Blockchain has revolutionised how we think of the digital world, how information travels in a stream of connected devices, and how we determine value to everything we know.
And considering how our lives have become predominantly digital, it will change the world the same way European Renaissance did.
For the uninitiated, here’s a short summary of the European Renaissance. It is a period between the 14th and 17th century that marked a shift from the Middle ages to modernity. The period of rapid growth had its origins in Europe, but the implications were global. Everything around was going through an immense upgrade, even revolutionary, as many historians would put it.
Art, music, clothing, finance, and financial institutions, the standard of living, the definition of luxury, the definition of personal freedom and expression — all of it went through significant overhaul.
It was fuelled by some of the best minds the world has ever seen — Dante, Da Vinci, Michelangelo, Donatello, to name a few. The rapid change in perception and growth in human life was inescapable. It was a direct result of a prolonged period of world peace, prosperity, and freedom of ideas. Hence, the term renaissance — a re-birth.
Most importantly, it took power from the few and put it back in the hands of creators, thinkers, and the many.
Blockchain is set to be the start of a similar renaissance at a global scale — a period of rapid change in digital perception and the way things are.
Here is what some prominent people and thought leaders think of Blockchain and how it will power the financial markets.
“ We have elected to put our money and faith in the mathematical framework that is free of politics and human error”
— Tyler Winklevoss, Co-creator of Facebook.
“There are 3 eras of currency: Commodity based, politically based, and now, math based.”
— Chris Dixon, Co-founder of Hunch.
“The biggest opportunity set we can think of over the next decade.”
— Bob Grifeld, CEO NASDAQ.
Undoubtedly, the most significant change blockchain technology has promised is in the space of finance. The traditional and the current way of moving money is very similar to the way the web works now. There is a central authority — a bank, or a financial institution — which confirms any transaction between two entities. And in the process it takes a cut from the transaction amount as a service fee.
However, the use of Blockchain makes sure the transaction happens directly between any two transacting parties — eliminating the need for banks, payment portals, and financial institutions.
This is precisely the reason cryptocurrencies emerged, from the need to have transparency and no middlemen. Anybody could buy or sell using a simple wallet app from anywhere in the world. The transaction would be private between two parties, completely secure, and authenticated by a pool of computers rather than a central clearing house.
The future is set to change, thanks to Blockchain, and it is coming faster than we could think. The emergence of cryptocurrencies like Bitcoin and Ethereum is proof, the backlash of the traditional financial institution is proof, and the acceptance of the technology in various industries other than finance is proof.
Blockchain is already changing the way we see and perceive data, the way it flows, and the way everything could be much more secure.
Blockchain works on a simple yet powerful concept — decentralisation of information sharing information and data. This is coupled with advanced cryptographic techniques and an infinite ledger to make sure every transaction is recorded for the world to see.
This simple concept can help change the way your financial transactions happen, modern digital media is consumed, and advanced data infrastructures are built, in creating the currency of the future, in having perfect privacy and personal data protection. It will virtually change the very way internet works.
There is a lot to cover in terms of applications of Blockchain. The technology is already in use and is helping people build way better products and services already.
But, let’s take a leap into the future and imagine how it could mould our future day-to-day lives. The experts are very optimistic and have extravagant visions. Let us see some fantastic ideas being discussed and developed as you read.
Government Crypto: With all the obvious upsides and little to none downside, crypto will inevitably get accepted and would find its way to the nations through governments. Most governments would have some form of cryptocurrency circulating in their territory in our very near future.
Blockchain Identity: In the near future, our identities would undoubtedly be on the Blockchain. And, there would emerge a global standard for safeguarding identity with higher levels of privacy and control. Companies are building this as we speak. These crypto-identities would hold every information about us from our medical histories to our employment records.
Trillion-Dollar Protocols: As companies like Apple, Amazon, and Alphabet try to be trillion dollar companies, they drive the economy higher and farther than before. Blockchain technology and protocols would reduce transactional and data costs so drastically that there would emerge, like these companies, trillion-dollar protocols in the Blockchain.
World trade on Blockchain: Considering near zero cost of money transactions between two people or entities. The future global trade will leverage blockchain technology to be faster, safer, and more transparent.
Drastic improvements in general standard of living: This would be a byproduct of all the systems and techniques which Blockchain will help improve. There would be better financial services to more people. The poorer nations would leverage hugely from the transparency in the movement of funds and due to the removal of intermediaries. There would be more resources available around the globe, which will make billions of lives better.
These are the few promises Blockchain has for the future. And, there is even more revolutionary potential we haven’t discussed; be it medicine, healthcare, sports, travel, leisure, transportation, automation, agriculture. The implications are boundless.
The future civilisations will look back and would attribute this era to being Renaissance 2.0, a time when everything changed for the better, powered by decentralisation of information.
A real renaissance in the making.
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