The Internet exploded in the late 1980s. Then, a tentative vehicle for storing and transferring information, now, connecting billions of people around the world; it’s taken three decades. The blockchain, which drives bitcoin and other cryptocurrencies, is now at that same starting point and will probably balloon in less than ten years. Some call the technology “the second generation of the Internet”, others, like Bill Gates, call it “the future”. It holds the potential to transform business, government and society as well as money — and do it cheaply.
The world is becoming more familiar with “Bitcoin” and the way it allows us to move money anonymously. Blockchain is the fascinating technology behind bitcoin and is expected to revolutionize the way we transfer money – and VALUE – including goods and property. The Harvard Business Review defines blockchain as “a distributed ledger or database open to anyone”. This public, decentralized ledger is a secure, transparent way to digitally track ownership of assets; which could speed transactions, cut costs and lower fraud.
Some are predicting that banks will be obsolete in a decade due to blockchain technology! It’s causing both excitement and apprehension to believe that our future is going to be so dramatically different than today. Look Blockchain up on the internet; make an effort to understand it. Change is coming; you’ll want to recognize it when it arrives.