DISTRIBUTED LEDGERS OFFER THE SUREST, SAFEST PATHS PRESERVING INDIVIDUAL, ENTERPRISE, AND INSTITUTIONAL IDENTITIES AND ENHANCING FINANCIAL ASSETS ENGAGING EMERGING BLOCKCHAIN GOLD RESERVE CURRENCIES
These capabilities will be crucial addressing blockchain rationing, which can readily emerge due to artificial intelligence and retinal and palm scanning technologies
Distributed ledger technologies offer the surest, safest paths preserving and enhancing individual identities and financial assets across global networks dealing with and engaging emerging blockchain gold reserve currencies.
BRIC nations – Brazil, Russia, India, and China plus South Africa dating from 2010 -- will be welcoming Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates in January, 2024.
“BRICs is a partnership of five leading emerging markets and developing countries…. Together, … Brazil, …the Russian Federation,… India, … China and … South Africa represent over 42% of the global population, 30% of the world’s territory, 23% of GDP and 18% of global trade,” BRICs indicates.
Algeria, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Honduras, Kazakhstan, Kuwait, Palestine, Senegal, Thailand, Venezuela, and Vietnam are applying in an upcoming membership round.
Afghanistan, Angola, Comoros, DR Congo, Gabon, Guinea-Bissau, Nicaragua, Pakistan, Sudan, Syria, Tunisia, Uganda, and Zimbabwe and potentially Morocco are prospective applicants.
BRIC New Development Bank, headquartered in Shanghai, China, oversees investment on the basis of 100B USD “authorized capital” and is committed to multi-lateral trading.
At this point in time, it is unlikely India or China would push a national reserve currency to displace the U.S. dollar given distinct challenges of their own taking on such a role (e.g., newness with India, authoritarian opacity and unstable economy for China). Nor is the rupee nor the yuan/renminbi strong enough to serve as a substitute reserve currency.
Instead, a BRICs blockchain gold reserve digital currency will likely emerge as the organization grows and gains confidence.
The consequential matter is that Asia, Africa, and South America are ready to participate into global financial markets and international development as historian Geoffrey Barraclough foresaw in An Introduction to Contemporary History (1964).
The long shadows of Lloyd George and Clemenceau outfoxing Woodrow Wilson to thwart self-determination for British and French colonies in 1919 and the neo-colonial modifications of those policies animated by decolonization in the mid-twentieth century are fading out in the third decade of the 21st century with the Peoples Republic of China emerging as dominant, first among equals and the New Development Bank likely guiding investment decisions advancing Chinese financial services and export industries across BRIC nations.
For Americans, institutional and architectural reliance on the dollar as reserve currency dating from Dumbarton Oaks and Brenton Woods (1944), in all probability, will increasingly give way to individual responsibility, foreknowledge, sagacity and shrewdness enhancing and protecting individual, enterprise, and institutional wealth clearing more heterogenous emerging blockchain gold reserve currencies.
These are aspects of national character, which advantage Americans negotiating and managing a transition.
Nor should Americans hold any umbrage at the developing nations advancing investment. These nations are phenomenally wealthy in minerals, oil and natural gas, strategic and rare earth elements, timber, grains, tea, coffee, cotton, sugar, and scents, among other resources and products.
The United States is projecting a $2T deficit for this year, and it persists on congressional continuing resolutions coping with $32T national debt.
No one knows how long or well these numbers can or will work.
How Americans and public officials and administrators got the USA in this fix is the momentous, public policy issue.
Whether the system can and will self-correct are matters of fierce contention.
Can Americans reasonably expect other nations to continuously clear USD reserve currency transactions with these numbers and contemporaneous politics and public policy?
What does matter is that individuals, enterprises and institutions can adopt distributed ledger technologies during these volatile and potentially transforming times to preserve individual identities and enhance financial assets.
Distributed ledgers support transparent interfaces with blockchain gold reserve currencies.
Time stamping documents provenance and origination.
Immutable records ground interrogation and verification.
Permissioning protects confidentiality, safeguards privacy, assures authentication, and facilitates regulatory compliance.
Low code-no code applications make monetizing asset classes effortless.
Time-sequenced, fault tolerant distributed ledgers accelerate speed.
Decentralized, distributed databases innovate accuracy and immutability thriving atop and across new applications yet to be imagined as easily as well storied operating systems and historic networks.
Thriving, competitive, interactive computer services deploying the technologies will be able to offer and support interconnections faster and cheaper than competitors with breakthrough technology as momentous as the discovery of voice and conquest of solitude.
These capabilities are additionally crucial as individuals, enterprises, and institutions cope with digital blockchain rationing, which can readily emerge due to artificial intelligence, and retinal and palm scanning technologies.
Hugh Carter Donahue, Ph.D., is a scholar and consultant. hcd@coolbook.me