The Future on The Blockchain: An Analytical Look at The Technology Phenomenon

Distributed registry technology (blockchain) and everything related to it are today surrounded by increased attention. Numerous conferences are held like “Blockchain in … risks and opportunities / threats and prospects”, where any topic is inserted in the place of ellipsis, from animal welfare to global economic regulation. Researchers compete in the conciseness of the definitions of this phenomenon and rewrite research on the global electronic economy, while students do not have time to collect information for term papers. We analyze some of the most interesting aspects of the blockchain and, of course, its prospects in Cyprus.

The principle of “three T”

Blockchain is a decentralized network operating on a mutually agreed protocol for recording any data (for example, transactions). Most precisely, its meaning is described by the principle of “three T” – transparency (transparency), traceability (traceability) and trust (trust).

Cryptocurrencies, which are at the peak of agitate today, are only one of hundreds of promising applications for blockchain technology. This is a new type of money, the issue and accounting of which are based on different cryptographic methods. They exist only on the Internet, cannot be controlled (at least for now) by financial or political institutions. Cryptocurrency-related economic fever is greatly exaggerated. In total, they form no more than 2% of global finance, but the price increase is impressive. The most famous cryptocurrency Bitcoin, in 2009 – the year of its creation – cost less than one American cent. At the time of this writing, it can be purchased for 10.5 thousand US dollars.

Blockchain and the idea of progress: vaccination against future pessimism

The idea of progress, since the last century, is losing its rainbow tones, becoming increasingly gloomy shades. His infantile identification with the successes of the digital economy, access to the Internet, dependence on social networks and continuously updated gadgets does not work even among schoolchildren. The naive panegyrics of artificial intelligence, bioengineering and the Internet of things raise more questions. Skepticism is spreading not only among intellectuals, but also among millions of ordinary inhabitants of the Earth.

The economic and ecological systems of our planet are no longer able to satisfy the demands of a growing population and are confidently moving towards a critical imbalance. Global problems, multiplied by the crisis of democracy, the growth of populism and social fragmentation, create unbelief, doubt, disappointment, and sometimes despair. Alexis de Tocqueville 2, not inclined to moralizing and moral prophecies, at the end of his life he wrote that economic abundance leads to instability and anxiety in the emerging “society of alienation”. The brilliant German sociologist Max Weber with jewelry accuracy predicted the absolute triumph of bureaucratic civilization, the emergence of a social and mechanical person in a emasculated, rationalized society. We draw attention to the fact that crypto and blockchain enthusiasts often describe their activities as “a path to a bright future, a mission to change the world, create conditions for independence and autonomy for all citizens” 3.

Invasion of the future

Definitely, we are dealing with breakthrough technology, a phenomenon in the history of civilization, a technological invasion of the future. A principle has been developed whose novelty is comparable to the invention of a printing press or telegraph. It can be assumed that all systems of the future will begin to work on this principle (of course, it will be modernized, but the essence of “three T” will remain the same). The only question is what kind of systems they will be – democratic and progressive or authoritarian and restrictive.

Bitcoin trader can take civilization to a new level of development, becoming the basis for peer-to-peer production 4, sharing 5 economy and interconnected civil society based on new forms of global democracy. The opposition scenario can be realized if the world continues dangerous slippage to fragmentation, economic wars and the strengthening of authoritarian regimes.

It must be remembered that blockchain is only a technology that can be superimposed both on global democracy and political dictatorships. Blockchain can become both a guardian of our digital privacy and an instrument of total control. It seems that with his help we invaded the future, but the fate of mankind still depends on the person himself.

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