Who Truly Controls The Blockchain?
The future is here
All blockchain technologies usually support ideas and principles like full open access and this will be known by all early adopters of the internet - myself included!
To aid in preventing the blockchain from falling into governmental or regulatory hands, it comes from an open community background - just look at the sheer number of people joining Steemit on a daily basis! To be part of the Steemit community is to accept the laws of the network as run by the witnesses - the Steemit town council if you like.
In blockchain the transactions are immutable, and you don't have to trust another party, as all the processes are automated within the blockchain to certain standards.
Those who tell fables on the blockchain may point us to DAO Ethereum debacle and still claim that smart contracts will in the end replace lawyers and disrupt the legal industry. Could CEOs of the future also be usurped by blockchain? Only time will tell.
Even Bitcoin is not immune from power struggles to its own blockchain as a hard fork looms on the horizon for scaling purposes. The majority of Bitcoin developers have rejected this hard fork - the Bitcoin governance structure has seen to that.
Blockchain technology is powerful in the sense that its algorithms can force agreements and community guidelines pretty quickly, and this moves the globalisation standards from the boardrooms of the world onto the blockchain network.
The blockchain can create new markets where none existed before, so when we enter this new market we must be able to trust this new technology and believe that no one person controls it all overall.
The minds control the minds of the blockchains?
I like simple :)
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