DailyPost 1726

Satoshi Nakamoto timing of the invention of blockchain cannot be a coincidence. It was published on 31st October, 2008, the seminal white paper, which intended to transform internet from information to value; ”Bitcoin: A Peer-to Peer Electronic Cash System.”  The subprime mortgage crisis etc. enabled Great Recession of 2008 was a clear indication of the trust less machine, US had created. There was a need to create a trust outside of human beings. Blockchain technology was a clear challenge to bring in a trust-based system, which it proclaimed. It is a peer-to-peer value transfer with no third party, tied by cryptography enabled blocks, each connected to the other, on the concept of a distributed ledger. Hack proof.

The financial system crumbled not because of the processes but because of the people behind, layers and layers of professionals, who instead of getting into business deals as they were supposed to, sold trust, trust and only trust. The world of finance in the US can be juxtaposed to the day to day reality of India. Trust had evaporated long time back, now it is only tragic reminder that it once existed. On the 2nd of May 2021, elections as a tool of trust lost and political parties won. It was a pall of gloom rather than the euphoria of victory, even for the winners. In the democratic scenario of this country, for a few decades now, the ones that  can be happy are those who have an axe to grind. If the electorate does not trust the representatives it elects and vice versa, how long a mechanical, legally enabled relationship continue, for what purpose and with what results.

The electorate of this country has always been made to believe that the powers that be, would come to their rescue, at least in issues of life and death, if not for anything else. In the recently concluded pandemic Second Surge, so to say, that trust vanished into the blue. Indian politicians are known to be super social animals, but this round the reality was totally different. That the state was conspicuous by its absence when things went  awry, whatever might be the government, took the bottom off the barrel. The Indian machine can well be declared a trust less machine. Some bank bungling in last few years had brought the middle class account holders to the road. Issues will keep cropping up but if you don’t know where to go or when you feel, wherever you go nothing will happen, is the ultimate death of trust.

That enquiries and commissions will not end up in anything, is a foregone conclusion in this country. Now a new topic has emerged is the dignity to the dead. Where have we fallen down to? An immunization camp in one of the posh apartment complex’s in Mumbai was conducted by imposters, shows what the underbelly of India is. On the other side of the trust less spectrum, we have dispute over a sale of land at the most revered location in this country. And as if that was not enough, there is news that around 1,00,000 fake test certificates for COVID-19 was issued at the time of a big religious congregation. All this happened when the Hon’ble High Court has issued very clear-cut directives. All these happened as if the pandemic was not enough, now where does the trust come from?


Sanjay Sahay

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