The Turbulence of Change
Money is the ultimate utility, it not only ensures us basic needs of life, but it is the vehicle to all luxuries as well. The thought of a common tool that everyone would require in order to attain other things of daily use, served as the prerequisite of introducing money. Turning the clock back, when barter system was the primary if not the only means of commerce and trade, there was ambiguity surrounding the value of each object put on the treadmill of exchange. Soon, this very confusion demanded a change; a change that would bring something of an objective value.
Thus, money served as the desired tool and revolutionized the procedures of trade. This meant that now everyone with a certain fixed amount in their pocket, could buy the utilities under that price. It also meant that money puts a fixed price tag on things (unless, of course, the seller is ready to bargain). This bridged gaps, brought together markets and banks became a necessity.
This tool, money, soon took many shapes and forms; from coins to notes, then from dollars to pounds and then to rupees (even multiple versions of that!). Thus, money became defined within national bounds and became survival of nations through national reserves. Soon there established a bond between gold and money, a bond that ensures global positioning of entire countries on various economic scales.
In fact, money was so successful a venture that it saw hundreds of empires, dynasties and kingdom rise and fall, the shift of powers between numerous civilizations and two world wars. The modern era has brought money to the helm of technology. This have given birth to the new avenues of fintech.
But is the integration of finance and tech, enough to stir the revolution towards an entirely new way of money storage i.e., blockchain?
The global currency for trade seems to have solid rules and regulations. With US dollar being the primary currency of international trade, companies like VISA and MasterCard allowing cross-continental connectivity to your bank account, the framework seems laid out just fine.
But the change is once again not independent of the conditions, and totally dependent on the need of the majority.
After decades of credit card thefts, limitations on trade and the rising insecurity around online presence of user data, it seems that blockchain is the solution to this multi-pronged problem.
The answer lies in blockchain and cryptocurrency due to the insurance of freedom and safety, two of the dearest things to humans. The new era of the internet will comprise of users that are always connected, and the journey towards ‘global village’ gets fueled by a smooth and safe economic ecosystem. That ecosystem will demand a system of decentralization, where the devices of financial transactions will not be ATM machines, rather our phones. Furthermore, vaults of the banks will soon be emptied as online wallets take up their roles.
The turbulence is inevitable, but the rewards outweigh them on all scales.
Written By Humza Noor
