When Karl Marx wrote the book Das Kapital and predicted that Capitalism would destroy itself from within, Blockchain technology was not even a “whisper” in the minds of people. One of the main reasons Marx stated that Capitalism would die from internal turmoil was the fact that the playing field was not level. He pushed for a Socialist political system that would ensure financial equality for all.
But we have witnessed how Socialism does not function properly. Just look at the current news in Venezuela where many of the politicians have pushed an agenda of Socialism and now there is chaos in the streets.
Marx proposed that Capitalism would create a chaotic state, whereas Socialism is doing the very thing he predicted.
Marx was correct in one area when he said that Capitalism allows certain entities to build extreme riches while others do not have the same advantages and do not have the leverage that those who have massed fortunes have to keep amassing more wealth.
Blockchain Technology Was Invented And Will Make The Playing Field Level In Capitalism
One of the key areas where the field is not level is in data… Customer data particularly.
Let’s be honest here… Those big guys, the Walmart’s, Kmarts and others have a huge supply of data they can use to predict customer behavior. The small and medium size businesses do not have data that they can use to predict. So they have to start collecting data as they guess how customers will react to that new product or other changes.
But with Blockchain and data being entered into a decentralized system, that data will be freely available to all without having to utilize a middle control arm.
But some legislation may have to be made in this.
Large companies probably will not freely release their data, so governments may have to make rules in which small companies can gain the blockchain key to download the data to help them grow and serve customers.
Other Ways Blockchain Will Make The Playing Field Level In Capitalism
There are many ways Blockchain will lift small businesses up into a level area with the big boys…
With the ability to tokenize their business, entrepreneurs can develop a system whereby consumers can use cryptocurrency to pay for purchases. All transactions will be on the blockchain and it eliminates payment processing services that can be costly and tie up cash flow.
It’s another area that can tie up the cash flow of any small business. Be it invoicing. Paying employees or vendors, all of these can entail more paperwork, time and be costly as sometimes middlemen must be used.
By using blockchain smart contracts, the money can be paid or received as soon as all tasks are fulfilled in that contract.
An Ability To Cut Prices For Consumers
How is it these large companies can sell products so cheap sometimes?
Many assume they are taking a loss but they aren’t. They have found ways to eliminate costs and are able to please customers by passing on these savings with lower prices.
Small businesses normally don’t have those abilities, but with Blockchain technology, they do. By cutting costs of vendors and middlemen, the small businesses can lower product prices putting them on a level playing field with the corporate giants.
There is so many other areas where Blockchain will help level the playing field in Capitalism.
It is almost like Capitalism with a Socialist “touch.”
If you have not yet put your small business on the Blockchain, now is the time. We are here to help you. Nasgo is helping small and medium size businesses stay level and if you are ready, just comment below leaving your contact. One of our team will get back with you shortly to help you get aboard the Blockchain.
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