Blockchain Enabling An Equitable Economy
Contrary to common belief, equitable does not mean equal distribution of income; it refers to the distribution of income that is fair. A fairer distribution of income may help accelerate growth and promote economic growth.
For a while now, businesses have been faced with inequitable sharing of the revenue that they raise. The management always pockets more profit than its employees even though it is the employees that do most of the work. Blockchain has enabled a sharing economy that ensures all the users earn by their participation.
- Decentralized markets. Buyers and sellers interact directly; the payment criteria is rather direct and much more straightforward as there rarely arises the need for a mediator.
- Decentralized organizations. These are usually administered collectively with no need for managers. Sharing of the earnings is generally fair with no favoring as the users are both the contributors and shareholders.
- Decentralized carpooling platforms. Decentralized Alternative Cabs Serving & Empowering Everyone (DACSEE), a ride-hailing platform built on blockchain technology.
Few Models that enable an equitable economy.
Created in 2015, it is a decentralized software platform that enables smart contracts and decentralized Applications (DAPPS) to be created and run without any control or interference from a third party.
Cura Network is a global decentralized health system comprising of entities collaborating and sharing data with each other to promote, restore or maintain health. Cura Network aims to improve the healthcare universe by making use of blockchain technology to create a unified platform that will power a plethora of health services.
The first generation of blockchain platforms were not designed for business. They lack key characteristics demanded by business including privacy and finality. Corda was designed from the start for business. Corda’s smart contracts enable privacy and finality across any agreement or asset type.
Ripple connects banks and payment providers via RippleNet to provide one friction-less experience for sending and receiving money globally. RippleNet runs on the most advanced blockchain technology. It is scale-able, secure and inter-operates with different networks. Customers have optional access to source liquidity using the world’s fastest and most reliable digital asset for payments.
It is a redistributed digital currency without a single administrator that can be sent from user to user without the need for intermediaries.
Hyperledger Fabric is a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. Intended as a foundation for developing applications or solutions with a modular architecture, Hyperledger Fabric allows components, such as consensus and membership services, to be plug-and-play. Hyperledger Fabric leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.
The innovation of Blockchain technology is indeed a cause for celebration as not only does it make our business transactions so much easier but also it enables an equitable economy. With its current pace of growth, there is a good chance that very soon we will be living in a world where peoples’ earnings are in proportion to their input. Wouldn’t you like to be a part of that world?