The importance of decentralization as the basis of Blockchain technology

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Decentralization is a key philosophy of Blockchain technology on which a good part of the development of the Cryptoassets market is based.

After technology giants prevented Donald Trump, at the time of the events, President of the United States, from expressing his ideas on social networks controlled by them with decisions that varied between, for example, the suspension of their Twitter accounts, Facebook and Instagram until the implementation on YouTube of severe restrictions to share content related to the elections of 11-03-2020 in that country, through the impossibility for Parler to use Amazon’s servers to operate, the importance of walk the path to internet decentralization.

Decentralization as a key philosophy of Blockchain technology and on which a good part of the development of the Cryptoactive market is based and especially of so-called Cryptocurrencies such as Bitcoin constitutes a key aspect of what will be the future of the internet of the future.

It is worth remembering here that this technological decentralization allows consensus among users on the binding force of smart contracts until the acceptance of a Cryptocurrency in the market.

The importance of decentralization of the Blockchain

Unlike the historical pretense of state centralization and the private centralization of the internet, promoted by these technological giants, Bitcoin, for example, allows the user full authority over that money, without there being any possibility that it is subject to devaluation, confiscation, corralitos and in general subjected to some intervention by a state bureaucrat or the official of a technological giant, who considers that the best thing for us is the financial market as we know it today.

We remember here, not without regret, that promise of a decentralized internet in its beginnings, what we have is a centralized internet in which the technological giants exercise incredible power and without any moderation, which allows them, for example, to eliminate the Twitter account with more than 85 million followers of an incumbent President.

All this together with governments that together with the giants of the financial world, namely: investment funds, banking, and insurance, among others, intend to limit the development of Blockchain technology by dictating increasing rules, to the detriment of the promised and expected decentralization of the internet, thus reducing the possibility for users to access the benefits of this technology to innovate freely.

Thus, we consider that the promise of the disruptive and decentralized technology that is the Blockchain, will result in new business models that will generate value, which will obviously affect the control exercised by governments, the technological and financial giants, which will undoubtedly see reduced its scope of action.

As of the date of this brief note, many others who are as alarmed as we are, have raised their voices demanding the application of anti-trust rules to reduce the size of such technological giants and consequently the possibility of controlling information on the internet, while Others demand accelerating the alleged consensus around the OECD proposals on the digital economy in order to “punish” these companies with higher taxes as if this higher taxation were really going to affect them and not the pocket of their users.

In our opinion, without going into an in-depth analysis of these two options or any other, the answer will lie in the decentralization offered by Blockchain technology, which will allow, very soon, beyond the wishes of governments and giants financial and technological, let’s see fulfilled the promise of a decentralized internet that allows our daily transactions to be less expensive and more efficient.

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