It would be a stretch to say blockchain and crypto alone can solve rising systemic crises, but they show how systems can keep humanity connected in the face of dramatic upheaval. Opinion by DavidZMorris for 'The Node' newsletter.
If the 20th century was marked by economic integration and a greater awareness of our common humanity, the 21stt seems poised to reinscribe differences and borders, even as we all stare across those gaps at each other’s TikTok posts. Basic economics tells us that this fragmentation will make us all poorer, even if we’re not directly impacted.
It would be Thomas Friedman-caliber hubris to argue that blockchain and cryptocurrency networks are the answer to these rising systemic crises. They can certainly provide a way for individuals to transact despite things like the SWIFT cutoff, and a form of financial record keeping that can’t be upended by a tornado hitting the building where your bank balance is saved. But they also face an array of basic limits, such as the vulnerability of internet access itself in destabilized areas.