Blockchain beyond 2020. The blockchain is barely in its infancy. How blockchain could reconfigure not only the world of the economy, but the social and environmental when it reaches its adultes?
Finance is where the blockchain started and has had the most impact and is also likely to continue. Banking, as we know it both personally and institutionally, will change as cryptocurrencies deliver what they have promised so much: financial democracy. A new generation of banks will be born and the existing ones will reinvent themselves. In part we are there with the growth in digital banks that do not have physical branches and accept clients from any country. Do you want a European IBAN? So, all you have to do is open an account with N26 or Monero.
In addition, the world is indebted. There is a debt of 250 trillion dollars in the world, four times that amount of unfunded liabilities and millions of financial derivatives. Bitcoin could offer a solution to this. One way that bitcoin and cryptocurrencies are leaving aside banks is that it directly puts the needs a borrower needs and the surplus that a lender has: the traditional commodities of banks, automobiles and mortgage loans, will have a lower demand as the economy becomes decentralized.
A younger generation will also help traditional banks to be redundant: they are already moving away from them and the idea of saving money in a bank is as foreign to them as the idea of life without a smartphone. According to research, 67% of young people called millennials, between 18 and 24 years old, have less than $ 1,000 in their savings accounts and 46% have $ 0. Older millennials, those between 24 and 35 years old They did not perform much better, 41% of which did not have savings.
We are also likely to see more localized currencies, such as community currencies. This type of currency helps stimulate the local economy and cities are also considering issuing them. Some of these have incentive systems to encourage positive behavior among residents by rewarding social actions such as volunteering, participating in civic activities or spending their digital currency on local products.
Other tailor-made currencies can be issued for industries, such as the coffee currency for coffee farming that already exists to connect the special coffee producers in Indonesia with final buyers, as well as a coffee trading platform for those throughout the world. chain, from the farm to the cup.
These examples are just the tip of the iceberg: we will see a much wider use of blockchain technology and a growth in the types of currencies, from local to global. Maybe it should be called the silent revolution, because it is radically changing the world for all; from the rich bankers to the unbanked, and the latter are the ones that can earn substantially
