How Blockchain Can Fuel Economic Empowerment
An accomplished financial executive who has succeeded in spurring growth at both startups and major corporations, Mikhail Golomb serves as the chief financial officer and as an executive vice president at Breathometer, a breath analysis technology firm. The former CFO of BitFury, Mikhail Golomb also serves as a mentor with the Stanford GSB Ignite program at the Stanford Graduate School of Business, where he draws on his knowledge of emerging sectors such as cryptocurrency to prepare the next generation of business innovators.
The technology that underpins cryptocurrencies such as Bitcoin, Blockchain has the potential to address cycles of economic inequality around the world. As noted by Tapscott Group CEO and innovation thought leader Don Tapscott, the secure transaction ledger provided by blockchain offers a safer personalized way for individuals to manage their personal data, thus enabling them to gain more control over their financial identity.
Certain financial services, such as personal banking or asset transfers, can be exclusionary toward those without adequate personal identification or initial funds to invest. Blockchain technology can aid the development of a more diverse global economy by allowing a wider range of people to participate. Blockchain offers the opportunity to reduce wealth inequality not by redistributing existing wealth, but by creating a framework for individuals in developing nations to take advantage of emerging digital technologies.
In addition to making financial services more accessible, blockchain’s capacity to provide individuals with greater ownership over their data could lead to a more symbiotic relationship between businesses and consumers. Rather than granting social media networks and digital business access to all of their personal data upfront, consumers could just use blockchain technology to leverage their data more carefully in exchange for discounts, loyalty points, and other benefits from companies seeking new consumer data.
