By opting into Transparent Money we can greatly reduce human suffering.
According to the book Moneyland by Oliver Bullough: kleptocrats, warlords, and drug cartels are stealing money in their own countries and laundering that money in the US and in European nations through the use of shell companies, offshore accounts and a corrupt international banking industry. I would estimate that 1/3 of the wealth produced by human activity is lost to corruption. This loss would not be possible if the current financial infrastructure were transparent like Cardano.
I see transparent blockchain ledgers as a way to stop the large scale corruption that causes so much human suffering. Before blockchains, secrecy was necessary for security. If criminals or a corrupt government were aware of your money then they could force you to hand it over in the case of criminals or just confiscate your accounts and deeds in the case of a corrupt government.
But criminals can not use transparent money and governments can not confiscate assets controlled by a private key. As such, secrecy is no longer required in order to have security.
So blockchains make it possible to enjoy the benefit of transparency assuming transparent blockchains can displace the current financial infrastruture.
So when transparent blockchains dominate there will be no more kleptocrats, no more warlords, and no more drug cartels which are all made possible by the world’s opaque financial infrastructure. In order to achieve this benefit however, all people would need to agree to use transparent money.
Of course there are many legitimate reasons why people, corporations, and governments must be able to spend in secret.
To manage these opposing needs I am imagining lightchains and darkchains which could coexist on Cardano infrastructure. People could place their money on a transparent ledger (a lightchain) and enjoy the security of knowing that their money is from clean sources (not supporting criminal activity) and that criminals can not steal and spend this money without exposing themselves.
People could still buy and spend on dark chains when secrecy is required but the money from light chains and dark chains would never mix. @rdlrt pointed out that lightchains can not work without limiting exchanges to those which verify the identity of it’s customers.
I am willing to bet that the incentives for a world free of kleptocracy will cause lightchains to become the predominant form of currency and that human suffering will diminish as a result. I think if people really understood what humanity could receive in exchange for transparency in spending they would only opt out when it was absolutely necessary.