Gutemberg Dos Santos, a tech entrepreneur from the crypto industry claims 2020 as the start of a new age of crypto-economy.
In a recent newsletter, Gutemberg pointed out all the major elements that have triggered the downfall of the traditional economy and how common people are being deceived by the economies. He is betting big on the blockchain technology and said, ‘In the crypto-economy, the consensus will be everything as a crypto-economy offers economic associations that are not directly interceded by the state, opening possibilities for an economic organization that do not comply with the state’s conception of economic order.’
It is essential to see the crypto economy in relation to the history of economy and finance. Authorities have been manipulating data for decades, we can say that record keeping and clearinghouses for transactions no longer require the hand of the state.
Key Features of Crypto-Economy as explained by Gutemberg are as follows:
- Form of money is changing – The transparency induced by blockchain-based currencies have basically challenged the historical proposition that only the state can provide a basis of trust in symbolic tokens-as-money. Blockchain-based currencies have the potential for developing new ways to calculate economic activity; ways that represent different social and economic values, and measure performance by criteria other than profit.
- Financial Inclusion – Financial products and services drive the world’s development and reduce poverty. According to a report published by Deloitte, more than 1.7 billion individuals globally currently lack the most basic financial services and therefore cannot adequately invest in their health, education, and entrepreneurship. Recent progress has been driven by a new generation of financial services powered by the blockchain technology accessed via mobile phone and the internet.
‘Blockchain could have the potential to facilitate remittances for migrants seeking to transfer small amounts of money overseas; blockchain could provide a decentralized global bank account relieving financially excluded individuals from having to set one up with formal financial institutions, and blockchain could provide the basis for a richer set of financial services.’ – Deloitte
- Digital Identity – According to the same report, 2.4 billion people in the world do not have a digital identity and this is one of the main issues preventing their access to financial institutions. Working with identity solutions mechanisms, blockchain can support in creating a decentralized approach to identity management, and manage social and financial entitlements.
About Gutemberg Dos Santos
Gutemberg Dos Santos is a Brazilian-American entrepreneur whose strategic vision focuses on Blockchain business models, artificial intelligence, innovative technologies, and startups. He is one of the main promoters of the use of Blockchain technology and of innovations that have a significant impact on the financial industry, the health industry and environmental sustainability.