Cryptocurrency Can Fight Corruption And Create a Peaceful Revolution

Opinion | February 28, 2019 By:

The impact of wealth inequality is being felt worldwide. The divisive rhetoric is manifesting into tribalistic political battles in the US, and yellow vest protests spilling into the streets of Paris, all representing symptoms of an indisputable problem born from corruption and a lack of financial inclusion.

It almost feels as if we are heading to a point of irreversible damage, and an impending revolution will need to take place in order to drastically wrestle power away from oligarchal conglomerates, back to the people who they exploit to get there in the first place.

However, as history has shown, revolutions often end in failure with those seeking justice suffering as a result. With no soft landing pad for these disenfranchised and often impoverished people, advancements in technology may open the way for better solutions to help them reach a peaceful and meaningful revolution.

One example of a revolution gone wrong, creating a pocket of instability that hurt the revolutionaries involved, is the Arab Spring. The anti-government protests across the Middle East that began as a disillusionment of the oppression felt by millions under authoritarian rule, ended with Tunisia in a constant state of ISIS assaults and the country struggling to control extremism.

Almost immediately after the Arab uprisings began a debate sprung up over the role of social media. In July 2012 a report was published by the United States Institute of Peace based on an extensive content analysis of bit.ly links from the uprisings in Tunisia, Egypt, Libya, and Bahrain. The authors concluded that social media was a causal mechanism in the uprisings. With social media including, Twitter and Facebook, focusing heavily on the mobilization of young protesters, and activist networks being formed online, there is no doubt, that technology played a role in the end result of an unstable Tunisia. It helped liberate an otherwise oppressed people but did nothing to help them rebuild in the aftermath.

Just as countries, revolutions, and societies change over time, so does technology. While social media, may have aided in a revolution and left the revolutionaries in shambles, blockchain hopes to be the mechanism for a peaceful revolution that aides in rebuilding, rather than destruction.

The blockchain is helping improve the lives of those affected by poor living standards, poverty, and corruption. “Blockchain technology will not solve all government problems, but it can help curb corruption and instill trust in government.” The core uses for the blockchain are verifying identity, registering assets, and tracking transactions, in a transparent manner. This will help ensure both government officials, and the general population is interacting honestly.

One example of how blockchains decentralized nature is making it a powerful tool against the worst crimes, such as human trafficking, comes in the form of the World Identity Network, a blockchain protocol created to ensure that everyone can prove who they are, while maintaining control over their identity data, protecting them from human trafficking.

We’ve also seen blockchain begin to play a role in fighting poverty by enabling irreversible records of ownership. Documents such as home deeds can no longer tampered with once put on the blockchain ensuring the safe maintenance of property ownership. The ability to prove ownership of property gives those previously unbanked people or impoverished peoples a chance to prove their existence and financial footprint increasing their chances of access to banking and loans. And finally, as a corruption fighter, enabling the disenfranchised and impoverished to uplift themselves by utilizing a secured, and fully anonymous reporting mechanisms through IBMR.io’s (http://ibmr.io) ARCC (Asia Reserve Currency Coin) and their Social Proof-of-Work protocol.

The term revolution may seem scary to some but uprisings don’t have to be catastrophic if there is something to replace the current non-working system. Projects derived with a focus on value and stability through alignment and contribution to economic productivity will result in the formation of public mandates, establishing a new norm.

Technology cannot single-handedly solve the problem, but by putting the power back into the hands of the people, it can bring equality to otherwise vastly unequal countries, and provide a mechanism for an improved society,