Is blockchain just a replacement for the monetary system?
Blockchain is a fairly new technology. People call it disruptive. People say it will replace all other technology. People say it is the solution for everything.
They’re all wrong.
First of all, something is only disruptive when it, well, disrupts something else. Disrupting something else is not necessary negative, it can be very good and refreshing to shake up an institution or industry that has been there long. It’s like bread: if you keep it too long, it will get stale.
Will blockchain replace all other technology? Nonsense. Blockchain is a transaction technology. It is not a database. It is not an operating system.
So is it the solution to everything? Well, I believe you know the answer to that: No, of course not. Blockchain does something very well, and if used properly, applied correctly, could disrupt certain industries. It is also responsible for a lot of new businesses and companies to be founded. It will change the ways we do certain things. But it is definately not the solution to everything.
So, will it replace the monetary system? It could. It might. The monetary system is a typical example of an industry that could use a shake up. It is old, conservative, dusty and non social in nature. Blockchain is the opposite, and will enable the people to regain power again. And that justifies it’s existence.
But it doesn’t end there…
Source: The new money