Of all the fields revolutionized by decentralization, DeFi and NFTs have shown the most promise to date. 

Blockchain has unraveled itself to offer dynamic solutions potent enough to change our way of living. The same dynamism is currently disrupting the financial industry in the form of DeFi. it has indeed penetrated unimaginable depths to allow the average individual to become active stakeholders in financial networks breaking the barriers of entry to diverse investment opportunities.

The art industry is about to be washed over by a similar innovation tide that promises a universally accessible ecosystem allowing users the final say in terms of development and regular operations. It has struck a chord with the creatives to successfully put their digital mark of originality on their creations; distinguishing those from the copies.

Experimentation on Blockchain

Various other industries, taking a cue from these, have rushed respective research teams to bring about a noteworthy implementation of decentralization. Governance is one sector that a lot of people are looking to modernize. 

Blockchain is known for its transparency, accountability, and tamper resistance. A system powered by blockchain should automatically inherit these features. Therefore the idea: if the governance of the state runs on a blockchain network there ought to be more transparency in operations like fund allocation and expenditure.

Experimentation on the blockchain has also eclipsed the virtual election process. More than one state has in the past performed a trial run of election from their homes. The votes cast were recorded on the blockchain. In many states, serious research on the implementation of blockchain framework to support election is on.

Also Read: Game-Changing DeFi Trends for 2021

Decentralized party

As decentralization seeps through the various crevices of faulty and deceptive legacy systems we may have the anatomy of political parties redesigned and aligned to a blockchain network to serve and deliver with transparency and accountability. A decentralized political unit may function on the model of an autonomous body running on a predefined set of codes enforced by smart contracts.

The rules must dictate and verify the actions and the conduct of party members. The operations are to be fully automated and devoid of interference from any third-party influences. On meeting the predetermined set of terms of the software executes itself and the action is registered. This would ensure that the opinion of the entire force behind the party is taken into account as opposed to the interest of a central few.

To manage and enforce the rules on the party member, adherence to the rules may be incentivized with merit tokens. The goal of the system should be rooted in achieving consensus and while respecting the individuality of each.

A secure and decentralized inter-party decision-making, devised through the drill of voting on a blockchain, will ensure every voice is heard. 

Finally, are we prepared for the change?

The very question to ask each person: are you ready for the change? This is important since no change is seamless and none established without an initial pain phase of glitches. To get to reap the benefits of democracy on a blockchain people must be prepared to bear with the ‘bumpy road’ to convenience. 

And why not, the world has embraced the decentralized finance from the state of being under pandemic. It should be more than trained to adopt the decentralized governance with all the benefits it comes with. 

In fact, a few states are already in the process of realigning themselves even as we write about it. 

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