“Innovation is taking two things that exist and putting them together in a new way.“ -Tom Freston, Co-founder of MTV.
This week we are talking about innovation on the site as we continue to theme out the free market, and break down its core principles. Innovation in the economy is defined as creating a new way of completing something, or creating a new technology to be used in the economy. Major innovations have come from free market economies because these economic platforms have less regulations and hindrances on the ability of individual entrepreneurs to create new products and services. There are countless innovations that our modern way of living can credit to a single entrepreneur with a motive to change the world for the better via their product or system. The biggest innovation today is Cryptocurrency and BlockChain technology.
Bitcoin, and other crypto Currencies can be argued as the best example of the Free Market in existence today. With their blockchain technology Cryptocurrencies have taken the world by storm;They have shown governments and people that free and fair market systems can exist successfully without a central bank or regulatory oversight. These block chain networks are peer-to-peer systems, meaning that the system is run off of a network of computers which are owned by individuals, not corporations. The networks have taken financial control away from the government and allowed the people to build a “smart economy” that works based on the market’s needs. Crypto transactions are anonymous, and can not be manipulated, quantitatively eased, or artificially inflated unlike modern fiat currencies. To give more clarity, the Federal Reserve printed money at a rate never before seen in 2020 during the Coronavirus Pandemic. They did this to bail out the United States economy, and while it may have worked in the short term, the end of year spike we saw in BTC really reflects the impact that mass money printing has had on the U.S dollar. Cryptocurrency will not be going anywhere, and it will continue to innovate and change the world around us.
To close; we are just scratching the surface of BlockChain technology and all of its potential uses and capabilities.. We are at the beginning of a global and cultural paradigm shift that is going to open the floodgates of efficiency, freedom and innovation in the global economy to the likes of which no one has even conceived. I really wonder if Satoshi knew how powerful his protocols were when he released them into the world. Please let me know your thoughts on the contact page! Tomorrow We will dive more into the possibilities of blockchain!
