Blockchain – A promise kept
In his 2017 bestselling book „The Future of Money“ Karatbars founder and CEO Harald Seiz outlines the significance of cryptocurrencies in the prospective global economy.
While Mr. Seiz acknowledges that Bitcoin and cryptocurrencies in general have a long way to go, as far as universal understanding and acceptance is concerned, he is certain that this technological revolution will allow for a fundamental shift in how global collaboration will be defined.
The complex interactions between economies, societies and technology will be decentralized through the use of a network of computers that maintain a shared and secure database.
One aspect about the Blockchain technology that particularly excites Harald Seiz, is the possibility of peer-to-peer transactions that allow individuals to autonomously conduct business with each other on the basis of transparency and trust. For Seiz this steadily evolving technology of the future corresponds with his vision of a fair and accessible global economy, also for those people confined by poverty or unfavorable economic circumstances and geographic location.
The Blockchain is not only about technology or the latest stage in the evolution of the internet, it is also about fairness, equality and consistency. It is a tool for changing society and the economy towards a decentralized world. No longer will banks, governments and businesses have a monopoly or exclusive control over business transactions, elections and social interaction.
Seiz does warn however that the ideal use and benefit are not guaranteed to us. There are pitfalls that we must avoid, such as the technical malfunction of the internet itself or the hijacking of the technology by institutions such as governments and large corporations. At the end of the day Blockchain is another version of cloud computing with the difference that it is not supposed to be set up and provided by one company, but by many mining computers in a global network that validate transactions which are added to the chain in the database.
Since its invention the Blockchain has already gone through various changes in respect to how it can be used and implemented. We have entered the phase of Blockchain 2.0 where it is not only seen as a new class of information technology, but as a permanent and secure database that keeps records such as assets, inventory and transactions. The enthusiastic narcissism of developers infatuated with a set of protocols and super-safe encryption technologies has given way to the increased use as a shared and trusted data base enabling the collaboration between individuals and organizations without the necessity of centralized institutions.
For Harald Seiz the Blockchain is not only a distributed ledger and the underlying technology for cryptocurrencies, it is more importantly a driving force behind the next generation of the internet and just maybe a stepping stone on our path to a world with more equity and opportunity.