BLOCKCHAIN: People do know that this is not the 1970's..??

NOT THE 1970's

People are finally waking up to the stark reality that Centralisation and Dictatorship go hand in hand and that we are no longer living in the 1970's.

Since the 1970's and the creation of the Internet society may well believe it has evolved when in reality it has stood still, in fact you could argue that it has gone into reverse.

Adoption of the Internet

+35 years on from the adoption of the internet and the archaic and antiquated systems that were in place then are still much in place now.

Centralised systems have just become bigger whilst maintaining their basic form.

In real terms the Internet has not really evolved much since its mass adoption took place.

This is all about to change..!!

Blockchain Technology

Blockchain Technology is set to drag the Internet of the 1970's kicking and screaming into the 21st Century and though some see it as disruptive technology it will do to the Internet what the Internet did for computer.

Take Banking for Instance

You only have to look at Banking for instance and see that the concept of banking as not changed since the 1970's.

Back in the 1970's data/transactions/information was stored in files and ledgers in a localised and centralised location.

Today this same information is stored remotely and in the cloud but the basics is actually the same as it was in the 1970's

Why isn't this data/transactions/information digitally distributed and shared across a ledger for all to see and verify?

By distributing this information and sharing it will ultimately remove friction and much needed liquidity into the system.

Combating Cybersecurity

By distributing and sharing this information and allowing access/changes to be made by cryptography practically eliminates hacking and data breaches.

As the centralised systems of the 1970's continue to struggle against their vulnerability to be attacked, it is this vulnerability that will become the downfall of future security and scalability.

Disruptive Technology?

Some say that Blockchain Technology is a disruptive technology but I guess that is dependent on which side of the fence you are looking at it from.

Sure, Blockchain is set to disrupt things but only because the lack of willingness and wish to develop from the 1970's has held back development.

Blockchain will in essence drag systems from the 1970's and align them for the first time with the characteristics of the Internet.

It's not just Banking and Finance

Blockchain Technology is not simply going to benefit the Banking and Finance Industry. On the contrary.

Banking and Finance will simply pick up the pieces of a much wider application of the technology as it applied to Social Media, Mainstream Media, Democracy, Trade, Voting, Registration, Medical, Education, Social Welfare, Debt, Insurance, Pension, to name but a few.

Social Media

In the future Social Media will become a major beneficiary of Blockchain Technology as more and more wake up to the reality that their Social Media experience is in fact being controlled, manipulated, orchestrated, choreographed and influenced by the current centralised systems.

Steemit will lead the way as migration from this centralised environment moves to one where the community on the Blockchain has full control of what is distributed and shared.

Not the 1970's

If you believe that we are not stuck in the 1970's when it comes to technological advancement, simply take a look around you and see which corporations have benefited the most with the adoption of the Internet.

You'll soon figure it out when you realise where the big money is being made..!!

Thanks again for reading.

Stephen