In the middle of the night a group of Islamist extremists attacked the small town of Banamba, Mali, looting the town bank and freeing prisoners. It was not only money the town lost that November night 2016. The attack closed the town’s only bank, severing an economic lifeline between Banamba and the rest of the Malian economy, leaving local businesses and already vulnerable groups to face an even less certain future. While regional governments attempt to prevent attacks like the Banamba episode and create stability through military operations, this should only be a stopgap measure. Building up economic resilience and assisting the development of communities like Banamba is the only solution that will provide permanent stability and a through it reduced conflict. The West African geopolitical region of the Sahel, comprised of Burkina Faso, Chad, Mali, Mauritania, and Niger, is a focal point in the fight against terrorism. Mali, Niger, and Chad are among the largest countries in Africa, but also among the most sparsely populated. This allows Islamist extremist groups such as al-Qaeda in the Islamic Maghreb, Boko Haram, and the Islamic State to use the region’s remote deserts as a base for operations and to build financial reserves through the trafficking of guns, people, and drugs into Europe and across Africa. Since Banamba, extremist attacks have increased throughout the region. More recently, on March 2, gunmen attacked the French Embassy and Burkinabe military headquarters in Ouagadougou, the capital of Burkina Faso, killing 16 and wounding 80 others. Military intervention secures territory, but the international community must place serious focus on market development and regional trade. Security is not just a question of combating extremist groups but reducing marginalization and increasing economic opportunity in rural areas. Starting with local economic development and expanding regional trade networks to integrate communities into the broader economy and creates alternatives to radicalization and criminal activity. The climate and geography of the Sahel relegates regional communities to relative isolation. Chronic drought and food insecurity plague the region, which is already one of the poorest in the world. Immense distances between regional towns and capitals, combined with the lack of infrastructure, makes it difficult for governments to deploy resources to rural areas. As a result, foreign investment, lucrative jobs, and government spending are concentrated in the capitals while subsistence living dominates rural economies where Islamist extremist groups are strongest. The bright spot for the region is the leadership of the G5 Sahel—the first partnership between the governments of Burkina Faso, Chad, Mali, Mauritania, and Niger to advance regional security and development. The G5 Sahel acknowledges the importance of incorporating remote communities into the broader economy in its strategy. However, the current focus on impressive targets and infrastructure projects does little to advance this goal. In February, the G5 Sahel received the €8 billion ($9.8 billion) over five years from the EU, which will be used to create a million jobs for young people, connect over a million households to renewable energy, and link the five capitals via an intra-regional railroad and airline. These are important investments, but they do not guarantee economically resilient communities. Unless development investments are supporting existing markets and trade, the economy will stall when funding is no longer available. Regional economic development is not a problem exclusively for individual states to address, but for the G5 Sahel as a cohesive actor. There is an opportunity to change livelihoods and build a truly regional economy across the five G5 Sahel countries, but unless it is based on developing local economies and markets, sustainability will be difficult. Like the G5 Sahel’s approach to security, development requires regional coordination and a well-defined strategy for success. About the author: Hanna Wetters is the Africa Fellow at Young Professionals in Foreign Policy (YPFP). She is a Program Coordinator at the Center for International Private Enterprise, where she specializes in business advocacy and entrepreneurship and works with business membership organizations across sub-Saharan Africa. She received her BA in Philosophy, Politics, and Economics from the University of Michigan.  

But it’s difficult to think about value when we have no buoy for understanding it outside our traditional lenses: for example, our time, our job, and what others tell us they are worth in cash. This, largely, is the world’s paradigm for value so far. But understanding what value really means changes everything—and will be at the center of the decentralized revolution in global coordination that will unfold over the next decade. So, where do we begin?

Let’s start with gold.

Gold is an inherent value. When backing a market, gold allows us to grow a balanced economy well into the trillions. But why does it allow for massive stable markets to form around it? It is gold's permanence that creates stability. We understand that gold will always have value, because it is inherent in all of us, not just in one part of the world, but everywhere, not just today, but tomorrow and for the long haul.

In the 1930s when the gold standard was removed, we learned that the U.S. dollar didn’t need gold to back its economy to flourish. We learned that it was just a symbol for U.S. citizens to decentralize their coordination around the United States economy.

It turns out, common agreement is a philosophy for building shared economy.

And so it seems inherent value is a marker for us to begin exploring what the future could look like—a future beyond gold and the existing realm of credit. And so what else has inherent value? Is education as valuable as gold? What about healthcare? What about a vote that can’t be tampered with? What about an ID that can’t be stolen or erased? What about access to nutrition or clean water? You will find value everywhere you look.

It turns out, we’ve already done the legwork necessary to uncover the most elemental inherent values: The Sustainable Development Goals are commitments grown out of the drive to bring to life basic tenets of the Universal Declaration of Human Rights—the closest possible social contract we have to a global, common agreement.

We’ve already agreed, as a global community, to ensure inclusive and equitable access to quality education. We’ve already agreed to empower all women and girls, to ensure pure and clean water access for all, to promote health at all stages of life, and to end hunger.

We’ve already agreed.

Our agreements are grounded in deep value centers that are globally shared, but undervalued and unfulfilled. The reason for this is our inability to quantify intangible value. All of these rich, inherent values are still nebulous and fragmented in implementation—largely existing as ideals and blueprints for deep, globally shared common agreement. That is, we all agree education, health, and equality have value, but we lack common units for understanding who and who is not contributing value—leaving us to fumble in our own, uncoordinated siloes as we chase the phantoms of impact. In essence, we lack common currencies for our common agreements.

Now we find ourselves at the nexus of the real paradigm of Blockchain, allowing us to fuse economics with inherent value by proving the participation of some great human effort, then quantifying the impact of that effort in unforgeable and decentralized ledgers. It allows us to build economic models for tomorrow, that create wholly new markets and economies for and around each of the richest of human endeavors.

In late 2017 at the height of the Bitcoin bubble, without individual coordination, planning, or the help of institutions, almost $1 trillion was infused into blockchain markets. This is remarkable, and the revolution has only just begun. When you realize that Blockchain is in a similar stage of development as the internet pre-AOL, you will see a glimpse of the global transformation to come.

Only twice in the information age have we had such a paradigm shift in global infrastructure reform—the computer and the internet. While the computer taught us how to store and process data, the Internet built off that ability and furthered the conversation by teaching us how to transfer that information. Blockchain takes another massive step forward—it builds off the internet, adding to the story of information storage and transfer—but, it teaches us a new, priceless and not yet understood skill: how to transfer value.

This third wave kicked off with a rough start—as happens with the birth of new technologies and their corresponding liberties. Blockchain has, thus far, been totally unregulated. Many, doubtless, have taken advantage. A young child, stretching their arms for the first couple times might knock over a cookie jar or two. Eventually, however, they learn to use their faculties—for evil or for good. As such, while it’s wise to be skeptical at this phase in blockchain’s evolution, it’s important not to be blind to its remarkable implications in a post-regulated world, so that we may wield its faculties like a surgeon’s scalpel—not for evil or snake-oil sales, but for the creation of more good, for the flourishing of commonwealth.

But what of the volatility in blockchain markets? People agree Bitcoin has value, but they don’t understand why they are in agreement, and so cryptomarkets fluctuate violently.  Stable blockchain economies will require new symbolic gold standards that clearly articulate why someone would agree to support each market, to anchor common agreement with stability. The more globally shared these new value standards, the better.

Is education more valuable than gold? What about healthcare or nutrition or clean water?

We set out in 2018 to prove a hypothesis—we believe that if you back a cryptocurrency economy with a globally agreed upon inherent value like education, you can solve for volatility and stabilize a mature long lasting cryptomarket that awards everyone who adds value to that market in a decentralized way without the friction of individual partnerships.

What if education was a new gold standard?

And what if this new Learning Economy had protocols to award everyone who is helping to steward the growth of global education?

Education is a mountain. Everyone takes a different path to the top. Blockchain allows us to measure all of those unique learning pathways, online and in classrooms, into immutable blockchain Learning Ledgers.

By quantifying the true value of education, a whole economy can be built around it to pay students to learn, educators to create substantive courses, and stewards to help the Learning Economy grow. It was designed to provide a decentralized way for everyone adding value to global education to coordinate around the commonwealth without the friction of individual partnerships. Imagine the same for healthcare, nutrition, and our environment?

Imagine a world where we can pay refugees to learn languages as they find themselves in foreign lands, a world where we can pay those laid off by the tide of automation to retrain themselves for the new economy, a world where we can pay the next generation to prepare themselves for the unsolved problems of tomorrow.

Imagine new commonwealth economies that alleviate the global burdens of poverty, disease, hunger, inequality, ignorance, toxic water, and joblessness. Commonwealths that orbit inherent values, upheld by immutable blockchain protocols that reward anyone in the ecosystem stewarding the economy—whether that means feeding the hungry, providing aid for the global poor, delivering mosquito nets in malaria-ridden areas, or developing transformative technologies that can provide a Harvard-class education to anyone in the world willing to learn.

These worlds are not out of reach—we are only now opening our eyes to the horizons of blockchain, decentralized coordination, and new gold standards. Even though coordination is the last of the seventeen sustainable development goals, when solved, its tide will lift for the rest—a much-needed rocket fuel for global prosperity.

“Let us raise a standard to which the wise and the honest can repair.”  —George Washington
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.