How about a new terminology to talk about how decentralisation will remove the middle man and make an enormous number of our current institutional structures obsolete?
_______ Institutional Obsolescence
noun (n): where an institution is no longer wanted even though it may seemingly still be in working order; often the result of rapid innovation and widespread uptake.
Well damn.
IO is already here - and it's up to us to create the new innovative institutions of the future.
So what are the first institutions to become obsolete, and how can we reform them?
Banks
Current financial institutions maintain control through a) a middle man clipping the ticket and profiting on every monetary transaction that flows through our system, and b) a central body able to expand or contract the total amount of money within the system at a given time. There's of course more complexity to this, but I'll leave that to another time.
Alternative currencies let us bypass this altogether and create a highly secure, transparent and efficient monetary system.
No brainer really, with the amount of crypto enthusiasts on here, I'll leave you guys to nerd out.
Governments
The flow of uncensored information is a real threat to centralised governance and national sovereignty. Access to cheap smartphones, Internet, information and new employment empowerment will have incredible potential in traditionally repressed countries or groups within societies.
Blockchain-based voting systems will also provide unprecendented transparency and democracy in the truest sense of the word. Fucking finally.
Education
This one really blows my mind. Decentralised education giving power to the learner to educate themselves on whatever subject, whenever and wherever they choose is transformational.
By simply providing a basic level of access to time and resources (i.e. internet), we essentially create equal access to education and a level playing field for all - globally.
Jobs within our future innovation institutions will be truly merit and experience based. I.E. The only people who care about what school you went to will be stuck in the obsolete institutions. Trust me, you don't wanna be there anyway.
Taxation
Open ledgers will revolutionise taxation as we know it, even the biggest institutions will no longer be able to get away with creative tax and accounting.
Perhaps we can finally create a real welfare-based taxation system based on first principles of equality and wealth distribution.
I might even be as radical to suggest an international blockchain-based carbon tax.
I'll leave it there for now and leave the rest to you guys!
My point is we're reaching a tipping point, and it's coming faster than these institutions even realise.
If we can rebuild these institutions effectively, starting now, we can realistically start to work towards more equitable wealth distribution, power to the people, decarbonised economies, higher standards of living, and ultimately happier and more meaningful lives.
Up-vote, comment and follow for more - always interested to hear from you!
Love Caita.