Altcoins, Blockchain And The Drug Trade – A Love Affair

Blockchain and Cryptocurrency is Great for Regulation

The war on drugs has failed. Deciding to wage a war against it was a misjudgment on the parts of the lawmakers. The failure is owed to the unprecedented demand and glamour that has built around the idea of consuming and sometimes selling drugs.

The War On Drugs Was Wrong

This is a big bold statement we are making but, we are not the only ones saying so. More and more people have agreed that it was an ill-waged, uninformed and unnecessary war. Drugs were deemed bad because of their enjoyable nature.

Because people take them, enjoy a little too much for government’s liking and get addicted.But, so does alcohol and music and sex and what not. Decriminalization of drugs was in part a result of the over inflated connection between drug consumption and unproductive behavior, which was seen as a threat to economies.

However, governments were targeting the wrong aspects. The industry did not need criminalization but, regulation and legitimacy. Any unregulated industry is a menace, this is because not only people need to engage in unhealthy and illegal practice, but they must also make more profits, even unfairly so, to make the the risk of penalization worth taking. This has resulted in problems such as counterfeit drugs, impure ones, unchecked over dosing or lethal ones and a general issue of a delinquent culture to cocoon around them.

The Actual Need

Drug law and better checks and balances on the trade. Regulation on purchasing quantities of various drugs was essential, choosing the kind of drugs available in the market based on demand and supply patterns was essential. It still is. Despite being sold in the black economy, it is important to know all supporting information so that individuals are able to make well informed choices. Moreover, literature on the nature of drugs was of immense relevance, so people can stay safe.

How Blockchain Counters The Mess

Blockchain systems are governed by a set of agreed principles or rules. These rules act like a law for the entire network. People vote to declare the law, this means that the law is democratically created. A blockchain to launch itself as the primary safe and healthy drug cooperative, should gain instant success and hype. This means it must fulfill the promise, individuals may report the claims and whether the organisation fulfills them. This also means that any wrongdoing will come to the surface as a whistle-blower action. Kudos, Blockchain!

The very unregulated and unmonitored industry can run itself. That too with accountability, transparency and no tampering because, blockchain is the best. While in traditional drug markets, the dealers may disappear into thin air if a drug case goes awry. Blockchain keeps a track of it all. Cartels may be hard to trace and the issue may be hard to pin, but all of this can be better navigated through the new tech support that is being researched into.

As for the dealers cryptocurrency is the best solution because:

  • It’s portable, and they do not need a big silver suitcase to carry the sums of money looking like a shady person.
  • It’s untraceable and therefore perfect for all transactions
  • It offers better rewards than the credit card companies
  • It cannot be stolen, ever, by anyone – even if it can be the culprits are often found and made to payback

Looking forward to a world where drugs are not as demonized as this! Let us know your thoughts down below.

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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