ASK LEO: WHAT INDUSTRY WILL THRIVE OR BE OBSOLETE IN A DECENTRALIZED WORLD.

We often talk about crypto being disruptive, meaning it will fundamentally change the world in ways we can barely begin to imagine, both from an ideologically and infrastructural standpoint. For instance, in a decentralized world, our attitude and perception of governance will change. We will tilt to smaller communal groups than huge centralized institutions. Also, more emphasis would be placed on technology, rather than human ability. This is fundamentally different from the world we have today and poses a lot of threats to many establishments/industries.

We agree that disruptive technology comes with the overhauling of current systems and industry. For instance, the internet destroyed the printing pass; social media (podcasting) destroyed the radio. It did give professionals in this field more autonomy as they could host their shows and monetize their content, however for the large centralized operations and individuals who refused to change, the price was costly.

Due to my involvement in the decentralized space (and cryptocurrency) I have had less use for the current financial system. Most of what I own is in crypto–even fiat in terms of stable coins. If there are more people like myself in the future there would be no need for banks. This sounds good at the first glance but thinking about it more deeply, it is quite catastrophic and probably, most crypto enthusiasts haven't considered this to some degree.

No bank means loss of jobs not just for bankers but for everyone associated with the banking system. It also destabilizes the current financial system and every industry you could think of will suffer. It will be the beginning of the GREAT RESET and with the overhauling of the current system comes a lot of uncertainty, not forgetting that restructuring takes time--this would be a major concern if the said changes happen rapidly, which is most likely will not be the case.

WHICH INDUSTRY WOULD SURVIVE?

This morning I was thinking about insurance in crypto and how the industry would be able to change its business model to suit a decentralized world. Will there be a need for insurance?

Decentralization, for the most part, is hard to conceptualize because we are centralized in our thinking--it is a culture. It is hard for me to imagine a world without structure, and structure often leads to centralization. I have always thought that both can co-exist but it seems almost impossible.

Systems often have a way of connecting and the line of connection often swings in one direction over time. For instance, as much as people want freedom, they want to do as little work as possible. This often leads to delegation, which results in some form of centralization due to concentration of power. So my thought is: a decentralized world would most likely snowball into a centralized one for the need of structure. This is where I think artificial intelligence comes in.

I think at some point in our history as a human we will relinquish our chokehold on the world and rely on centralized non-human entities. We often hear the phrase, 'code is king' which in my opinion puts technology above all. This is what we do in a decentralized space, we put code above trust--it is a seemingly trustless system. My only worry with this is that the technology industry has gatekeepers and they can pervert the transition from a centralized world to a decentralized world.

In most of these changes, we need to identify what would thrive and what would die because, in my opinion, most of these changes would be irreversible--not because they can not be done but because they would be out of our hands. So what do you think? Kindly share with me in the comment section.

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