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Uber’s “Crypto” Libra Support Could Be The End of The Giant

Last Updated March 4, 2021 2:36 PM
P. H. Madore
Last Updated March 4, 2021 2:36 PM

By CCN.com: There’s a lot of irony in Uber’s lack of crypto acceptance contrasted with its support of Facebook’s Libra project. The company will play a vital role in the early stages of the network, and presumably, it will be one of many vendors who accept the “crypto” out of the gate.

Several companies have already agreed to accept the Libra. The Libra can be used in a myriad of ways, from sending money to loved ones to paying overseas contractors. What will be interesting to see is whether a vibrant network of Libra-to-cash methods emerges. Will we have ATMs that allow us to cash out our Facebook money?

Aside from Uber, Visa is supporting Libra . Visa and other credit card companies have long shown interest in blockchain technology. Facebook and Telegram are the first two overtly mainstream companies to launch blockchains, but they’re not the last.

The disruptive nature of blockchain technology is that it can affect most industries in one way or another.

Uber Could Easily Be Disrupted by Blockchain Technology

Uber is a centralized effort at an idea that could be accomplished with relative simplicity on a blockchain. Imagine a future where your autonomous smart vehicle goes and earns you money when you’re not using it. It takes you home, waits a while, and then it dispatches it to pick someone up. You get paid for its services, and likely enough Facebook’s Libra will be a payment option.

If the future brings a greater prevalence of blockchain technology, then extremely competitive Uber challengers will likely emerge with blockchain roots.

United States: A Nation of Displaced Workers

robot workers
Will United States become a nation of displaced workers? Image from Shutterstock.

With Uber and Tesla reportedly planning a nation who use driverless cars instead of human-driven cabs, the future gets interesting. Will we be paying robots in crypto to drive us to and from? Will we tell the robots to stop at a restaurant, staffed by other robots, who also accept our crypto?

This world might sound convenient. But where do all the displaced workers go?

Presumably, some form of welfare system will have to emerge as the number of humans required by industry declines. One idea floating around is the Universal Basic Income, like Andrew Yang proposes. In this world, industries pay a high tax, but everyone gets a sum of money each month. This societal design contends that the rest of the country, in fact, owns the industries. The taxes are a form of state control over production.

Likely, within our lifetime, robots will have entered daily life in more obvious ways than today. People will rent robots to clean their homes and hire robots to do security. If artificial general intelligence ever indeed emerges, the robots may establish their own companies and work on their own terms.