Shervin Pishevar: Why We Need Cryptocurrencies Now
Most people are more familiar with the word cryptocurrency than with blockchain. This is because cryptocurrencies are readily seen and used by individuals. Blockchains are digital ledgers that can run cryptocurrencies but have other applications.
Digital ledgers do not need a cryptocurrency to be valuable to an organization. They provide data management, efficiency, and logistical advantages. However, for individuals, a blockchain that is devoid of a cryptocurrency is often much less relevant.
Shervin Pishevar called attention to blockchain-based cryptocurrencies last year. Today, you might find yourself using a blockchain-based application without knowing it. For example, Amazon is invested in blockchain. The company already offers services based on its private version of the technology.
Shervin Pishevar might point out that blockchains were initially designed to decentralize digital transactions. This is the express intent of cryptocurrencies. By centralizing blockchain applications, private companies, like Amazon, are essentially ‘hacking’ blockchain’s founding principles. Without cryptocurrencies to empower individuals with control over their own transactions, Shervin Pishevar’s call for small business innovation goes unheard.
Cryptocurrencies are powerful because they secure P2P transactions. They do more than this, but direct trades are their most profound application. By using a cryptocurrency, individuals do not need a third party to complete a secure transaction. The current method of digital transactions involves credit ledgers and third parties. With a blockchain-based cryptocurrency, individuals can trust the technology instead.
Developers and other innovative thinkers grasp how cryptocurrencies can be used for P2P, decentralized applications. Consider email. By using cryptocurrencies and a decentralized blockchain, only the two parties to and from which emails are sent can access the content of the message. With Internet privacy issues in the spotlight and the subject of regulation, this become a profound application.
Shervin Pishevar recognized the need for cryptocurrencies in the global economy. He called for alternatives to the tech monopolies acting as third parties. They have a disproportionate amount of control over information for the services they provide. Cryptocurrencies would limit third party involvement to valuable contributors only.