Shervin Pishevar has been warning against monopolies for some time. They fundamentally destroy markets and limit innovation. Small businesses have a hard enough time competing against larger competitors. However, when monopolies can manipulate the rules that govern the markets, small businesses have much less of a chance.
Many people know small business as the backbone of an economy. This statement holds true for free market economies. Since small businesses require a lot of hard work and some luck, not everyone owns one. The modern economy can be considered responsible for the demise of small businesses. Prior to modernization, when goods were readily traded between individuals, small businesses were prevalent. Working the land was needed for survival and small enterprises were the only means available.
Today, discussions like Shervin Pishevar’s about small business is not about returning to the old days. It is quite the opposite. The varied interests of small business are good for innovation. This is one proof that modernization is not synonymous with business mergers. The world has become more educated. When only royalty and the wealthy were privy to an education, a monopoly driven economy might make sense. But, now that individuals are capable of valuable contributions to innovation and new ideas helping shape the world, monopolies are poison. Surely, Shervin Pishevar would agree on this point.
Blockchains can make small businesses more prevalent. They transform digital transactions by empowering the individuals directly involved in a trade. Now everything is not a fight when it comes to money. Large corporations do not need to fear blockchain technology and cryptocurrency applications. These new technologies offer the opportunity to weed out the transactional waste. If a corporation, or one of its ventures, does not add value, then smart contracts operating on blockchains can remove this aspect. Smart contracts bring a surgeon’s precision to digital transactions.
Small businesses have less bureaucracies than the monopolies mentioned by Shervin Pishevar. More of their operations are driven by filling needs, rather than, the perception of profitability. They simply have less waste, and thus, can form a symbiotic relationship with blockchain technology.