Jack Dorsey, the designer behind some of the most popular internet sites, including Twitter and Craigslist, hopes that the “blockchain” will revolutionize how the world economy functions. The “blockchain,” a term that is used to describe the technology that undergirds the way people trade and communicates today on the internet, could help to eliminate the power of the banks and financial institutions in the process. The power of money would be removed from the hands of banks and removed from the lives of ordinary citizens who desire better economic opportunities for themselves and their families. If you have ever wondered what Dorsey is really saying when he states that he hopes, “Blockchain technology will help to bring about world peace.”
In order to understand what Dorsey is talking about, it is necessary to look at how things work in the world today. For instance, if you have an outstanding warrant out for your arrest, it would be difficult for you to simply walk into the courthouse or police station, or request a court date. Instead, you would probably be advised to turn yourself in, face whatever charges you are accused with, and make arrangements for your bond hearing to set a date for your court appearance. If you are unable to appear in court on the set date, or if your attorney is unable to arrange a bond with the courts, then you might even be detained without bond, which can mean having your assets seized by the court and sold to satisfy your debt. The outcome of any of these events depends upon what the police department or judicial authority decides.
As Dorsey points out, the current system of money is designed in such a way that it causes wars. Governments go to war with one another in order to gain control over valuable resources. This creates shortages in world markets, creating hyper-inflation, interest rates that are too high, and spiraling economies that are forced to seek hyper-inflation as a solution to their problems. In a very short period of time, this happens over again. Many people blame this on “over-regulated capitalism”, which is false, but because people do not understand how the global monetary system works, they blame it for every problem they see.