Simone Wapler – La Chronique Agora (France) –
Blockchain technology allows the decentralized maintenance of tamper-proof registers. It is therefore a threat to a myriad of bureaucrats.
Since the dawn of time, important contracts have been validated by religious or political authorities. The important contracts that punctuate our social life concern the transfer of money or property.
The 282 laws of the Hammurabi Code, which dates back to 3,800 years, constitute the first known body of law. Hammurabi was king of Babylon. This code already administered the property of movable property (including slaves!), The relations between lenders and borrowers.
” If anyone has given a man money for an association- tapputum , they will share equally, before the god ( in his temple ), the profit or loss that will occur. ”
Even today, this organization prevails, the debt and property registers are held by authorities. These may not be religious, but they are political or bureaucratic.
A bank note is signed by a central banker. That’s why we accept this piece of paper worthless in payment of something that has (our work, a good we have …)
In most countries, the cadastre is held and centralized by the national administration. This is why a buyer is confident that the seller is the owner of the property he sells.
Stock exchanges – which are themselves regulated – track the financial securities that trade in them, be they equities or bonds.
Everywhere, in these transactions, what is authentic, is a superior authority – that of the “public power”, of the State and its administration, of the supervisory authority which certifies the registers of property and exchange. These registers are centralized.
Now, imagine for a second that the registers can not be falsified (even by governments). There is no longer need of seals, ministerial officers, scribes, priests … The register alone, which everyone can consult at any moment, is sufficient proof of ownership and transfer.
The holding of the cadastres is upset.
Trading markets – whether large stock exchanges or small secondary markets – are released.
Money transfers are simplified.
The blockchain allows this.
Imagine, for example, a secondary market for SCPI shares or shares of unlisted companies with blockchain technology of tamper-proof registries or an open cadastre accessible on the Internet.
Blockchain technology renders modern scribes, central bankers, notaries, ministerial officers, clerks, etc., useless.
In these circumstances, do not be surprised if the authorities want to “regulate” or “regulate” what signifies the death of part of their control fields.
Blockchain technology does not endanger currency but all official records.
The ultimate question is: can we trust algorithm more than officials to keep reliable records?
Knowing what the central bankers of the fiduciary money, or the corrupt governments of the land registry, are doing recently, the answer is, in my opinion, yes.
To understand the gigantic implications of blockchain technology and how to concretely enjoy it, we invite you to attend this conference which will take place in Biarritz on Saturday, April 7th.