There are quite a few people credited with coining the phrase “The definition of insanity is doing the same thing over and over again and expecting different results,” from Benjamin Franklin to Albert Einstein and even quite a few others.
In reality, it doesn’t matter who you believe coined the saying, so long as you actually have some faith in it being true in some way.
And as we have seen many times over the last few years, decades and even centuries, most governments, financial regulators, banks and major companies are insane by that dry definition of the term.
But why is that?
There have been far too many financial crises to list a specific reason that would encompass them all, but if put in a corner, most analysts would blame centralization.
The concept of centralization is one that’s solid enough – it puts the ability to make decisions and choices in the hand of a select group of individuals, allowing them to “steer” the entity for which they are responsible to financial safety in a speedy and considerate fashion, putting aside all the chaos and multiple opinions surrounding them in favor of creating a cool, calm and collected voice.
But centralization also has a very weak spot.
When one domino falls, the rest fall very shortly.
Most large-scale crises can be traced to this very simple explanation – something goes wrong on a small scale, it gets underestimated and written off, only to grow. By the time anyone realizes how severe the situation really is – the dominos are tumbling.
These types of happenings are what necessitates an entirely new approach to our economy, one that has a very different foundation – placing power in the hands of the people.
Or to be more exact – in the hands of the masses.
As mentioned above, the very basis of Blockchain technology is one that prevents the very same centralized disasters that have plagued financial systems, placing the onus on every single “node” in equal terms.
Consider this – if you press your palm against a single nail it will pierce your skin with ease.
But, as has been proven many times over – if you press your palm to 1000 equally divided nails – the equal tension will keep your palm smooth and injury free.
The same goes for Blockchain – with thousands upon thousands of points verifying and securing each transaction, deception becomes far more difficult and an outright collapse of the system is near impossible.
Not only will Blockchain technology be a better and safer way of running the world economy, it would also be one that is more empowering to the masses, as they will have equal power and say in the direction an economy can, should and DOES take.
And isn’t that all we’re really after? A little more financial say in the things that matter most?