Domestic governments who provide foreign aid need to start thinking about how a global digital currency could help provide more accountability for the money their taxpayers contribute to developing nations. Charities also need to be mindful of this new type of currency that is on the verge of being ready for mainstream adoption; carrying the potential to increase transparency for donors, digital currency is a topic they best be informed on. Backed by blockchain technology, cryptocurrencies are paving the way for comprehensive donation tracking, and have the potential to streamline audit efficiency. Fund distribution can be monitored in near real-time, therefore discrepancies or irregularities that look suspicious can be reported immediately. People would also be more likely to send money to private charities if donors could see the entire contribution making its way directly to those in need.
Transparency versus anonymity has been a hotly contested debate in the cryptocurrency industry. The debate however, has mostly been framed by one side as a way to hide their activity from government and law enforcement. The other side has made the rebuttal that anonymity provides cover for illegal activities and terror financing; which they are certain we are all guilty of. The truth lies somewhere in the middle, and both sides raise some valid points.
Like many technological advances before it, cryptocurrency has spawned a rapidly developing industry. In this highly competitive field it is important to have every advantage you can get. Anyone can put together a team of individuals and give themselves impressive sounding titles, but few have watched the process of innovation take place first hand, because most are too young to remember the internet and personal computer booms, as well as the subsequent bubbles. The same cannot be said for DNotes co-founder Alan Yong, however – a man who has 40 years of business experience, including 20 years as a pioneering innovator in the software and personal computer industries.
His company, Dauphin Technology, went head-to-head with industry giants such as Apple computer Inc., Tandy Corp., and Motorola in the early days of the personal computer revolution. Since he has seen firsthand the trials and tribulations that projects in emerging tech sectors can face, he knows better than most how to avoid the pitfalls that threaten most entrepreneurs.
Elections have consequences. Understandably, it is seldom easy to accept a high level of uncertainty in the face of highly charged emotions. It is important to question everything, and equally important to keep an open mind. Contrary to the apocalypse some people are predicting with the Trump administration, I am quite optimistic for the fate of cryptocurrency under President Trump. President Trump has not commented publicly on cryptocurrency or Bitcoin, but he did appoint early Bitcoin adopter and South Carolina Congressman Mick Mulvaney as Budget Director.
Many people paint a mental picture in their heads of crony capitalism as a room full of old rich guys, smoking cigars, watching the ticker, and counting piles of money freshly squeezed from peasant folk. In reality, crony capitalism is more about the government wielding their monopoly of unquestionable force to choose which private businesses are winners, and which ones are losers. Some might compare crony capitalism to fascist style control over the private sector. Mega corporations and unions have very deep pockets and can buy favors such as subsidies or favorable regulation that can give them an almost monopolistic advantage over small businesses. Governments should instead be championing small businesses and all the real economic benefits they bring to the country, because without a fair and level playing field, many of these small enterprises will fail.
Cryptocurrency can play a role in ending this cycle, helping free markets thrive once again.