Hey guys,
Jonathan here, I Study Accounting and Environmental Studies at Fisher College of Business at Ohio State University.
I. Introduction
I am writing on the Steemit platform, because I am intrigued by the idea and potential behind the Blockchain technology. Why did it exist and what for?
It is truly an exciting time to be part of this new space.
It brings meaning and purpose to the people who are curious in regards to the tech behind it, the clever math, the art of cryptography, as well as the awareness of our bad-natured behavior that needs to be addressed appropriately, so that History shall never repeats itself, one can hope..
II. Background
Having been raised in a developing country (Indonesia), I saw first-hand the prevalent gap between the have's and have not's. Moreover, all attempts to fight that norm has not been successful. Inefficient bureaucracies reign, while progress detained. This happens almost all too often, why?
because the"Interests of both the public and private stakeholders are not aligned with each other, it never has been", and most of us are aware that incentives gives people interest to act!
so, how do we enforce and re-design a governance system that provides incentives for people to act in the best interest of everyone?
I encountered the term Blockchain back in 2015 while I was doing my research of the Federal Reserve and "How our money system works", the information was eye-opening. I saw the Fed (Central Banks) for what it is, "a Money Machine" that was designed to provide liquidity in times of turmoil, "the lender of last resort", a fallback pillow if you will.
History of the Federal Reserve, Read here:
https://www.federalreservehistory.org/essays/jekyll_island_conference
III. The Game is Called "Bail Out"
This game of credit has helped financed the Industrial Revolution to the Tech Boom we are seeing today. However, The repercussion of such Centralized System of Value is exposed to the basic human error. Essentially, the "Money Machine" is utilized to cover the losses/failure of the "Too Big Too Fail" private entities and shift the burden to the public, in the form a hidden tax called Inflation, which is being misunderstood by many, believing it was as simple as The increase in prices of goods and services. The reality is far too complex, it is a design-flaw.
IV. Inflation Visualization
Essentially, one of Central banks main responsibility is to make adjustments to the Interest rates of the money supply of their respective country, hoping to control the Inflation rate that affects the prices of goods and services. Ultimately, governing the consumers and businesses Economic behaviors.
However, diluting the economy with newly printed money will eventually brings down the value of the currency. It is a never-ending game and the only way to save ourselves is to always borrow from the future, to pay for the present. Often it doesn't work out so well, a burger cost $0.50 back in 1980, and now is $6.00. why?
I started to dig in deeper in 2017 during my internship with Bank of Singapore, specifically how to integrate the new decentralized framework in the realm of pre-existing private businesses. and during my research, it came to me..
I have discovered the tool that will:
1. Address the growing concerns of federal debt by introducing an alternative store of value
- Preventing the next financial crisis by providing the liquidity needs as well as, accurate real-time metrics to determine "Course of Action" in a timely manner
2. Allow for a more inclusive framework that works towards a better governance model for consumers as well as businesses, in terms of security, accountability, and speed
3. Promote innovation and empower the poor by giving access to credit (that is locked away in escrow accounts, exchanges, etc.)
I was blown away with these possibilities..
V. Value Proposition
Throughout history, we have went through many challenges, we have seen the worst, and we have turned against each other for various reasons that didn't really matter in the end. But, what truly matters is the sense of togetherness, proper incentives, and a journey towards the same goal.
Ultimately, aligning all our interests together to create a synergistic approach towards solving mankind's biggest problem, TRUSTING ONE ANOTHER ..
Hence, I started this journey into the Blockchain space.
*Feedback is always welcomed :)
List:
Chapter 1: In Search of the Trust Protocol (https://steemit.com/blockchainrevolution/@johnnuggie/chapter-1-in-search-of-the-trust-protocol)
Chapter 2: Seven-Design Principles of the Blockchain Economy (https://steemit.com/blockchain/@johnnuggie/chapter-2-seven-design-principles-of-the-blockchain-economy)
Chapter 3: Reinventing Financial Services (https://steemit.com/blockchain/@johnnuggie/chapter-3-reinventing-financial-services)
Chapter 4: Re-Architecting the Firm (https://steemit.com/blockchain/@johnnuggie/chapter-4-re-architecting-the-firm)
Chapter 5: New Business Model (https://steemit.com/blockchain/@johnnuggie/chapter-5-new-business-model)
Chapter 6: Rebuilding Government and Democracy (https://steemit.com/blockchain/@johnnuggie/chapter-6-rebuilding-government-and-democracy)
Chapter 7: Leadership for The Next Era (https://steemit.com/blockchain/@johnnuggie/chapter-7-leadership-for-the-next-era)
Bibliography:
Tapscott, Don, and Alex Tapscott. "Blockchain Revolution How the Technology behind Bitcoin Is Changing Money,
Business and the World". Portfolio/Penguin, 2016.
Casey, Michael, and Paul Vigna. "The Truth Machine: the Blockchain and the Future of Everything". St. Martin's Press, 2018.
Antonopoulos, Andreas M., et al. "The Internet of Money: Volume Two". Merkle Bloom LLC, 2017.
Recibe una cordial Bienvenida a Steemit, es un placer poder compartir contigo.
Welcome to Steem! I love your article and enthusiasm to learn about how money works and the grand differences between it and the blockchain.
You are SO RIGHT, the blockchain IS why we are here. There are thousands of coins but together we are one community with a wealth of brand new knowledge and technology to share with and better the world.
Thanks for your interest in all of this and welcome to the community !!!
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