Many of the technologies we now take for granted are actually a huge revolution when they are discovered. When someone leaves their office or home, it can be difficult to reach and talk to them; Because cell phones are linked to places,
But now – after the invention of cell phones and smartphones – everything is different, even the way we live and work, because a lot of work can only be done using cell phones, and as we all know, smartphones only appeared in the last decade!
Now, we are witnessing another huge revolution, the “blockchain” and the blockchain: a huge database that constantly maintains a growing list of required records called a “block”.
Let’s take a look at what has happened over the past ten years:
- The first major innovation in the blockchain: the digital currency known as “Bitcoin”, which now has a market cap of between 1-20 billion USD and 10,000 people used to pay includes the large and growing remittance market.
- The second innovation: called the blockchain, and is embodied in the fact that the technology that enables Bitcoin to function can be separated from the currency and used in the various transactions that take place between organizations; Major financial institutions around the world are doing blockchain According to the study, the technology is expected to be used by 15% of banks in 2017.
- The third innovation is called: “smart contract”, which is embodied in the second generation of the “Ethereum” blockchain system, smart contract: it is an automatically executed contract; The terms of the agreement between buyers and sellers are written directly into their lines of the above code, the code and protocols contained in it are on a decentralized blockchain network, and the Ethereum smart contract platform currently has a market capitalization of nearly $1 billion; There are hundreds of projects facing the market.
- The fourth innovation: represents the latest development in blockchain technology called “Proof of Stake”. The current generation of blockchain is protected by a “proof of work” that the most capable groups make, making computational decisions. These groups are “miners” who work in large data centers to ensure this protection and receive payments from cryptocurrency payments. Proof of ownership will be released and up and running later this year.
- Fifth innovation: The next innovation is called Blockchain Scaling. In today’s blockchain world; Every computer on the network handles every transaction; This results in a series of slow, rolling blocks that speed up the process without sacrificing security; This is done by knowing how to check the number of computers required for the viability of each transaction and the efficiency of the division of labor between computers, it can be a difficult task to achieve without compromising the high level of security and robustness of blockchains; But it is not impossible, and blockchain is widely expected to be fast enough to compete with the current major payment brokers in the banking world (Visa and Swift).
All of the above represents only a decade of work by an elite group of computer scientists (cryptologists and mathematicians) when the full potential of these innovations reaches society; Of course, many things will change and become alien to us; Self-driving cars and planes will use blockchain to pay for services like payments at charging stations and landing pads, and international currency transfers will take hours instead of days, maybe even minutes, and with greater reliability. The current system provides. These and other changes will lead to significant reductions in transaction costs, and when they are significantly reduced, there will be sudden, large and unexpected agreements and objections to existing business models; for example ; With sites like eBay, auctions being local and tight before it went global, the system has undergone massive and sudden changes due to the low cost of reaching people, and the blockchain is expected to revolutionize a similar e-commerce since its inception in 1990. Diversity. It’s hard to predict where things are going.
Did anyone anticipate the rise of social media? Are we expected to replace the time we used to watch TV by eliminating social media as we do now?
Forecasters often overestimate how quickly something will happen and underestimate its long-term impact, but the sheer size of the blockchain industry already predicts that the changes coming will be as big as they were when the Internet itself was invented, and that may not be an exaggeration, it can be argued that with the increase of blockchain , the number of individuals will extend to everything, given how a decade has passed, the future may come sooner than anyone expects. until 1990; Using credit cards safely on the Internet was impossible, e-commerce did not exist; How quickly can blockchain bring about another revolutionary change?
Let’s take a look at Dubai’s blockchain strategy to release all government documents on the blockchain by 2020 and announce major initial projects at the beginning of the year. the use of blockchain in global trade to escape Brexit and the US’s recent withdrawal from the Pacific Partnership; These ambitious plans need to be proven, but Dubai’s expectation is that both the cost reduction and innovation benefits will justify the cost of the experiment. According to Mariana Mazzucato, infrastructure innovation is often in the hands of the state, and this appears to apply to blockchain as well.