Will Facebook’s Libra undo Uber?

Image for post
Image for post

Uber is will to accept Facebook’s Libra digital currency, but in the past has rejected other cryptocurrencies for payment. CCN called it “ironic”.

The company is playing a vital role in the early stages of Libra’s network, “and presumably, it will be one of many vendors who accept the “crypto” out of the gate,” as P.H. Madore writing at CCN says.

Other companies, such as Visa, have agreed to accept Libra, but what will be interesting to see is whether a vibrant network of Libra-to-cash methods emerge and Madore asks, “Will we have ATMs that allow us to cash out our Facebook money?”

Uber could be disrupted by blockchain

Madore argues that Uber could effectively be disrupted by blockchain technology, because it is a centralised enterprise. And he suggests a future scenario like this: “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.”

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

He goes on to look at Uber and employment in a future with robots. “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?” Madore asks.

What will happen to all the displaced Uber drivers? Madore suggests we will need some form of welfare system will have to emerge, such as the Universal Basic Income idea, as the number of humans required by industry declines.

He even goes so far as to suggest: “If artificial general intelligence ever indeed emerges, the robots may establish their own companies and work on their own terms.”

Written by

A blockchain platform that will take banking to another level https://www.lendo.sg

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store