Similar to when the Internet first made its appearance and changed everything, so blockchain has the potential to transform the way cryptocurrency exchanges make a difference.
Wouldn’t it be just great to get a sneak preview of the future that would be made up of digital currencies?
The blockchain is regarded as a fundamental and technological wave that will have a massive impact on the way everyone conducts their finances.
Whether you work in government or business, it is imperative you gain an understanding of blockchain.
Bitcoin in itself has the power to unleash a great deal of potential for those who are ready to adopt the digital economy and experience distributed prosperity.
It is crazy to think that we’ve had the Internet for nearly four decades. No doubt, it contributed to how we live our lives and majorly improved the flow of data among people and firms. However, it didn’t have much of an impact on how we do business. The reason for this is that it moved information and not value from person to person.
Think about it like this. Once we email a document or photograph to someone, we are only sending a copy of the original. This type of information is not all that reliable, and perishable too.
Anyone for that matter can easily copy, change, or send the info provided to someone else.
In various cases, it is above board and beneficial to share such copies.
Unfortunately, to expedite any business transaction, we cannot email monies to another person. This is because copying money is illegal and we are not a hundred percent sure that the person receiving it is who they say they are.
Info regarding the identity of an individual should be scarce, unchangeable, and permanent.
As a result, we have to go through powerful intermediaries to garner trust as well as maintain integrity.
Governments, banks, and big technology firms would verify our identities to enable the transfer of assets. They would have a hand in clearing and settling transactions as well as have a hand in keeping records of these transfers. However, the limitations one would experience from making use of such intermediaries open up the way for rogue employees and hackers to make their way to your personal information. We need a new way forward in the form of the blockchain.
For the first time ever, we have a native digital medium to provide exceptional value, through which we can store, manage, as well as transfer any assets, which range from music and money to votes privately and securely.
Trust is garnered not by intermediaries but through cryptography, smart code, and collaboration.
It is truly amazing how blockchain can radically reduce the transaction cost of contracting, search, building trust, and coordination within an open market.
This type of efficiency will result in more decentralized models that are required to create new products, wealth, and services.
Now wealth can be redistributed to include billions of people.
Shortly, most transactions will take place between things, and not people.
Intelligence will be at the order of the day by adding smart devices, cameras, sensors, GPS, microphones, and gyroscopes, that can reconfigure themselves according to the availability of storage, bandwidth, or other capacities. All to resist interruption.
During May 2016, the entire crypto market boasted just over $9 billion. During this stage, Ethereum crossed $1 billion to become the second largest after Bitcoin.
Not much to write home about. However, just two years later, the crypto market was $420 billion strong.
No doubt, such growth captured the attention of nongovernment organizations, entrepreneurs, developers who are keen to set up a trusted crypto trading platform, the media, central banks, and investors from all around the globe.
Ethereum’s founder, Vitalik Buterin, was pleased once his crypto asset hit half a trillion dollars.
Needless to say, such figures created a lot of hype in the market. However, many of them failed. Scammers especially hurt the crypto space. Through the proper implementation of security measures, this type of show-stopping can be avoided. Overlooking such obstacles, it is good to know that we are now experiencing the most substantial transformations of wealth in history. Come to think about it, $265 billion is a heck of a lot of money.
However, concerning bonds, stocks, land, water, and mortgages to carbon, we barely scratched the surface of what crypto is capable of. One could dare to say that we are now going through the second era of the Internet. Due to this, there is not just one blockchain but an explosion of overlapping, competing, and complementary platforms that are all driven by incentives.