The current global climate is not a very happy one. There are ongoing issues surrounding the Covid-19 pandemic and how its ongoing impact will effect the economy, and society, for many years to come. More than that, there are now massive societal tensions surrounding systematic racism in the US.
There are always people looking for solutions, and blockchain ahs been touted as a disruptive technology that can offer solutions to many different problems in the world, but just how much can it do to change the course of how things are setting up.
The technology of course has its financial ties and has been used primarily along side iths cryptocurrency by products in terms of the maximum usage, but could blockchain provide any societal solutions to the current problems?
Emin Gün Sirer, a Cornell University computer science professor and DeFi startup founder, believes that blockchain cannot be used to ease the problems around racial tensions, but it may have a role in the way the economy and financial set up is viewed in the future.
“There will be a lot of people who will try to jam blockchain as a solution to social woes,” Emin Gün Sirer, a Cornell University computer science professor and DeFi startup founder, told Decrypt. “I don’t see any role whatsoever for blockchain to come in and ease racial tension or unite these factions.”
On the other hand, Sirer does see a role for blockchain in helping to ease the economic issues and social isolation that has come as a result of the lockdown, aimed at controlling the spread of the new coronavirus.
“Putting assets in decentralized mediums where they can be traded across the globe—that’s an interesting thing, and I see a lot of uses for it going forward,” he said. “So economically, yes, absolutely, blockchains are here to stay. But in this particular social climate, they have no role.”
“The economy is exactly the same way as it was when the pandemic started. We are capable of producing just as many goods. I believe the recovery could be swift unless we allow other factors to derail us—and I hope we won’t.”
Building back globalisation
Perhaps another area where blockchain can help with the terms of isolation is to rebuild the globalisation that has taken a backseat since lockdown and travel restrictions.
“First of all, blockchain is ideology neutral. It’s not backed by capitalism, it’s not backed by socialism. It is jurisdiction agnostic… Sometimes people say code is law, I think that’s a smart way of saying blockchain is jurisdiction agnostic,” NEO founder Da Hongfei explained. “Blockchain can become a global marketplace. A ledger is a global database. If we can put all of the global assets on the blockchain, we can have a global marketplace where everyone can trade with everyone.”