Why big institutions fear blockchain apps

Source: Foundation for Economic Education
by Sam Bocetta

"One of the most powerful tools available to governments — be they democratic or totalitarian — is their control over currency. Today, access to the economic system is regulated by a huge number of intermediaries, all of whom have an interest in keeping its workings opaque. A lack of economic freedom entails a lack of political freedom, as everyone from Milton Friedman to Kanye West has noted. One of the most promising recent developments in democracy has been decentralization. Since the internet took off in the 1990s, the mainstream media has rapidly lost ground to the opinions of individuals. Today, a tweet has more power than a New York Times op-ed, shifting power away from an entrenched establishment and toward the people. Blockchain technology promises a similar revolution in access to currency. By decentralizing the creation and control of finance, it has the power to democratically empower individuals in both the West and in developing countries." (10/04/17)

https://fee.org/articles/why-big-institutions-fear-blockchain-apps/