The Blockchain is nothing but the Internet gone deeper. The user interface looks no different to the end user and should get even easier. It is early innings. It is being built. Heck, the Internet is still being built. When we went mobile, it was still the Internet. Now it was mobile. The Internet is an added intelligence layer. The air around you now has intelligence. It always did. But now it is physical. It is in the four dimensions you are aware of. It is limited. It is spotty. But it is there.
The Internet challenged assumptions. The Blockchain is challenging deeper assumptions. It is challenging money. Money is pretty basic. It is said money might be the most mentioned word in the Gospels. Money seems to be fundamental to how human societies get organized. Money used to be conch shells. Money has been digital for a while now. But we still have had to think paper money, or gold. It seems money is just trust. It can be conjured out of think air. If we can just learn to trust each other more, we can have more money. The Blockchain is the vehicle we are building to load up on that trust.
If we could add intelligence to paper money, say if every bit of cash were connected somehow to the Internet Of Things, we might not even need to get rid of it. With purely digital money, bookkeeping is baked in, it moves at the speed of light. It is here, suddenly it is on the other side of the earth where it is night time. It is teleportation, not of us, but of money. We have no need for teleportation, but money does. There are too many poor people on the other side of the world.
The promise is that fundmental problems will be solved. I grew up in the Third World. The fundamental problem is that of identity. Vicious political battles are fought in countries that primarily export people as to who is and who is not a citizen. The truth is, everyone is. It is a fundamental human right to be a citizen. Every single person has a right to be a citizen of some country. I ask, why not every country? The Blockchain could add 10 trillion dollars to the global GDP overnight by simply making every single human being a citizen of every country and it could do that. Without asking for permission.
After identity, there is the problem of the bank account. Banks shush shush most people. With the Blockchain, your bank account is automatic.
And then credit and pay. In a knowledge economy we are now in, it makes sense to simply pay every single person a basic living wage, and then build a robust economy on top of that. Not having to worry about your next meal does not make you lazy, or 99% of the people, over 99, in the rich countries would be lazy.
And theft. Poor countries are poor primarily because the local corrupt loot and move their money to rich countries, and rich countries are hand over fist. The Blockchain could make all that transparent. And then regulations could kick in. As in, maybe you belong in jail not in the Swiss Alps.
Cisco was one of the companies that built the Internet. And it made money. Everybody who buys a portion of a Bitcoin is helping pay to buid the Blockchain, and is investing in it to reap rewards. The Blockchain went IPO a long time ago.