Interviewed at the conference “Blockchain, a new trusted intermediary?” which took place during the economic meetings of Aix-en-Provence, Allen Guo, crypto-investor and founder of the investment fund 2048 capital said: “Blockchain technology is, after the Internet, the second step towards a digitalization of humanity. ” So let’s try to understand a little better, why this blockchain data storage and transfer technology is such a big revolution for many observers.
“Blockchain and cryptocurrencies are a way to digitize trust.”
Indeed, we have seen today and for twenty years now a phenomenon of digitalization that affects almost every moment of our daily life, the way we consume, exchange, travel, learn etc …
On the other hand there is one thing that we have not digitized and that is confidence, indeed, while for years we used cash, which then allowed us to carry out direct exchanges without a trusted third party to carry out transactions , it is gradually disappearing, the States are even seeking to reduce the cash in circulation in order to increase its control and its omniscient vision of economic exchanges.
Today, cryptocurrencies and in particular Bitcoin give us the opportunity to trust each other online in order to transfer value between two users without using a trusted third party such as a bank, an exchange platform or Paypal. The need to exchange and trust each other online is such that we have seen the emergence in recent years of a new economy which today weighs hundreds of billions of dollars, this economy consists in particular of Airbnb, Uber and all online networking business.
Blockchain, through an independent system regulated by decentralized cryptocurrencies allows populations to free themselves from centralized and opaque power.
As Neha Nerula of the MIT media Lab explains, if the intermediaries are not necessarily bad, by becoming more and more opaque, the populations and in particular the young people who can be described as “digital natives” have lost confidence in these large institutions and have a higher propensity to trust transparent networks or even software. It is thus the notion of trust that is at the heart of the blockchain revolution.
If the internet was a revolution allowing the sharing of information, it quickly found itself centralized in private institutions such as the GAFA which were able to derive a large majority of the benefits of this revolution.
Blockchain allows us to rethink our society by restoring power to the individual, by making digitalization more decentralized and more democratic to rethink our modes of governance online and offline.
Finally, it is a revolution because for the first time, there is an opening allowing to redistribute the maps of the digital world in order to give more space and power to individuals.
We can nevertheless conceive that this vision of the blockchain revolution is quite idealistic in the sense that the first to understand the potential of cryptocurrencies are in a low propensity for individuals, and in a wider propensity for private companies and institutions, banking in particular , who are already taking blockchain as their next marketing asset. Witness the Facebook Libra project.
So, if we are certainly only at the beginning of a real revolution brought by blockchain technology, it is currently undergoing a turning point, this could well consist of a takeover of the technological revolution by companies private and state institutions. This turning point is not necessarily negative if it makes it possible to initiate a deep questioning of the operating modes of the latter in order to reconnect with values of honesty, trust and transparency which will lead in a second time to considerable time and money savings.
Guillaume has been passionate about Blockchain technologies and cryptocurrencies for 2 years now. He firmly believes in the massive adoption of these in the years to come. Eager for crisp news and always on the lookout for the latest trends in the cryptocurrency market, he enjoys sharing with you all their secrets!