Blockchain technology will transform the basic pillars of our society. It will have as widespread and major effects as the internet has. It will influence the way our economy, government, and businesses function.
It will change our conceptual understanding of trade, ownership, and trust. Cryptocurrency is the monetary aspect that most people will get excited about and rightfully so. It’s a new economic paradigm that will change the fortunes of many.
But, when you dig a little deeper you will find that cryptocurrency is only the tip of a massive iceberg. Bitcoin and currency are only one of many possible applications. Governments, banks, accountants, notaries, and money are what we call trusted third parties.
Blockchain technology will make many aspects of banking obsolete! There are those that estimate in forty years it will have outcompeted even many governmental core functions like; land registry, incorporating, equities, dividends, courts, etc. and this is what’s apparent presently. We don’t know what will be coming down the pipeline as more and more people start to use it and new ideas spring forth.
Like most internet technology blockchain is a disruptive technology and breaks the status quo. It opens markets and breaks the position of middlemen all the time. The generation that invents it can only think in terms of what it can replace or disrupt.
For example, when email first came about it disrupted the postal service. But, it was years later that chatrooms made it possible to send a quick note and respond to each other in real-time. From there came Facebook and other social networks that were totally out of the realm of thought for those that thought in terms of only email.