The Role of Blockchain, DeFi and Decentralization in the Digital Economy

Blockchain is a key emerging technology in realizing the full potential of the digital economy and driving fintech innovation. Blockchain is very interesting in and of itself however, because of it’s potential not only technology-wise but economics-wise.

How Blockchain Disrupts Governance Models

Public Blockchains have mainly been associated with cryptocurrencies only, however they are much more expansive than just cryptocurrencies. Public Blockchains such as Bitcoin and Ethereum that can onboard millions of open-source developers successfully are resulting in disruptive innovation in the way organizations are built, in the way financial services are offered and in the way employees and community members collaborate through more flatter, decentralized, digitized and open-source mechanics.

They also solve several problems with current market-capitalism in which a few Big Technology Firms and a few Big Banks dominate and monopolize the global economy.

I talk about how Decentralized Finance (DeFi) aspects of Bitcoin and other Blockchains/Cryptocurrencies disrupt banking, financial services, monetary systems and central banks in my other article linked below and provide other related articles.

Big Debt Crisis, Blockchain, Cryptocurrency, Bitcoin, Digital Currencies, Digital Economy

FREEHOLD | Everyone Will Be an Investor

Software Hasn’t Eaten Wall Street Yet. But Ethereum And DeFi Might Be About To

What the F**k is Bitcoin anyway? | Real Vision Blog

SCMP | Jack Ma urges financial regulation reform on eve of Ant Group’s ‘biggest IPO in history’

The Fintech Blueprint | Long Take: Virtual communities and digital worlds are the difference between Finance Incumbents, Fintech, and DeFi

Bitcoin: A Peer-to-Peer Electronic Cash System | Satoshi Nakamoto

Ripple | Why Real-Time Payments Are More Important Than Ever

How Blockchain Disrupts Big Data Monopolization

But another profound ramification is how decentralized blockchains can disrupt Big Technology companies and fix some of the negative externalities they have created which include data security, data privacy, data ownership as well as negative aspects of the gig economy which has been created as a result.

Currently, most of our data which is created every second is controlled in the hands of a few big technology corporations.

Big Tech, Surveillance Capitalism and Antitrust

While there is no doubt that big technology corporations and the monopolies that have been created have created ultra-convenient products and tremendous innovation for users and customers for “free”, there is also no doubt that users deserve to be in control of their data, own their data and have privacy as well as a decentralized identity that they deserve (vs having their data and identity profiles stored on big tech company servers).

Now this disruption won’t all happen overnight but the innovations created from the blockchain space will have an exponential impact over time on governance models and creating multi-stakeholder capitalism and decentralization as blockchain adoption increases exponentially transferring control from large corporations to smaller businesses, entrepreneurs and developers and moving from centralization to decentralization.

Embracing Decentralization, New Business Models which don’t rely on predatory corporations can give power back to the people. Cryptocurrency, Smart Contracts, Tokenization, Blockchain and Bitcoin are great examples of a political and economy power shift back towards people. Decentralized Exchanges (DEXs) and Decentralized Autonomous Organizations (DAOs) can replace stock exchanges and multinational corporations in which a few uber-elites hoard most of the wealth and power over big business, the stock market and the economy.

Decentralized Exchanges (DEXs) and Decentralized Autonomous Organizations (DAOs)

Decentralized forms of governance can level the playing field and disintermediate political and economic asymmetries that are common in our institutions from big tech corporations to large banks and decentralize power from institutions to individuals.

The Meaning of Decentralization | Vitalik Buterin

Why Decentralization Matters | Chris Dixon

Blockchain Governance: Programming Our Future | Fred Ehrsam

Understanding Web 3 — A User Controlled Internet

Bloomberg | The Future Will Be Decentralized

Brave Browser, Brendan Eich, Digital Privacy, Web 3.0 and the Battle Against AdTech Surveillance Capitalism

Signal Protocol — Open Source, Private, Encrypted Mobile Messaging App

Dr Ben Goertzel: The crusade against the oligopolies

How blockchain will disrupt Google, Apple, Amazon, and Facebook

The rise of the Ethereum economy

Mark Cuban: Ethereum Will 'Disrupt the F--- Out Of' Big Software Companies