Why Blockchain Technology Will Be Bigger Than the Internet
Everything was forever changed with the arrival of Bitcoin in 2009. Though perhaps only understood by clandestine folks already deeply entrenched in the cypherpunk sphere, the ways in which this technology will change the way the world operates are still coming to light. The birth of blockchain technology (the technology which powers Bitcoin and all cryptocurrencies), will change the way society functions as well as its core systems that we will never fully understand until the masses begin seeing clear signs of it.
Novel technologies always take hold slowly over a period of time – just as it happened with the Internet. The Internet was first being used by a small group – was introduced to the small few who were already operating in the tech industry as well as tech aficionados. Email was invented in the 70s – but only became widely popular after much focus on usability for ordinary people – which happened to be way later in the 90s. Although we live in a time when technological innovation and progress is happening infinitely faster than ever before, humans are still humans – in fact, we are often the ones slowing innovation down.
This means that we have still not traversed the time it will take before we unveil the infinite benefits of blockchain technology. It will ultimately free us from reliance on systems that no longer suit the world we now live in – the digital world, which we have already entered many years ago. This does not mean the physical world will cease to exist because that is not possible. However, the digital realm will replace many aspects in the physical realm.
Blockchain technology will allow the transformation of trust and power from the hands of only a few centralized authorities into the hands of many. In a time when the world is slowly being led by only a few main players (think Facebook, Google, Amazon), decentralization, which is what blockchain technology offers, will allow for many other services to crop up. Perhaps a social media platform that behaves purely as a service to connect you to others – one that doesn’t conduct targeted advertising to its users or store your information well beyond your deletion of it.
And of course, there’s financial services. This realm of blockchain technology is gaining incredible steam with the rise of Decentralized Finance (also known as DeFi). DeFi runs on a completely decentralized exchange (also known as a DEX) making the system completely peer-to-peer. You don’t need to pay a third party any fees and everything is conducted directly between users. At the time of writing this, nearly $8 billion is locked into DeFi – which is not a small number.
Blockchain technology will eliminate the need for endless paperwork in many processes that we experience today that sometimes takes months. Think real estate for example. There are many steps involved in buying a house. All of the paperwork ensures that everything is legitimate. But what if there was a way to verify legitimacy but did not take long at all? That’s where blockchain technology comes in. As it is trustless, you can verify all the information you need instantly. By virtue of growing into a digital society, online shopping is on the rise. This means that just about anyone can become a supplier. The issue is that we currently make the mistake of holding the same trust we’ve developed into big and centralized brand names in smaller, lesser known ones. But with the use of blockchain to track a product’s supply chain, we do not need to trust – the information is simply accessible.
It is unlikely that we will ever reach a point in society where we completely eliminate large companies and we do not need to. In fact, large companies will benefit tremendously from the use of blockchain technology – they will be able to streamline processes that used to require endless paperwork, time and manpower. The implementation of this technology will lead to significant time and cost savings.
This novel technology removes the need for trust and offers complete transparency. It will allow individuals and consumers easily trace the products they use and access information quickly.
The blockchain can represent value and it can hold valuable information. It is a gateway to the transformation of just how the world works.
At Blockchain Collective we truly believe blockchain technology will help forge a better world. Want to learn more about how to use this novel technology in your business? Learn more on our website where you can also contact us for any more information.