On The Edge Of The Fourth Industrial Revolution - How Blockchain Will Impact World Politics
The fourth industrial revolution; digitalisation (blockchain), automation, robotisation, 3D printing, AI (artificial intelligence), new transportation systems (Hyperloop, electric vehicles, drones) will shape not just our economies, but world politics as well.
Emerging technologies will enhance democratic freedoms, make our globe smaller, and those countries will benefit, which are practising cooperation between other countries and willing to change.
For instance, blockchain has the capability to shape industries, like banking but it has multiple benefits. Nowadays, when a person sends an email, the receiver receives a copy of the email. Therefore, we need intermediaries, like banks and others when people are moving money. When a person uses blockchain, the person is actually sending the original digital file, not a copy. Blockchains are moving objects in the digital world.
What are the benefits of blockchain?
- Promotes direct democracy and online voting.
- Enhances decentralisation.
- Reduces the amount of intermediaries.
- Value can be stored.
- Value, especially money, can be moved forward in a rapid speed around the world.
- Reduces costs, this will enhance economic growth.
- Blockchain can act as a business for creative minds.
- Easier to fight crime and fraud – everything can be tracked.
- Enhanced individual rights and privacy in the online world.
- Reduces systemic risk in the financial system.
Blockchain can enhance globalisation, which is much needed because the world economy is struggling. Therefore, it can be a real game changer for countries and actors who wants to move forward in the modern business world.
Is direct democracy an answer for current political challenges?
Blockchain has the possibility to promote democratic values and direct democracy because individuals can add their personal data into blockchains, which will protect their online privacies. This means that online voting is very secure. Hence, governments can easily arrange referendums or ask advise directly from their citizens, and to practice real-time politics by using big data.
These new emerging technologies will make our globe flat, and it will enhance fragmentation. However, it does not mean that international organisations such as the UN, the EU, NATO and others will be obsolete. International organisations are much needed in order to enhance cooperation between nations but at the same time local actors will have more global powers and tools to act. Emerging technologies will make our globe smaller.
Open societies will benefit because they are open for economic flows and change. Fragmentation, integration and internationalism will move on the same path because they have similar goals.
But there will be countries, which can not renew themselves and will practice isolationism but these counties can not generate wealth in an emerging new world order, which promotes individual freedoms around the globe in a historical way.