The blockchain revolution is well underway but what exactly does this mean and how will it affect people and businesses around the world?
First, what exactly is blockchain technology? Well, blockchain technology is an open, distributed, global platform that is fundamentally changing what we do online, how we do it, and who can participate.
Many people may be confused as to what exactly the blockchain revolution entails but thanks to Don Tapscott, a theorist of the digital age, people are beginning to better understand how blockchain technology is revolutionizing the world. Don Tapscott explains that the blockchain revolution is a profound technological shift that is changing how the world does business and everything else. Although most people know blockchain technology as the technology that powers the digital currency Bitcoin, it does so much more than just that.
Although the internet is an excellent medium for collaboration and communication, it is deeply flawed when it comes to commerce and privacy. Blockchain technology is out to change that, though, as it facilitates peer-to-peer transactions without any intermediary like a bank or governing body. Blockchain technology validates and keeps a permanent public record of all transactions, all while keeping the user’s information anonymous. What this means is that personal information is kept private and secure, while all activity is transparent and incorruptible.
Blockchain technology ensures that all activity is transparent and incorruptible because it is reconciled by mass collaboration and stored in code on a digital ledger. Because of the way blockchain technology works, there is no need to put faith or trust into the other party. Trust is an automatic with this technology as it is built into the system itself.
While digital currency is the most popular use for blockchain technology, the platform can be used for a multitude of things including legal documents like deeds, marriage licenses, birth certificates, and educational degrees. Blockchain technology enables smart contracts, decentralized autonomous organizations, decentralized government services, and all types of transactions.
Don Tapscott, a financial analyst, and technologist explains that blockchain technology will shape the next era of prosperity in finance, business, healthcare, education, governance, and in many other fields. His son, Alex Tapscott, is the CEO and Founder of NEXTBlock Global, an investment company in the blockchain industry. He is also the co-founder, with his father, of the Blockchain Research Institute. With all this knowledge, it is safe to say that Alex and Don Tapscott know a thing or two about blockchain technology.
With their immense amount of knowledge on blockchain technology and the blockchain revolution, Don and Alex Tapscott co-wrote a book that outlines how this technology is revolutionizing not only currency but business and the world as well. Their book, Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World, explains how this technology is powering the future. Don and Alex argue that because this technology is not only the driving force behind cryptocurrencies like Bitcoin and open software platforms like Ethereum but also disruptive companies like Ripple, this new technology revolution is much too important to ignore.
So, while many people are still in the dark and don’t quite understand blockchain technology and how it is revolutionizing the world, they soon will. Blockchain technology has been gaining a lot of momentum in the last couple of years and is being implemented into more and more companies for all sorts of things, not just cryptocurrency. Soon, blockchain technology will be as normal to people around the world as the internet itself.