Now many will concur with me on the need for real decentralization of most of the processes that organize our lives right from commercial transactions, governance structures to the social and economic fabric of our world.
Governments all over the world have tried their luck with the implementation of decentralized systems of governance and these have been rife with incompetence that include bureaucracy, corruption among others. Therefore these have shaped our idea of what a decentralized system would look like and have facilitated further thinking and development of real decentralized system based on the blockchain technology.
As of now, the idea of blockchain technology has been put to test and has given us a sneak pick in to what a decentralized future would look like. The transformative power of blockchain technology cannot be underestimated and neither should it be seen as a threat to the existing governance systems and structures – if they are well intentioned and purport to serve the people – but rather an opportunity and tool for national and international institutions to rally behind the rights of those they represent.
Blockchains have the potential to bring transparency to opaque systems, streamline contracting processes both at the national and international level, efficiency and effectiveness in the supply chain industry, renewable energy, development/aid industry to mention but a few. They give us a real opportunity to hold our leaders and institutions accountable at every stage.
It is interesting to note that this was predicted way back in the 90s by forward thinking economist, Milton Friedman. See video below:
