Written by Jago Penrose
There are many criticisms of the modern day financial, identity, and democratic systems globally and over the years a common response to such criticism is: ‘Well, do you have something better to propose?’ Which up until 2013 or so, was a fair point. However, for those who understand the potential application third and fourth generation blockchain and cryptography presents are nowadays quick to retort.
One of the biggest issues within society in terms of criminal behaviour which consistently ruins peoples’ lives is arguably fraud. Specifically, identity theft. We can even see this evidenced as a recurring issue in first world and western nations. The Cardano Foundation are industry leading in their efforts to roll out an identity proofing system on their protocol in Africa, however this application of blockchain technology opens the door to an exponential amount of potential with regards to providing equal and fair opportunity through tokenisation – beginning with a complete overhaul of the education system database in Ethiopia. Attendance records? Tokenised. Academic achievements? Tokenised. Identity documents? Tokenised. Anyone who wished to challenge or deny your achievements or personal development can be proven wrong with a mere link to the relevant section of the protocol database.
Such an application of the most exciting technological developments in terms of societal impact has inspired a lot of people, and projects. The tokenisation of real-world assets is for some the real game changer in terms of the prospect of providing both equal opportunity and protection liquidity of one’s assets. An example of a project looking to lead the industry in this sense is Omnia, fronted by Raki Brown, who early on had the idea of tokenising tangible, real world assets. The self-proclaimed Omnia mission ranges from tokenising assets such as land in developing nations, helping to bring much needed capital from a global community, to tokenising exclusive high value items, lowering the entry threshold and enabling broader liquidity. The Quest for Universal Access to Wealth Creation coincides with their goal of becoming the largest platform of tokenised real-world assets by 2030 and beyond.
Beyond enabling more opportunity to increase the benefit from one’s assets, the application of tokenisation within systems of democracy is one of the reasons we periodically see blockchain being “banned” in certain countries. Such an application of the technology could enable voting systems with all the issues we see today being negated and cured. There will be no Donald Trump calling for a recount or purporting fraud. There will be no oppression of voters, of any age, ethnicity, geographical location, or economic standing. That is true equality. Do you think your voting ballot should be tokenised and recorded on the blockchain? I know for myself, some of the finest minds at Omnia and some of the most revered mathematicians in the world who have peer reviewed the Cardano research it is the natural way forward in terms of the progression of society for the benefit of all, period.