Black Markets On The Blockchain
In 2017, Global Financial Integrity estimated the global drug industry added up to $652 billion of trade per year, making it the second biggest underground market after the $1.13 trillion of activity in the counterfeit and pirated goods market. When you add in the domestic and household economy of the world’s households, the subsistence economy, the barter economy, the volunteer economy, the “under the table” economy, the criminal economy and a few other smaller players, you get something that adds up to 3/4 of the world’s total economic activity. The formal economy – the territory of professional and paid work, of tax statements and GDP – is only 1/4 of the world’s total economic activity. In short, "black markets" make the world go round. What role will anonymous cryptocurrencies and decentralized marketplaces play in our transition to the information age?