Sep 15, 2021
Our vision for the future of blockchain technology
by Maryna Trifonova, Head of Content at Jax.Network
Blockchain is still a very young technology, which is yet to be developed and mass adopted. It’s obvious that blockchain has great potential not only in the supply chain management and global payments market. In our opinion, this technology will evolve dramatically over the years to come. Read the article till the end to learn more about our vision for the future of blockchain technology.
Blockchain applications
- New governance models
- Tax collection
- Innovations
- Raising capital
New governance models
In the future, governments will have new monetary policies using blockchain technology. They also will have precise organizational systems at a much lower cost. Transparency of the governance will be improved a lot thanks to blockchain technology, as all the government processes are interlinked and blockchain technology will help to store and manage them in a decentralized fashion. Due to the transparent and immutable nature of blockchain, governments will also be able to run referendums on a daily basis.
There will be new types of companies (DACs) that are based on the principles of decentralized meritocracies. It means that the most powerful company will be the one that controls the biggest amount of energy. A decentralized meritocracy will ensure that people of merit shine. We believe that this is the only way to build and scale a company that will survive for many years. And more importantly, everyone has an equal chance to succeed without any favoritism under such a system.
Tax collection
Governments will collect transactional tax using blockchain technology. This way the tax collection process will be more efficient and precise, enriching the government tax revenue. For example, a government can implement a UBI tax, which implies that it’s distributed back to the people, allowing them to develop their skills and society at large. As you see, everyone wins in the end.
Innovations
If people move to cryptocurrencies fully, especially Proof-of-Work-based coins, then basically currency becomes underwritten by energy. And since money is the technology that helps civilization to function efficiently, the entire civilization will try to innovate in money and that would end up in improving energy efficiency and creating a better world.
It’s worth noting that this assumption implies that PoW cryptocurrencies will be dominating the market. A truly decentralized stablecoin can be created only on top of a PoW blockchain. Basically, that’s what we did when we introduced JAX. We have already started to build infrastructure around it. Keep up with our updates!
Raising capital
It will be much easier for companies to raise capital because the capital markets have gone global now thanks to cryptocurrencies. They will be able to cut the time needed for collecting a large amount of money as well as the cost for each individual transaction. And it can be applied to every sphere of the company’s operation, from IPOs to charity initiatives.
Conclusion
We can’t imagine the future of our civilization without blockchain technology. It will create so many ways to help humans not only transact conveniently but to organize key governmental processes, including voting, tax collection, and fundraising.
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