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The article “Transformation of Socioeconomic Relations in the Age of Blockchain-Based Information Platforms” by Alexander Kud creates an ambitious prospect of interaction between society and modern technologies. The author notes that numerous proven methods of transformation of socioeconomic relations such as strategizing, establishment of institutions and selective reformation didn’t resolve the existing problems. However, the use of modern digital technologies can change the current situation.
The article covers two interconnected mechanisms for the blockchain technology’s influence on society: algorithmic guarantees of the performance of obligations by participants in any relations and transformation of the law that, from now on, can be exercised “in a natural way”. The author explains that the operation of these mechanisms is caused by such a property of blockchain as the impossibility of hidden substitution of transaction data that happened in the past or is happening currently. This leads to independent implementation of contractual relations with mathematical precision.
Today, society is focused on “a model of mobile management (cashless storage, digital transfers), minimal time and monetary expenses for such management without intermediaries, as well as the ability of independent management regardless of time and location”. At the same time, there is a need to minimize risks, including fraud, crisis, corruption and the negative manifestation of the human factor. As a distributed ledger, the blockchain, whose transactions are transparent, secure and are carried out without intermediaries, has such a prospect.
The author focuses on economic justice, or rather, on its absence. The injustice leads to mistrust of people in themselves and in the government and makes them be satisfied with a little and not take the risk. The transfer of socioeconomic relations to information platforms based on the blockchain solves the problem of mistrust thereby modifying the economy and market, as well as providing favorable conditions for business. One of such conditions is based on unique characteristics of resources and objects laid down in each of the parties’ transaction that are converted into digital assets and are registered by the software code. They become part of a chain of blocks that belong to the decentralized database, and no fraud can be committed, “which ensures the autonomous management of legal relations without third parties”.
Following the principle of techno-optimism, the author predicts wide distribution of the blockchain technology in both personal and public relations that can be prevented due to prejudiced attitude and mistrust of society towards innovations. It isn’t about the “magic” transformation of economy and established social relations; it’s rather about the beginning of development of a qualitatively different and progressive model of economy that will be regulated through the use of digital assets. To conclude, Alexander Kud suggests that readers choose an information platform for their own business today to become familiar with a promising domain as fast as possible.
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