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Blockchain – a new era in global commons governance?

Forces of Change

During the COVID 19 pandemic, we have experienced fragmentation of global systems of supply chains, increasing protectionism, government’s looking inwards rather than outwards, and challenges in international cooperation of a magnitude not seen for  many decades. These are global commons problems and require global governance. Global Commons refer to  things which span the globe beyond national jurisdictions. Some of the major global institutions which span national jurisdictions are also being transformed and changed.   Not only are they being transformed and changed at a national and  supra-national level, but some of the largest incumbents in the system which sustains us are having to fundamentally change their business models. Interoperability and  scalability is everything.  It is a massive, systemic transformation for the planet that’s needed,  and it also looks as if it is inevitable we are on this road. 

The new World cannot survive without  understanding the present World order  and solving some of the real problems in this present world or else you’re still going to leave people behind.  That is the biggest problem in this whole social divide. If the focus is not about humans and it’s too much about technology, then we’re still going to get back to this to the same problem. So let’s not forget that humans are the center of this whole conversation. Less the technology and the learning process. To change the ideas of those humans to become part of the cooperative community is really the key to any of these new technologies achieving their potential.

The Pandemic is not the only global problem, there are other issues about social justice, social injustice and climate crisis that have been exposed.  There are three major forces of change, coming together and convening to transform life on this planet in a way that has never been done before. One of those is the technology revolution that we’re currently in. The second is the fact that we live on a heating planet, and it’s also one where if we continue to use the resources at the rate we are, it won’t be able to sustain  life as we know it. The third  is the economic rebalancing that is taking place in the world.  These major forces are all linked. 

Systems that up to now, have been used to manage monetary policy to manage national sovereignty are being thrown into question. Digital currencies  are challenging central banks all over the world  to rethink.  This pandemic is also going to act as an accelerator to that process. 

The Pandemic has been a reckoning. It showed us the weaknesses in our systems. Inequality and climate is really what we have to focus on. We have to build tools that help equality and energy trading and preservation.  The global economy has failed people in being able to include them.   The world is now at a hard fork, those who have everything to lose are now running up against the people who have nothing to lose and a hard fork. The way we can all come to the same page digitally is through a transparent system and choose to develop better not by regulation but by where we put our dollar and how we choose to spend it. We now have the technological power to influence this dynamic in where and how we each spend our every dollar.  We do not need to rely on regulators alone to oversee that process on our behalf.

What can Blockchain do that can help make digital economies easier for the future and have put a peer to peer trust layer in it that new applications can be built on top of? Blockchain creates the possibility to reorganize ourselves and be a lot more people centric and be a lot more collaborative.  It is one component of the  technology revolution which gives humankind the power and the tools to look at global common problems in a more trusted and collaborative way. There are opportunities to build alternatives for new societies, different ways of financial systems using technology that can  enable us to find solutions in time to save the planet, and everyone has a more equal chance in life. In the end, what really matters is  not money in and of itself but judicious access to those resources which each human needs in order to live on a healthy, harmonious planet.  Everyone on the planet doesn’t need money, they need access to housing; access to security; to health;  to clean water; to clean energies. People need to have access to those things, not money. 


Contributors: Dr Jane Thomason : Fintech.TV; Kevin Monserrat: Consilience Ventures, Thessy Mehrain: Co-Founder of Liquality ; Jeremy Wilson: Whitechapel Thinktank;John Kamara: Founder Adalabs; Susan Oh: Civic technologist 

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