Thursday, May 25, 2017

How will Blockchain Change the World ?


How will Blockchain Change the World ? 

     Blockchain, bitcoin, Ethereum, Litecoin, Ripple, Monero and the like are changing the world as we speak...

    However they also aren't exactly being used for much more than speculative investments. Or silk road like transactions. Or Ponzi scheme like ICOs. And why not when people can earn 100%, 200%, 900%  returns in such a short time.  It's a very interesting dynamic but it's only one piece of the 'blockchain' and cryptocurrency puzzle.   As they say it's like we are early stages of the 1993 internet but wth the 1998 Hype cycle.   The investment money is driving the hype, but the technology will change the future.  People just don't realize it yet. Most people don't even know what this is and the banks are so fearful they are trying to create their own private blockchain consortium.  

   
Cryptocurrencies as legal tender is the defacto Bitcoin and blockchain answer and use case.  It's a ledger. It's secure. It's transparent. It's immutable.  It's mined. It's decentralized. It's a currency.  But the blockchain isn't just about monetary value or currency. In fact, most of the cryptocurrency movement isn't currency at all, it's a speculative investment just like anybody who buys stock in Tesla or Apple.  The real difference is some people can actually go and buy a pizza with BTC ; whereas owning stocks in Tesla is a complicated process to get it out.  

     Speaking of values and currency worth, who wants to buy a pizza with 1 BTC if it could be worth double tomorrow?  Or triple.  And when certain altcoins go up in value by 900%, it's a fascinating ride, and makes sense.  However, what happens when this all comes crashing down?  And we know it all will.  That's where we will see the real changes, the real players, the real interest.   The real fallout and disruption.  The fake players will disappear onto the next assumed hype cycle.  The real players will actually try and change the world.  It's so new and exciting that who doesn't want to be a part of this change.  This decentralized change coming.

     It's hype times a million right now and many people who couldn't even tell you what Bitcoin or the blockchain is, have invested in it.  It's money. It's a lot of money.  And it'll probably keep going up.  But maybe it won't.   Or maybe it will.

     Things like Ubiq smart contracts and Ethereum smart contracts are really the way of the blockchain future.  How do you get normal everyday people to care?  The internet didn't really become a defacto standard till smart mobile phones.  True people used AOL and prodigy and compuserve, but nobody cared or needed it. And the connections were too slow and not always on.  Many people assumed the internet was just a fad.   Email changed a lot of dynamics because everybody suddenly had a way of sending messages without  paying for a stamp.  

     I digress into the internet and dot com era to bring you back to the blockchain era. Things will change. It's just too early to figure out how it will all play out, but it's not about connecting the rest of the world who don't have the internet or bank accounts.  Oh that will make things progress faster. It'll make a few people millions or billions of dollars.  But the blockchain will change the world. And the centralized middle man will fall.  And smart contracts, the blockchain, cryptocurrency, automation, machine learning, AI, and IOT will bring a new future we never even imagined.   

The future is coming, will you pretend it's not?