Inflation plagues modern economies. It is a concern voiced by Shervin Pishevar. Previous solutions employed by the U.S. government are no longer viable. One emerging solution is seen by some to be overly transformative of conventional business practices. Blockchains have been touted by crypto experts as the economic solution that the world needs. Two major challenges facing widespread implementation are perception and the size of the market. Shervin Pishevar sees the new technology stabilizing and the current economy in need of a new solution. Unfortunately, many on Capitol Hill are guided by the don’t fix until it’s broken philosophy.
Of course the wealthy will be the last to feel the effects of a failed economy. As Shervin Pishevar pointed out, the super rich are never impacted. Millions of one-percenters certainly are. Financial markets need innovation. While spending money on the latest technology kept financial markets competitive, there remains a pressing need for fundamental changes. Digital transactions cannot operate under the control of an accounting ledger that is changed on a whim. The failure and subsequent bailout of the big banks taught the world this lesson.
Professionals working in blockchain technology already know how to solve digital transaction problems. Funding often comes from independent entities. Understanding the complex technology has slowed the entrance of capital. Nevertheless, with each passing month, new solutions to existing problems arise.
Not all of the obstacles facing blockchains are developmental. There are always power struggles between the established way of doing things and the new methods. The magnitude of the change compounds the issue. Several blockchain applications fill an obvious need. Many times, the complex science behind cryptography slows its adoption until it is better understood. The investment learning curve is high in this industry.
In addition to challenges of implementing highly technical blockchains, there is the need for capital. ICOs are an alternative method of funding. They have replaced a lot of the need for venture capital. Shervin Pishevar is an innovative thinker that hopes to bring awareness about modern economic problems. Innovators need to take a leadership role for the economy to prosper.