- Aug 28, 2015
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Factom - Big Data on the Bitcoin Blockchain - BnkToTheFuture Case Study
- Thread starter Bagatell
- Start date
- Aug 28, 2015
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"Governments may find that their authority is nearly canceled by things like decentralized insurance and prediction markets because it is the flow of digital currency having real value in terms of goods and services which bypasses them.
People didn't expect decentralized publishing to be such a crucial lynchpin anchoring power to assets and then its too late. But first world economies will always recover due to strong social norms and general belief that government has a useful role to play in society. Corrupt third world governments most likely will not recover. In 15 years there is no more Zimbabwe or Somalia in any real sense so long as smart phone connectivity becomes accessible to 51% of the population.
Potentially this means that companies like Vodafone or Safaricom which offer services like m-pesa are the defacto authorities because they control data flows on their network and can attempt to censor certain protocols. Each protocol is a service, a blockchain, a publishing technology with its own financial flows and assets. Governments will attempt to put pressure on these entities but they will fail because those entities will perceive that they actually have more power. 42% of Kenya's GDP is transacted on mPesa http://www.techweez.com/2015/05/07/ten-takeaways-safaricom-2015-results/. In three more years this will exceed 55%. If mpesa shuts their network down because governments attempt to apply military pressure there will be riots in the streets and violent uprisings."
https://www.reddit.com/r/factom/comments/4mtt3i/how_factom_impacts_a_governments_capability_to/
People didn't expect decentralized publishing to be such a crucial lynchpin anchoring power to assets and then its too late. But first world economies will always recover due to strong social norms and general belief that government has a useful role to play in society. Corrupt third world governments most likely will not recover. In 15 years there is no more Zimbabwe or Somalia in any real sense so long as smart phone connectivity becomes accessible to 51% of the population.
Potentially this means that companies like Vodafone or Safaricom which offer services like m-pesa are the defacto authorities because they control data flows on their network and can attempt to censor certain protocols. Each protocol is a service, a blockchain, a publishing technology with its own financial flows and assets. Governments will attempt to put pressure on these entities but they will fail because those entities will perceive that they actually have more power. 42% of Kenya's GDP is transacted on mPesa http://www.techweez.com/2015/05/07/ten-takeaways-safaricom-2015-results/. In three more years this will exceed 55%. If mpesa shuts their network down because governments attempt to apply military pressure there will be riots in the streets and violent uprisings."
https://www.reddit.com/r/factom/comments/4mtt3i/how_factom_impacts_a_governments_capability_to/
- Aug 28, 2015
- 728
- 1,191
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