Universal Basic Income Plus Blockchain = Equality?

The future might be more equal if we can create a new unit of value and exchange, and have a floor that no one falls under. Sounds dreamy, even impossible? Martin Kirk and Andy Milenius argue that this possible today:

UBI is a progressive idea whose time may be coming, but the devil is in the details. Most of this support is for a UBI based on government fiat currencies like the dollar or the euro. It is almost exclusively locked into a welfare frame–as a wage subsidy to address layoffs expected from automation, or as a way to reduce government welfare bills–in other words, a different way of dealing with problems within the current economic paradigm. Existing power structures continue to reign, debt creation still controls the money supply, and the “infinite material growth on a finite planet” logic of extractive capitalism is left untouched.

But what if the UBI was delivered not in dollars or euros, but in a cryptocurrency running on a blockchain? What if this UBI cryptocurrency changed the way money works by being created directly in the hands of the people, so the financial system is built from the ground up, rather than controlled top-down by banks and governments? It might sound utopian, but it’s really just an idea that exists not too much further along from today’s existing trends.

Read the rest of the article on Fast Comapany. Read here.

Photo Credit
Markus Spiske

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