Within today’s technological, economic, societal, global, national, and cultural world, we are still faced with the need to own a bank account, which can cost you from 9 dollars or more per month. If you withdraw money from your savings to your checking account more than six times, you may see a penalty charge of 30 dollars or more, seeing that banks like to use your money to create loans, so they don’t want their money flow disrupted. So, in this case, you don’t own your own money, the bank and the government own it, you are only given the right to use it, but your account can be frozen through the order of your government, no matter where you live.
What if you can own your account and your money assets without the fear of government, or a foreign government freezing your account? Could this, or should this be done? The answer is straightforward: yes, it should and could be done.
First, I will state that any new technology that is developed needs to have security at the forefront of the development, or it shouldn’t be developed and never make it to the marketplace, not that it shouldn’t be designed. Before construction, security needs to be inserted, and the safety is proven and scrutinized before the development of technological products goes to the market. Besides, if a company fails this simple task, they need to be fined, and the product removed from the national and global market until the security issue is fixed.
I found a fascinating video for the TED conference video site by Don Tapscott (2016), Blockchain Revolution, which follows my thoughts as stated above, I need to get his book. Mr. Tapscott’s research institute is one of the world’s leading authorities on technology and the impact associated with businesses and society.
Within our society, government, and banking environment, there is a growing need for solutions to protect bank accounts from hackers looking to make fast cash. Besides, many people can’t afford bank accounts and to send money to someone, this can take one to five business days, that excludes weekends. Without a bank account, people need to use money grams or money orders, which cost money to the individual sending money to a friend or loved ones. Within Mr. Tapscott’s video, he states that blockchain currency could be the best solution to today’s banking issues and how this is the most secure and functional way to provide money transactions locally or globally.
As a Treky from the earlier days, I recall a Trek series called Deep Space Nine that used a universal process for currency transactions that took seconds. The Ferengi used the transaction process a lot, which used a code for authentication so that the Ferengi could move liquid Latinum from one account to another. Latinum was a rare substance that was prized by many civilizations within the Alpha Quadrant, and the liquid latinum was suspended within gold or gold dust to produce gold-pressed latinum (Memory beta, 2020). Why I bring this up is that the blockchain currently doesn’t have a rare substance that keeps the value on blockchain money stable. The blockchain money is subject to change by the stock exchange, which makes blockchain money unstable, so this could be a problem, and most people would like money to be stable and not subject to change by governments or global ills.
TED, conference by Don Tapscott (June 2016) How the blockchain is changing money and business https://www.ted.com/talks/don_tapscott_how_the_blockchain_is_changing_money_and_business#t-1117744
Memory beta (2020) Latinum https://memory-beta.fandom.com/wiki/Latinum
The Futurists in Technology