Block Mirror

The Potential of Blockchain
in the Smart City of Tomorrow

Tommy Jamet & Gautier Hartzer

Episode 4 — The Tragedy of the Commons

In the last episode, we looked at how Blockchain can help a post-Nationalist world become a new world where Conscious Capitalism can finally thrive thanks to transparency in supply chain management. If you haven’t read it, you can read it here.

In this episode, we’re exploring the new world in a post-2034 financial collapse that sees the end of the US Dollar as the world’s reserve currency and the rise of the BitDollar — the official global currency representing cumulative global GDP.

In this new world, global taxes are paid instantly and decentralisation encourages the redistribution of wealth in a fair way without removing entrepreneurial incentives and creativity.

Economics and politics are like ham and cheese, cheese and wine, or cheese and pasta, they always go together.

It is naive to attempt political change without first understanding economics. You have to understand how the world works if you wish to change it for the better. And the fact is that it’s widely accepted that political leaders get re-elected if they govern over a booming economy.

So how do we solve major world issues like the climate crisis when economic interests are such powerful human motivators?

A major challenge of facing the climate crisis is something that, in economic theory, is called the ‘Tragedy Of The Commons.’

“The tragedy of the commons is a situation in a shared-resource system where individual users, acting independently according to their own self-interest, behave contrary to the common good of all users by depleting or spoiling the shared resource through their collective action.”

As an example, when it comes to cleaning up the climate, how can the U.S. stop burning fossil fuels when that gives an economic competitive advantage to China?

That’s the Tragedy Of The Commons in action. The climate crisis requires global cooperation else individuals and countries risk paying the price for benevolence with little positive outcome on the environment.

But what if the combination of modern technology and a colossal financial crash are the vaccination against this fatal climate disease?

It’s 2034 and, following the decade of Nationalist governments, growth, innovation, and freedom of movement have plummeted. A devastating financial crash means the US Dollar is no longer the world’s reserve currency.

Blockchain popularity and the Citizen of the Earth movement have created a widespread adoption of a new digital currency — the BitDollar. Such is the digital currency’s popularity that governments worldwide agree it is their favour to join forces under one global currency.

Thus, the BitDollar replaces the US Dollar as the world’s reserve.

With every transaction now recorded on the Blockchain, financial reporting is immediate and companies have to comply with the Transparency act. Similarly, global tax money is auditable live. Corrupt business practices no longer hold any incentive.

Global Artificial Intelligence allocates resources based on what it deems “highest earth priority” and the decisions enforced through smart contracts.

Finally, individual countries make decisions for the betterment of all, and the Tragedy Of The Commons no longer prevents progress.

Nonetheless, progress isn’t simple.

In the beginning, there are major crashes in the system in which the AI software didn’t prioritise the sanctity of human life and initiated a plan to eliminate half of the global population for planetary preservation. A workaround had to be found.

Rockstar crypto-lawyers had to work quickly with AI developers to create better systems and better smart contracts to avoid systemic genocide.

Now, a corruption-less global economy, makes the world wealthier. Businesses with admirable ethical practices are rewarded and wastage is reduced with lower expenditure on regulatory bodies and financial policing. Less is lost on financial fraud and the increased prosperity leads to a rise in small startup grants to any individual with a business idea.

Thanks to smart contracts, the new grant-funded business automatically pays back the grant, plus interest, only if successful. It unleashes the full potential of human innovation and creativity when anyone with an idea is free to fund their small business without risk of loss.

This equalises access to opportunity, reduces the risk of loss, and expedites the prosperity of lower and middle classes.

When finance is transparent and global, and corruption and fraud are no longer profitable, the world becomes wealthier as a whole.

This reduction in financial waste married to the digitisation of the world reserve currency frees up the funds to unleash untapped human potential at every stratus of the socioeconomic ladder in what becomes known as the age of maximum equality of opportunity.

Until next time,
Tommy Jamet & Gautier Hartzer

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