Deeper dive on blockchain
We have all been in a circle of people who where bashing blockchain even though they understand the basic logic behind it. At the same time so many very smart people are basically praising blockchain as being as revolutionary as cell phones, computers, the Internet. Blockchain is a ledger - transactions recorded on a file. It's neither new nor seems to most revolutionary. Can someone
I come from the camp that think it will change the world. What I will do is break down blockchain technology so you will understand why it’s so revolutionary, and what real-world applicability it has beyond crypto currency and obvious tracking such as supply chain logistics. If you do google search on your own you will see the same basic info, sprinkled with some hype but very little actual explanation.
So what is the possible future awaiting us after blockchain revolution?
Blockchain will enable societies to get rid of “authorities": financial institutions. You will be able to give/take loans myself without banks in the middle. You can own/rent/sell my house without going through agencies, i will be able to invest/trade/raise money without regulatory bodies's inefficient rules, etc... “smart people looking out for the little guy”. All this is theory, we are talking about a fundamental shift in the way things are transacted. J.P Morgan Chase doesn’t want to end up like blockbuster. They are the leader in blockchain technology adoption, while bashing bitcoin.
If you look closely "government" will become more and more idle by the revolution gets going. It will either get smaller yet more efficient or will be replaced by a brand new structure - which i would not speculate whatever that will be like.
Although the industrial revolution helped human-beings to produce more efficiently the age of internet has started challenging the faulty design. Is blockchain the next step?
All major innovations (learning how to farm, inventing the steam engine, internet) came during a time social unrest. These innovations changed the traditional way we utilize the "production factors" - ie. labor, capital, etc.- and that requires some people to become useless, some precious and same for companies, corporations. That sort of a major shift is inevitable and blockchain will bring its own drama. Assuming that other major scale innovations are in the pipeline in biotech (eg- CRISPR), material sciences (eg- graphene), energy, quantum computing, 3d printing, etc. we should be witnessing the biggest scale of a revolution in human history. And all of the major shifts in the pipe line has one mutual result: labor becomes more and more redundant.
Blockchain along with other innovations will change the way the world operates and the "management" will sack a couple of billions before we move into the space age...