Universal Basic Income, and Block chain technology

There is an ever increasing sentiment that there is a major disparity between the rich and poor in unacceptable. The system is geared towards those who have high disposable income, generally manifested by papering, discounts, and privilege incentives.

Today the average person does not have the opportunities of starting a business and making it big. These opportunities are blocked by big corporate in the control of internet marketing and sales. There are some small niches, but few ever make it. Paying high university fees to get a degree is also no guarantee of a successful career! The continual decrease in jobs going to automated services is gaining momentum, with even supermarkets make you check out your goods at the checkout to reduce costs and increase profits. Factories are automating production lines and moving offshore to capitalize on cheap labor in countries like China, India and many small third world counties.

What a future for our children! We have some hope; Crypto currencies are cutting out the middleman and giving us a decentralized ability to govern our own financial future, and essentially growing our wealth in the process. The associated technology of block chain is testament to the human spirit and resourcefulness. Can this technology also be the answer to the human existence dilemma! HOW ARE WE GOING TO COPE WHEN WE CANT GET A JOB.
The answer has to be UBI, Universal Basic Income. How could this be implemented you may ask. There are several prerequisites that would have to be guaranteed.

1. Government should not be able stop payments to individuals to any reason, Decentralized distribution
2. Fair distribution to all people in a way that cannot be taken advantage by criminal elements.
3. Guaranteed supply of basic income from birth to death.

I’m sure that there are many other factors to consider, but for the sake of argument, this blog is merely written to explore using a brush stoke overview to highlight some key points. For this exercise let’s just explore the mechanism and the savings that would generate a plausible argument for U.B.I without going into a 100 page analysis.

Block Chain distribution of Basic income

Firstly all births and deaths could be registered on a block chain, quite a simple process given the technology. To extend this all physical, medical and identification data would in be stored on Block chain cross links to the Block chain for the individual. The individual identity would be unique and have a security component to access this data be it through face recognition coupled with fingerprint ID or similar, making security a safe and reliable basis for a private wallet to store Crypto currencies.

The distribution of funds to these wallets would be done by a smart contract making manipulation impossible. Lump sums would be allocated monthly to the holding account and distribution would be done to the living population automatically. The personal details would expire when the death is registered, and that individual’s account would be closed. Births would generate a new block and would follow that person through life. The accumulation of funds not used by children could be a starting point for use in early adulthood which is the most expensive part of our life cycle.

Savings to Government / sovereign states

In the event of U.B.I, there would be no need for social welfare, Government offices to administer funds, no wages for staffing government offices, no rent or building costs for offices. There would be no need for pension schemes, pension contribution by employers and related infrastructure. No need for charities that often skin a lot off the top through intermediaries before it gets to the people who need help. The combined costs to nation just on these few items run into the trillions of dollars each year. This surely would be a good starting point for governments, to at least investigate the feasibility of U.B.I and have a road map for implementation.

All those trillions of dollars wasted and salted away by corrupt official must come to an end. I have seen abject poverty in Africa, where crime and violence is a byproduct of a poor environment. Criminal imprisonment is a resultant, creating a further cost center to fund and service at tax payers expense.

If our leaders do not address the aspect of no work no pay mentality (I’m not talking about lazy people, but people that do not have a choice) we may see more poverty, crime rebellion against authority and ultimately a breakdown in society, the birth pains which are already showing