The internet has brought with it an unstoppable age of advancement – a rise in technology that is well beyond anything that has ever come before it. Since its rapid inception, nothing has come close to revolutionising the world quite in the same way that the internet has.
Until the development of the Blockchain
The Blockchain in short, the brainchild of a group of people working under the pseudonym Satoshi Nakamoto, which was first conceived in 2008. Many would argue that the Blockchain is one of the few modern developments that truly have the potential to truly change the world as we know it.
In it’s a simplest sense, Blockchain can be described as a decentralized ledger. A means to maintain historical information about digital transactions that is publicly available for all to see – yet completely untouchable, unhackable, and more importantly, unalterable.
Contracts, transactions, and records are all defining structures of current society. Our economic, legal, and political systems require them to function in any capacity. They are thought to protect owned assets, set organizational boundaries, and govern interactions between nations, communities, and individuals.
In this sense, they guide the actions of society entirely, while also impacting every single member of that society on a very individual level.
Yet despite their importance, they are completely and utterly outdated – they have not managed to keep up with the digital transformation that the economy has made over the last decade or so.
Blockchain serves to solve this
This specific technology is at the heart of all virtual currencies.
It is ultimately an open and publicly available ledger that can record transactions in an effective, verifiable, and permanent way. Through Blockchain, it is easy to visualize a world where contracts are embedded in digital codes, and stored in shard databases – transparent, yet completely protected from deletion, tampering, and revision.
Positive note – completely un-hackable.
In this world, every process, payment, or task, will have a digital signature that can be identified and validated. The intermediate roles of bankers, brokers, and lawyers will no longer be necessary in a traditional sense, as both individuals and organizations will have the ability to freely and safely interact with one another with zero resistance.
The power is, in short, returned back to the people.
Blockchain provides the potential for people to live their own lives, free of unnecessary costs and taxes. A means to separate themselves from the rigor and restrictions placed upon them each and every day by modern society and its many rules and regulations
It is indeed the internet of our era.
Smirked at by many who don’t have either the appreciation or understanding of what it really is, Blockchain is close to revolutionizing the world as we know it – and trust me when I say you do not want to miss out.
Within this, the Blockchain revolution is a timely threat to the current system driven by Wall Street, the banking industry, and the government – something that can change the financial world as we know it. It is important to state that in modern day, Blockchain is still in its infancy. While nearing its 10th birthday, it is still a relatively untapped – in all honesty we have barely even scraped the surface of its absolute potential.
While there are many who have seen its usefulness (and have seen unheralded financial gain as a result), it still has an unbelievable amount of growth forthcoming.
First utilized as a means to use and transfer bitcoin safely and efficiently, Blockchain has indeed risen rapidly – but I would argue that it is still decades from reaching its full potential.
So many academic goals that we expect you to achieve.