Is adoption of decentralized blockchains a better way to implement better governance?
We explore with the help of a story...
There was a king who took pride in his administrative skills.He expanded his kingdom far and wide.
He believed he was the greatest ruler and administrator of his times.
So he built a big opulent palace and had it decked up with gold, silver and precious jewels.
He had extensive gardens with exotic plants and he maintained a zoo with rare animals from around the world.
To guard the palace and its surroundings he deployed loyal guards who guarded the palace its gardens and property around it and reported only to him.
It was a case of centralized control at its best.
The king was so confident about his administrative abilities and his guards that he threw an open challenge.
He took such pride in his ruling and administrative skills that he declared that anyone who managed to steal anything from the palace perhaps even a needle would be rewarded with a thous and gold coins.
In addition he or she would get to keep the stolen goods as an additional bounty prize.
Is such a challenge even possible ?
Well think of it as a hackathon of the old times.
The kings men were on double duty and as expected many attempted were made to steal the gold, silver and the jewels from the palace and the alert guards nabbed them all.
No amount of ingenuity seemed to work and everyone got caught.
One day the son of the kings chief gardener who was also a trainee gardener enrolled for the challenge. He would go inside the palace and visit its various parts before attending to his duty in the royal garden.
Every day he would cut the grass and make stacks out of the cut grass and take it away.
Since he had opted for the challenge the royal guards followed him everywhere.
Every day in the evening when he got off duty he would put the stacks of cut grass on a cart and take it out of the palace gates.
The kings guards followed the protocol set by the king and diligently searched him from top to toe.
They even counted the number of stacks of grass and the bales of hay that he took out and noted them.
Finding nothing on him they would open the bales and go through them in the hope of finding something of value hidden inside the grass and hay.
They even went ahead and weight the grass and hay and noted the weight.
Every evening they performed this ritual and found no silver, gold or jewels in his possession.
This continued for a period of thirty days and then the Gardner appeared before the king and declared that he had been successful in stealing from the royal palace.
The chief of the royal guard who was present in the court was quick to refute the claim and he produced a record of what all the gardener had taken from the palace.
His records read as follows
No of Stacks of useless Hay taken out:
No of Stacks of Grass taken out :
Reading the record the king gave a hearty laugh and though that the gardener was a fool and a simpleton who thought that by taking out hay and grass from the palace he would be able to prove he had stolen something.
So he asked the gardener to leave however the gardener read out the document of the royal challenge which read that if a person can manage to steal even a needle from the palace he would be rewarded.
The king was perplexed and asked the gardener to explain what and how he had manged to steal anything from the palace.
The gardener went out and came back with a cart which had the markings of the royal palace.
He showed the cart to the king and the chief of the guards and asked them to identify if it belonged to the palace.
The chief of guard was quick to identify that it was the property of the palace.
Now the gardener asked him to show if an entry was made in the ledger for the cart.
The chief of guards was perplexed and could not find an entry for the cart.
The records only showed the no of hay stacks and grass.
They had weight of hay and grass noted however due to oversight the royal guards failed to identify the cart as anything of value leaving the palace.
So the Gardner explained that everyday he would take the grass and hay in a metal cart belonging to the palace and the guards would make a note of the grass and hay and search him for any valuables.
The cart was too obvious to be noted and was overlooked.
This continued for a good thirty days and as a result the gardener manage to steal 30 carts from the palace.
Every day he would load one cart with hay and grass and simply drag it out and no one would take a note of it.
The gardener had won the challenge and was suitably rewarded.
Let us take the case in reference to the world of blockchain and crypto
Be it a government, an office or a central bank they all believe in a centralized working model of working and control.
They work on the premise that they know best and have the best way to carry out the business of governance or running an organization.
There are multiple points of failure in such centralized control mechanism.
However with changing times it has been proved beyond doubt that a decentralized blockchain can be used to implement a much better way.
A decentralized blockchain can do wonders
Be it good governance, storage of records and data or distribution of funds to the public a decentralized blockchain can deliver better results
Decentralized blockchains can make a big difference
Centralized control leads to to much time being wasted and as there are too many blind spots and loopholes the system gets exploited by some.
Transfer of funds across borders
People who want to send fund home to their native countries either use un-trusted intermediaries and end up losing money due to cheating or have to pay big fee for using bank transfers.
Currently there are huge fees for sending money across borders.
There is endless paperwork, wastage of time and high fee is involved.
The same financial transfers can be better executed in a controlled manner using blockchains and crypto currencies.
The Blockchain & crypto tech is still new and evolving
This is a new tech and still evolving so may take some time to iron out the drawbacks.
However it cannot be ruled out that it presents a lot of benefits and so this tech should be adopted with open arms.
Disclaimer: The content of this post is not financial advice. Please do your research and due diligence before putting your money into any project.
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