Just as the financial dominance of the Dutch and the British diminished, the US dollar will, too. Between such phases of regulation, old patterns of governance have disintegrated with each evolving system. The systems of collective organization are receding; individualism is finding its place, most recently, through blockchain technology. The United States, China and other corporate players are competing with hopes to outpace each other in a view to find first mover advantage; each hold an ambition to establish themselves as a leader of the blossoming financial system. China has invested significantly in Africa. The Far East country is seeking to expand its worldwide reach by way of train lines, shipping routes, roads, ports, pipelines and power grids with a view to find economic integration, goodwill and accelerated development; the project follows on from the old Silk Road, the Belt and Road Initiative that connected Asia, Africa and Europe. The multibillion project holds ambitions to connect 71 countries, accounting for a quarter of the world’s GDP and half of its population. The network seeks to operate via a digital currency, the digital Yuan, yet to be found by the Chinese Blockchain Innovation Alliance, which will give rise to the Chinese Monetary Fund. Through the upcoming platform, the network currency could be the first international digital currency to be adopted by billions across the East. Former IMF director, Dominique Strauss-Kahn expresses concern on China’s global influence, suggesting that the West has compromised its security by allowing China to become the ‘‘factory of the world”, given that a significant portion of the global drug supply is sourced from on China.
Similarly, Facebook owns Instagram and Whatsapp; through its social networks, it has interconnected almost half of the global population. The US dollar is already the currency of international choice, being used in over 70% of transactions across the globe. Libra seeks to bypass the government’s monetary function and connect directly with its users with a view to utilise its prospective digital currency. Google and Apple have united the West via its mobile applications, which source and verify population data, offering the United States a significant advantage by way of the big data network.
A new array of financial services are set to market via the decentralised protocol. The first generation of blockchain offered the world a decentralised ledger. The second generation established Smart Contracts. The third generation will launch decentralised financial services for every layer of the market, opening doors for FinTech and blockchain companies. Debt and lending will be managed via the blockchain and non-custodial wallets; banking will evolve to facilitate decentralised payments, attracting application developers and pertaining businesses. The protocol will support plug n’ play functionality, where third party programs and tools will seamlessly integrate into the network. Know Your Customer and Anti-Money Laundering checks will be digitised. All financial services will be offered via through the infrastructure. China has already announced integration of its network with Ethereum’s blockchain and bitcoin’s lightning network. Nuls, a microservice blockchain project, recently announced development of a protocol bridge that seeks to connect the aforementioned blockchains. The third-generation protocol will open a huge sphere of opportunity (Noble, 2020).