A faster and more inclusive financial system.
A faster and more inclusive financial system.
The financial services industry makes our global economy boil with activity, but the system is today fraught with problems. For example, it is surely the most centralized industry in the world and the last one that feels the transformative effects of the technological revolution. Bastions of the old financial order, such as banks, do the impossible to defend their monopolies and often hinder reform innovations. In addition, the financial system works with outdated technology and is regulated by laws dating back to the 19th century.
Help to those who create value In the first generation of internet many intellectual property creators stopped receiving due compensation for it. The first were musicians and composers who had contracts with record companies that had not imagined how the industry would affect the industry. They were not able to sign up for the digital era and reinvent their business models, and little by little they were giving up control to innovative online distributors.
It abounds in contradictions and evolves unevenly, which makes it sometimes slow, often insecure and, almost always, opaque to many who participate in it. Distributed registry technology can release many financial services from the cage of old institutions, as well as promote competition and innovation. This is good for the end user. Even when connected to the old internet, billions of people are excluded from the economy for the simple reason that financial institutions do not offer services such as banking because they would be unprofitable and risky customers.
With the blockchain system, these people are not only connected, but - and more importantly - included in the financial activity, and able to buy, lend, sell and, in short, measure in life. Other institutions such as these can transform themselves thanks to blockchain technology, provided they have the will to do so.
Technology is a great promise of industry revolution for good, from banks to exchanges, from insurance companies to accounting advice, through brokerage agencies, micro-lenders, credit card networks, real estate agencies and others.
Global protection of economic rights.
Property rights are so inseparably linked to our capitalist democracy system that in the first draft of the United States Declaration of Independence written by Thomas Jefferson they listed as inalienable rights of man "the right to life the right to freedom and the right to search for property, not happiness
Although these great principles laid the foundations of the modern economy and society that we enjoy in many developed countries, so far much of the world's population has not benefited from them.
And although progress has been made in the chapters of life and freedom, most of the owners of the world see how corrupt officials confiscate their homes or their lands arbitrarily, just by giving a key to their computers connected to the base of centralized data of the State.
Without proof of ownership, landowners cannot borrow, get a building license or sell the property, and can be expropriated, all of which is a serious impediment to prosperity.
