aprivatevsn: Blockchain and It’s Uses

Disruption in business is the basis of the capitalistic system. Surplus value is the concept that enables corporations to earn value (above what it cost to produce the product) even before a product is sold. A worker is paid a fraction of what the products they are producing is worth/sold for. For the few hundred of years capitalists have relied on this economic model to extract the most value out of their labor network allowing the surplus profits to be distributed to the owners of the production process. While the model has thrived the wealth disparity between people who own processes of production and those who work in and enable the entire system to operate, has grown at an exponential rate. Currently the wealth gap is larger than its ever been which causes a myriad of socioeconomic problems. Workers in the system are not properly compensated for the products they make which in turn excludes them from being able to afford at times even the products they make themselves. Conversely owners of production, by using their surplus profit, have created networks of power and influence that enables them to live by a different set of rules influencing everything from politics, media and people and organizations to who they determine needy enough for aid. This leads the power of influence in few hands, with the ability and resources to push any rhetoric and any agenda of their liking.

In the vein of innovation, invention and disruption, very basic principles of capitalism, there has been a concept that aims to offer clarity to a system that thrives on misinformation. Most workers do not know the true value of their work and if they do, they do not have significant enough leverage nor resources to effectively combat owners of production by owning their piece of production. Blockchain is a concept that everyone can intuitively understand, a public ledger that tracks and confirms each transaction and where that unit of exchange originated from. In fields it yet to be discovered blockchain will be disruptive. This ledger reveals information to the average person previously unattainable giving them information to have a more vested interest in where their dollars go. In the spirit of Cardi B one day we will be able to know exactly, from every fiscal year forward, where each dollar goes in a public manner. This new level of clarity, simply from an average citizen, makes the democratic process anew making a vote more informed which carries a heavier weight. Aside from political involvement, blockchain can inspire a generation of workers to want to earn a significant amount more for their labor based on the thought that once every dollar, from raw materials to retail, will be accounted for and on display. The relationship between the owners of production its workers stands to change. Workers is have more information to leverage when negotiating better, closer to what they actually produce, wages. This will not be the end of the worker/owner relationship but an upheaval of principles between the two. Owners can stand to benefit from a more motivated workforce even if they are demand more in compensation.

As for specific uses, blockchain today can change the way certain businesses operate. Supply chains will streamline and modern corporations will not push products into production but react to trends better revealed through blockchain’s public ledger. Though relying on one concept to change the base of capitalism is a stretch, even for the radical thinker, a transformative one such as blockchain will set new ideas in motion on just how each individual can maximize their labor.

Additional insights on blockchain can be found here, here and here.

 

“Worldview through a viewfinder.”

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