculture industry in India. Are there any ideas or work happening in agriculture space using block chain ?
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6 年Mr. Jaspreet, The latest financial scam by DHFL Scam touted as the biggest financial scam in India may perhaps hopefully speedup adoption of Blockchain at the earliest. Because human beings wake up only after getting good blows, learning the hardway Of the many unique? Blockchain videos/articles researched since 3-4 years and each one being unique (thanks to a spiritual conviction about it? from a book by my mentor's mentor? Dr. Sunny Satin read in 2008? after all technology, mind, neuroscience, spirituality have an interlink) what was unique about yours was? touching plight of the farmers.?? Dr. Satin's book speaks about disruption of old systems (centralized) in 2013-2020 and from 2021 creation of new systems till 2025-2029 (it is not? prediction, its 'channelized').? All systems since hundreds of years were based on Fear, Greed and competition and new systems to be based on love, sharing and co-operation.? the resistance comes from the former group who want to operate from fear, greed, competition....a losing battle for them.? Dr. Satin's book reference: https://timesofindia.indiatimes.com/Incredibly-Believable/articleshow/1935762.cms https://www.bookshopofindia.com/search.asp?action1=default&bookid=9063051 Blockchain a true Disrupter of outdated systems: https://www.dhirubhai.net/pulse/disruptive-technologies-blessing-disguise-our-planet-prabhakaran/