Creating your own economic space with blockchain

Creating your own economic space with blockchain

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Creating your own economic space with blockchain - Idea Blog

 

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Creating your own economic space with blockchain

 

Decentralizing the economy

 

(26.04.2018 – Idea Blog)

 

 

Blockchain is changing the way people think about the economy and is opening up new possibilities.

 

Prior to the public Internet, computing was centralized with computing power in the hands of large corporations with mainframes. With PCs and the Internet, computing power became distributed to users. The idea of distributed computing and networks came into being. And with the cloud, now you have distributed storage. What about distributed economics?

 

Blockchain startups are creating their own programmable economic spaces and, what they call, reputation systems. For example, a food/grocery delivery startup could use blockchain to incentivize certain types of behaviour. For instance, if a customer orders food/groceries that are locally grown and use less packaging then they would be rewarded with more of the startup’s cryptotokens than a customer who orders groceries that use more packaging or require more transport costs. These cryptotokens could then be traded for elsewhere. Thus, the startup is incentivizing its customers to think about the environment and the customers are creating their online reputation with the cryptotokens which can be transferred around.

 

There are numerous other possibilities that startups can create using blockchain. Sacred Capital, based in Singapore, is one of many startups creating its own programmable economic space and reputation system. Startups are experimenting with blockchain and pushing the boundaries of what can be achieved. They are creating a distributed economy that is decentralized.

 

 

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