Sunil Aggarwal, former philosophy professor, has always chased one idea. What is money? Why do I make ten times more than my parents did, and still have the same lifestyle? Surely, there has to be a better way to run the world economic system than governments issuing random currencies based on rather arbitrary geographical boundaries?
A few years ago, he finally found a solution – and that solution is the blockchain technology. Not to be confused with Bitcoin, the famous currency that is powered by blockchain, Aggarwal explains that that the underlying technology itself is going to change the world fundamentally in the next few years.
Two centuries ago, the telephone would’ve been inconceivable for most people. Then comes radio, the internet, and now the age of mobile phone applications. Who would’ve thought ten years ago that we could completely bypass search engines like Google and use the internet via the Play Store or App Store?
To Sunil Aggarwal, the next step in this evolution is blockchain technology. And it all comes down to accounting, weirdly enough. The first and easiest form of accounting is when one person keeps track of what’s going on. The second, and currently most common, form of accounting is when two people keep track of what’s going on – just to make sure one of them doesn’t fudge the numbers!
No wonder the news constantly covers issues of fraud. All you have to do is convince two people to fudge their numbers, and truth becomes subjective! But Sunil Aggarwal says that blockchain – as a third level of accounting – will change all of that.
Not just in boardrooms or on D-Street, but everywhere. We no longer need governments to back up currencies, nor telephone providers to charge exorbitant fees for basic services. Even social media can become democratised – i.e. you will be paid for your social media usage, rather than Facebook or Twitter!