How Blockchain and Crypto Are Poised to Shift the Balance of Power

Despite the obvious utility, and many current and fascinating applications of blockchain - from improving supply chain traceability to collecting adorable digital cats - the true potential of this incredible technology is often overlooked: the ability to upend existing power structures by undermining centralization.

Ultimately, blockchain and cryptocurrencies look increasingly likely to bring about a shift in the balance and locus of power, moving it away from centralized entities like those aforementioned banks and governments and toward the people, fundamentally changing who wields power and what is done with it.

With the advent of cryptocurrencies, a viable option to challenge this control and associated power has finally emerged, offering a level of self-sovereignty and security not found in the current financial system.

A new financial system built with blockchain would not be controlled by a central entity, but instead would place power back in the hands of the people.

A move from centralized to decentralized finance can have numerous ramifications for the general population, greatly altering the way people interact with their finances - especially in how much they trust in its security.

When considering the different features of these two financial systems - the traditional and its decentralized alternative - it becomes clear that moving toward a decentralized system would engender a transfer of power to the people.

On a concrete, individual level, this shift in power can take simple forms, from enabling increased control of and access to financial assets to permitting access to funds from anywhere in the world and facilitating the global transfer of funds with minimal cost.

The variety of cryptocurrencies on offer give people the power to choose which features they would like to prioritize - whether that be speed, cost, the rate of transactions, or increased security and transparency.

What is the danger in allowing individuals more freedom and agency over how their financial presence takes shape? Individuals on the ground are better suited to making such decisions than centralized institutions.

The time has come for that power to be returned to the people.