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Blockchain Technology and Globalization – Conclusion – TheNews.Asia

An unexpected result: Foundations for a global culture


One of the major concerns about globalization is that through globalization, local cultures may be lost. Haugerud has argued that those critics of globalization on the basis that the local is disappearing should remind themselves that individuals are the actual and true shapers of development rather than victims or recipients of it. Players in the blockchain industry have already begun to shape the development of their own clandestine culture.[1]

The universal elements of culture are symbols, language, beliefs, values, and artifacts.[2] The blockchain industry has all of these, which may lead us to acknowledge that the industry has spawned its own culture.

The symbols of the industry are based on the colors of red and green, symbolizing gains and losses on the market. There are also the ubiquitous logos each company has in order to be recognized. The most popular logos are of course the ones with the most meaning to people within the industry. A rich lexicon has been established which people within the industry use on a daily basis. Most of the terminology comes from English words and acronyms based on the technological developments or traditional investment terms. Words such as fork, mining, token, FOMO, FUD, and HODL have all become part of the every day vocabulary of people in the industry.[3][4] The existence of such terminology points toward there being an underlying sub-culture well in development just like the technology associated with it. The belief of everyone who interacts in this sub-culture is that blockchain technology, cryptocurrency trading, or both, will make huge impacts in the world. Some claims call for outright anarchy based on Bitcoin while others are far more conservative in their estimations of the usefulness of the technology. The artifacts could be considered the genesis wallets of Bitcoin, which are the very first digital wallets for holding Bitcoins. Others may be the physical Bitcoins and various other cryptocurrencies that have been made throughout the years. The youth of the technology itself precludes it from having yet given birth to a substantial amount of artifacts, but certainly some exist.

Considering the demographics of the people within the blockchain industry, we are seeing a truly complete global culture emerge from it. What has already been laid down is the framework for a rich and thriving culture based on the merits of a complicated yet coveted technology that has yet to really show its worth. Players in the blockchain industry already disregard considerations of national, ethnic, linguistic, and socio-economic background as the values of fairness, egalitarianism, and merit ride at the front of the list of values shown by the culture in bloom. Ideally the globalized world would look very similar to the world the people within the blockchain industry already enjoy. As a result, the people within the burgeoning sub-culture are all agents, wittingly or not, of the transformation the technology may be exacting on commerce, information, and trust.


Conclusion: Blockchain technology and Area Studies


So what is so special about January 3rd, 2009? It is really the same question for any momentous date that is not yet well-known. Only Columbus, his crew, and a few Native Americans knew about Columbus’s discovery on August 3rd, 1492. It took some time for the effects of his discovery to be widely known and make a serious global impact. The date that the Bitcoin blockchain came online may take many years to become historically significant, as well.

Blockchain technology has already shown itself to be a serious globalizing influence not just through the technology itself, which ostensibly eliminates many of the complications facing globalization to date, but also through the industry that develops and markets it. People from all reaches of the planet and from all walks of life are working together to ensure the success of their company or others via the implementation of blockchain technology. The industry surrounding the technology is already deterritorializing people and their cultural background. It also has the potential to deterritorialize information and money itself in the years to come.

To be continued as part of a series. 1 2 3

[1] Angelique Haugerud. The Disappearing Local, Rethinking Global-Local Connection. Symposium, Global-local: revisioning the area studies debate; Localizing knowledge in a globalizing world. Amherst, MA, USA. 2003 pp. 70.

[2] Steven E. Bakan. Sociology: Brief Edition. Creative Commons. (2012). (Bakan)

[3] Mio31337. 69 Common Terms in Blockchain Technology. (steemit.com/blockchain/@mio31337, 2017).

[4] Aziz. Guide to Common Crypto Terms. (masterthecrypto)

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