The Blockchain Revolution Is Here… Are You Still Missing Out?

It is very rare that we are able to see a project with the potential to change the world in our lifetime, yet that is exactly what we are witnessing as we continue to dive deeper into the blockchain revolution. What once was a concept behind the first digital currency has now evolved into a technology that has the potential to change the way that information and data is shared in today’s world. This comprehensive guide will take you through an exploration of the blockchain revolution and provide you with insight as to why you should start focusing more of your attention (and resources) on the cryptocurrency industry. Let’s dive in!
 

Date: 
February 15, 2019
Read time: 
9 minutes

The Blockchain Revolution Is Here… Are You Still Missing Out?

Author: Dylan B
Date: 
February 15, 2019
Read time: 
9 minutes

It is very rare that we are able to see a project with the potential to change the world in our lifetime, yet that is exactly what we are witnessing as we continue to dive deeper into the blockchain revolution. What once was a concept behind the first digital currency has now evolved into a technology that has the potential to change the way that information and data is shared in today’s world. This comprehensive guide will take you through an exploration of the blockchain revolution and provide you with insight as to why you should start focusing more of your attention (and resources) on the cryptocurrency industry. Let’s dive in!
 

It is very rare that we are able to see a project with the potential to change the world in our lifetime, yet that is exactly what we are witnessing as we continue to dive deeper into the blockchain revolution. What once was a concept behind the first digital currency has now evolved into a technology that has the potential to change the way that information and data is shared in today’s world. This comprehensive guide will take you through an exploration of the blockchain revolution and provide you with insight as to why you should start focusing more of your attention (and resources) on the cryptocurrency industry. Let’s dive in!
 

While this internet revolution has propelled us forward, it poses one major issue and that issue can be found in the way that we pay and receive payment online.

Technological Revolutions: The Past and the Present

While the blockchain is certainly a disruptive piece of technology that is revolutionizing several industries, it is important to see why this revolution is making such an impact and what it can lead to. We can do this by taking a look at past technological revolutions that have shaped the world that we live in today. Do you know of any major technological revolutions? It is almost certain that you are aware of several that have impacted our day and age. One such example you may be quite familiar with is…
 

The Industrial Revolution

The industrial revolution is arguably one of the most important revolutions in history as it completely changed the way that we, as a society, functioned and improved several industries. The beginning of the revolution can be traced back to Britain in the late 1700s with the growing demand for faster and more efficient cloth-making methods. As a result of this need, the spinning jenny was created by James Hargreaves in 1764, which was a device with eight spindles that gave people the opportunity to increase their productivity eightfold.

Although the machine itself was helpful, this invention bred the need for a better way to power these machines so that it could function more efficiently and meet the cloth production needs. Yet another innovative individual, Richard Arkwright, came out of the woodwork to solve the issue in 1769 by adding the invention to the water wheel so that it could move without the need for human power.

Source: Simple History YouTube Channel

 

The innovative trends continued as those in Britain consistently pushed out more ideas and inventions such as steam-powered engines, the telegraph, and new iron/steel production methods revolutionized the way that we traveled, communicated, and produced products in a way that shaped the world as we know it.
 

The Digital Revolution

The Digital Revolution is the movement that provided us with the tools we use today in order to communicate with others, to entertain ourselves, and to spread information and other media. To put it simply, the digital revolution is the movement that provided us with modern technology as we know it. If you use any technology, you are handling proof of the digital revolution!

This revolution can be traced back to 1947 with the invention of the transistor, a small device that worked both as an amplifier of electric currents as well as a switch. This small yet important invention changed the way that we were able to produce technology and sparked the production of products such as the transistor radio, which was arguably one of the first products that furthered our need for products that allowed us to share information.

The next major accomplishments came with the developments of computer systems that were mostly utilized by governments and militaries during the ’60s and ’70s, eventually leading to the development of the World Wide Web so that these entities could successfully share and access information with each other.

By the ’80s, the computer started becoming a household item and many businesses were turning to digital storage methods and required employees to start learning how to use computers. Communication also became mobile as the first mobile phone was developed during this time. Remember when phones used to be bulky and computers were not capable of storing that much memory or operating as quickly as they do today?

From the ’90s until today, the computer, the mobile phone, and the World Wide Web experienced huge developments and implementation that made it an everyday part of life for most individuals. These types of inventions have allowed us to change the way that we work, how well we are able to communicate with people from all over the world, and how we are able to store, transfer, and access data, among other things.
 

The Internet Revolution

The Internet Revolution, while heavily intertwined with the digital revolution, is a separate development entirely that has made it easier for us to connect with each other, to share information and media, to make everyday purchases, and to work.

The birth of the internet can be traced to the 1960s when a handful of computer specialists in Europe began using a main computer and a remote terminal to transfer information via small packets of information that were reassembled once transferred. This led to the U.S. Department of Defense to commission a project in which scientists developed a national communications system. The result of the project was a system of computer linked to a telephone line to create a single system called the Advanced Research Projects Agency Network (ARPANet).

As was stated in the previous section, this new network was mainly utilized by governments and militaries at first and those who were allowed to access it required training to be able to use it.

Starting in the early 90s, however, an English scientist named Tim Berners-Lee began working on a new system that everyone would be able to use called the World Wide Web. This new system allowed for the production of future technological advancements such as web hosting servers, search engines, and internet service providers to come into being, thereby creating an entirely new online economy that people globally depend on daily. Everything that you used today can be traced back to these developments!

While this internet revolution has propelled us forward, it poses one major issue and that issue can be found in the way that we pay and receive payment online. Utilizing current systems such as credit cards, debit cards, or payment providers such as PayPal keep us open to issues like identity theft and chargebacks. These are some of the major issues that carry us into our next section concerning the blockchain revolution.

Source: ourworldindata.org

The Blockchain Revolution: The Inception of Bitcoin

You may know the cryptocurrency and blockchain industry as it is today, but do you know where it all came from? In August of 2008, a domain by the name of Bitcoin.org was silently registered, signaling the first changes in the way that the world would perceive and use currency. Only two months after the domain was registered, an individual or organization using the pseudonym “Satoshi Nakamoto”  sent a white paper through a cryptography mailing list. The white paper outlined the functions of the proposed digital currency that would seek to start a crypto revolution.

Earlier the next year on January 3, 2009, Nakamoto mined the first Bitcoin on what is now referred to as the Genesis Block. The entity then sent some of the cryptocurrency over to another cryptography enthusiast and expert, Hal Finney.

From there, Bitcoin became more popular as it continued to gain exposure and found its footing in both the tech world as well as in day-to-day activities. Although the price has risen and fallen, Bitcoin remains one of the most popular cryptocurrencies that has given people the opportunity to participate in a strictly digital economy that gives the power back to the people.

Overall, no matter who you are, taking part in the blockchain industry is a viable possibility that you should take advantage of while it is still early in the revolution.

The World’s Response to the First (Effective) Digital Currency

Did you know that Bitcoin wasn’t actually the first of its kind? Before Bitcoin was invented, there were other attempts at digital currencies. However, due to issues such as government regulations or a lack of interest from individuals outside of the project, these projects never took off in the way that was intended. Bitcoin changed this by getting the adoption needed to keep the project moving forward so that it was able to thrive.

When it was proven that such a digital currency was able to succeed, a myriad of developers started coming out of the woodwork to launch their own projects and investors, as well as regular users, began taking advantage of the payment system that was gaining traction and value.

As with any technological revolution that breeds believers and developers of the project, there were an equal number of skeptics and critics who were seeking and continuously seek to tear down crypto projects. Other entities that aren’t too fond of the project, such as some governments, have also responded negatively to projects in the crypto revolution as they allow users to bypass the traditional financial system.

Despite critics and those who are completely against the project, crypto has continued to thrive, and for good reasons. But what exactly are these reasons?
 

5 Major Benefits Provided By Blockchain Technology

There’s a reason why cryptocurrency has managed to accomplish that much and that can be attributed to the underlying technology. Blockchain technology provides the world with several benefits, the most notable being:

  1. Decentralization- Blockchain technology helps to make it so that projects can become completely decentralized, meaning that no singular entity has control over data. Instead, all of those operating on the network keep the network running and each individual plays a part.
     
  2. Transparency- When using blockchain technology, all data is available for users to see what is known as the ledger. At any time, users can access this online ledger and see all data transactions that have occurred on the network from the beginning of its existence to the current moment.
     
  3. Security- Without the threat of a singular entity controlling the network, all of the data is safe and secure once entered into the system. No one is able to go into the blockchain and change anything as it is validated and secured by each and every user and is self-governed.
     
  4. Protection- One of the qualities of the blockchain that crypto users enjoy is that it protects each users’ identity. Rather than displaying information on the ledger that could be used to identify you, the network only shows a string of numbers that connect to your account for whatever data or information you are receiving.
     
  5. Quick Transaction Speeds- No matter what it is that someone is sending, whether it be a digital currency or data, transactions are near instant, meaning that anything can be shared instantly and from anywhere.

Blockchain gives us access to a more secure, decentralized way of sharing data, especially when it comes to the transference and use of digital currency.
 

Who Is Blockchain Really for?

Until recently, the blockchain revolution and the resulting crypto revolution were not for everyone. The perceived complexity of the technology made it impossible for everyday individuals to get into, leaving the market open only to investors and those with high technical know-how. You may even have experienced this before coming across this article. However, the blockchain industry is no longer reserved for these types of people.

In fact, you could be missing out on a variety of opportunities that continue to grow as the blockchain revolution moves forward. For example, anyone with technical skills or even marketing skills are missing out on finding positions at growing or emerging crypto startups. Those with the same skills could be missing out on creating their own startup and distributing their own offer.

Even more importantly, people should turn to the cryptocurrencies that have resulted from blockchain. In the beginning, these types of products had little to no value. Over the years, however, these products have experienced massive price gains that have produced a large profit for modest investors. Overall, no matter who you are, taking part in the blockchain industry is a viable possibility that you should take advantage of while it is still early in the revolution.
 

Future Technological Advancements: Where Is Blockchain Going?

Blockchain technology is heavily associated with cryptocurrencies due to its involvement in making the crypto we know today possible. However, blockchain has the potential to be used in a variety of different industries and for a variety of different uses, making it a valuable piece of technology. That leads many to ask, how will technology change in the future? How it may be used and some of the industries that it is capable of revolutionizing include:

  • Stock Exchanges- Trading on the stock market would provide for instant trades as well as low fees. One such example can be found with the Binance coin used for the Binance exchange, which allows users to pay fees with the native coin instead of having to pay with their trades. (However, this is not an example with a traditional fiat market as this has yet to be implemented.)
     
  • The Healthcare Industry- Patient information can be easily tracked and recorded on a ledger for various healthcare systems. Healthcare is one of the best examples of the effects of blockchain in the healthcare industry as they have already established an efficient network of more than 5000 providers in the Arizona Care Network.
     
  • Government- Governments can use the blockchain to create an economy in which all of the citizens participate, creating a transparent system that allows both parties to see what is going on within the country. Unfortunately, governments have yet to establish their own blockchains that help to run their countries. This is only a potential use case at the moment.
     
  • The Real Estate Industry- Ownership and transference of land can be tracked using blockchain technology. Projects such as Atlant and Rentberry are already working to make renting and ownership simpler using blockchain and have a proven track record of functioning as intended.
     
  • Supply Chain Tracking- Keeping track of supply chain performance can be difficult. Blockchain makes it easier by providing a singular ledger of all transactions for both buyer and consumer. Supply chain tracking projects like VeChain have already partnered with major companies to help them improve transparency and integrity in their current supply chain evaluating practices.
     
  • The Precious Metals Market- Keeping track and transferring precious metals using blockchain makes for a beneficial market in both crypto and physical bullion. This application is already present in the current cryptocurrency market with gold-backed stablecoins like Ekon and OneGram attempting to make cryptocurrencies less volatile.

This is by no means an exhaustive list but this should give you a glimpse into how the blockchain revolution will affect much more than the cryptocurrency market it is responsible for creating.
 

How You Can Take Advantage of These Developments

We are still in the very early stages of the blockchain revolution and it is more than possible to invest in crypto and blockchain and learn more about the technology so that you can make the most of this industry. That being said, it can be difficult to find the resources that will help you do so. If you want to dive deeper into the blockchain revolution and get a clear understanding of the technology behind crypto, learn more about blockchain with our comprehensive guide today!

 

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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