Is Blockchain Socialism even a term? Blockchain technology has the immense potential to lead the next Industrial Revolution – one powered by data. It promises to resolve the myriad social, financial, and administrative problems that mankind faces today.
However, can the same technology take away the very freedoms it promises – that of privacy and anonymity? The COVID-19 pandemic has opened up a whole new debate. As the influenza-like illness sweeps the entire world, technology is increasingly used for patient tracking, mass surveillance, monitoring, public movements, and much more. Under the garb of detecting and tracking the virus outbreaks, authorities are using privacy-infringing tools that most people would have dreaded a few weeks ago. Is blockchain socialism coming?
Blockchain Socialism is coming – Is everyone ready?
So, are we living in a world where every conversation, movement, human interaction, and decisions are scrutinized, recorded, and observed? Well, the answer is a resounding yes. Will the current situation tragically snowball to give birth to a ‘Social Credit System’ where citizens are rated for regulatory compliance? To a certain extent, many nations already employ such technologies.
Chinese authorities are boasting how their surveillance mechanisms have reigned in the Coronavirus. Their proactive citizen tracking algorithms helped identify, track, and rate citizens according to the health risks they pose. Chinese investments in blockchain technology are at an all-time high. Prominent cryptocurrencies and blockchain projects have Chinese roots.
The technology that promised anonymity and privacy is being used to create a dystopian social surveillance system. A decentralized digital system with a community-controlled feature-set can empower societies. However, in the hands of an authoritative government, the same technology can be used to wield centralized control over the masses.
COVID-19 accelerated an already frightening trend