As was the case for most people, the headlines around crypto and blockchain initially felt too speculative to me, and out of my areas of interest. That is until around seven months ago I came across a little company using blockchain to help smallholder farmers gain access to the traditional banking system. On the surface, the farmers' income seemed totally unpredictable, and they never had any hopes of approaching a bank for a loan. But once the supply chain was traceable on a blockchain, they were able to show the bank verifiable proof that a significant portion of their income was coming from a major beverage company, who had been regularly buying from them (indirectly, through various middle-men). So based on that reliable income stream, the bank was able to offer a loan on favorable terms. This simple scenario opened my eyes to consider that maybe this technology has the potential to unlock some new possibilities.

It seems strange at first that something as seemingly simple as a distributed ledger (the basic idea of all blockchains) could be so transformative. But many of history’s most transformative innovations haven’t been that glamorous. The internet itself was a little boring at first. What’s so special about connecting computers to each other in a network and sending information? Yet the internet has enabled a lot more than flying cars probably ever will. Ideas like the joint-stock company, the LLC, the freeway system, all do not seem that innovative on the surface. The impact has come from what has been built on top of them. These kinds of foundational innovations are not always obvious at first, since the total value only emerges along with the new possibilities that they enable.

Instead of starting with how the technology works and reasoning out implications from there, in upcoming posts I will explore several interrelated ways in which blockchain might offer us new paradigms for freedom and empowerment:

• DAOs as the new protest movement, lobbying group, and cooperative organization, all rolled into one. Though some might call them “a chat group with a bank account,” they hint at new ways of organizing a company, workers, and even governments.

• Decentralized platforms as lego-like building blocks for creators of all types to unlock value. The key features are transparency, shared ownership, and the power of exit. This has the potential to align the incentives among all parties involved, guaranteeing lower fees and increased utility for the users.

• Future of work: DAOs and decentralized platforms could pave the way for more global inclusion, less prejudicial hiring practices, and greater employee ownership of the broader business/industry.

• Access to the “new ownership class.” Historically, the biggest divide between rich and poor has come from the rich owning yield-bearing assets: the ability to “earn while you sleep” with the power of compounding returns. Blockchain is paving the way for a new and more inclusive ownership class. Tokens are more than a currency. NFTs are more than art (hint: they are also tokens).

To be clear, I doubt that blockchain will usher in a techno-utopia. Though many of the optimistic dreams of the early internet era have come to pass, they brought new unanticipated problems with them. We are currently living with the problems of centralized internet companies, so it’s hard to imagine the problems that decentralization could bring.

But the potential societal benefits of blockchain technology are too compelling for advocates of social change to ignore, and precisely these types of people might also be best suited to spot the downsides before they occur. It is my hope that politicians, educators, non-profits, and social-impact-entrepreneurs start learning and connecting with blockchain communities, so that together we can leave the internet and broader society a little better than we found it.