The Internet was introduced to the general public over 30 years ago, however we never considered just how big of an impact it would have on our lives. Now, we may have another technological innovation that will have just as big of an impact called the blockchain. With the release of this system, it believed that is will not only revolutionize the financial sector of our society but will also affect multiple facets of our lives, such as media and communication.
With the initiation of blockchain technology, it also gave way to the beginning of cryptocurrency. At first the idea didn’t gain much traction, but after the rousing success of Bitcoin, people have begun to pay more attention to it and invest more money. This new decentralized concept of virtual money was unique for many reasons, primarily because the value of the currency rose, attracting the attention of major investors. But now, when analyzing the situation more critically, it's possible that blockchain technology can actually have a disruptive effect on our culture.
While this technology has the power to seriously disrupt or transform the financial services all over the world, it can also supersede its financial implications. Blockchains have the potential to disrupt any and all markets. It's capable of creating a more prosperous society, but it will definitely affect every industry by doing so. Take the music industry, for example. By applying blockchain technology, any song writer or recording artist can post their songs on a blockchain based system and attach a smart contract with it to automatically gain revenue and residuals.
While blockchains have the potential to truly make progress for us, one of the biggest and most fundamental problems with implementing this technology is that there is no governance. This is where blockchains differentiate with the internet. The internet has a set of rules and a whole governance infrastructure which is properly administered and controlled. If this innovation is to be implemented, similar rules and regulations need to be administered to ensure security and efficiency through its use.
Another major obstacle that we must consider is that the existing financial system of the world is already very complex. While creating a entirely new decentralized financial system comprising of cryptocurrencies will simplify the way we conduct transactions, disruptions can still occur halting the very progress the blockchain is trying to overcome. By becoming educated on the aspects of the blockchain system, you will gain a solid foothold in the future economy, promothrive in an era where cryptocurrency will take over our traditional ways of financial dealings.