Internet services that use this technology for better consumer autonomy and privacy are already being built
In addition to their widely touted commercial use-cases, cryptocurrency and open blockchain technologies can significantly empower and improve the welfare of individual consumers. Because they do not offer the same potential for financial return, these consumer benefits are too often overlooked. Indeed, a common but untrue accusation leveled against cryptocurrencies is that they serve no function not already better served by existing systems and currencies—that their use only appeals to those with bad intentions who are drawn to their perceived anonymity. The truth is that, in many instances, open blockchain networks offer significant improvements for the U.S. consumer over the status quo. Here are a few examples.