Megaphone
Corporate Status Quo
The blockchain ecosystem is already
dominated by traditional corpora-
tes, financial institutions and fin-
tech startups seeking to leverage the
technology to cut operating costs,
reap profits and build new monopo-
listic empires.
A consortium of over 80 of the lar-
gest banking and financial institu-
tions have joined forces to build a
private financial blockchain plat-
form entirely under their control.
Fortune 500 companies are for-
ming an enterprise alliance to leve-
rage Ethereum to pursue their own
fiduciary duty to maximize profits
for shareholders. Central banks in
China, Russia, Canada, Denmark,
England and Singapore are already
exploring or developing ways to is-
sue sovereign cryptocurrency while
maintaining full control .
Having started the Sydney Ethereum meetup
in 2014, I’ve witnessed firsthand the dramatic
demographic shift from anarchist developers
to corporate executives wearing suits. Ethe-
reum meetups are rapidly devolving into inve-
stor clubs for speculators and recruiting pools
for corporate executives.
I
n the information era of today, the primary
business models of corporations essentially boil
down to a simple three step process:
1. Capture, monopolize and privatize data
2. Create artificial scarcity by restricting access
3. Repackage and sell that data in various ways