BlockChain — One of the Hot Topic at World Economic Forum, 2018
Lot have been discussed, argued, commented and hyped about the creation, price, real value, use case and the bubble of Bitcoin which according to some will soon be the biggest of all time, even crossing the “Tulip Mania” bubble of 1637. These talks lead my way to discover what it is all about and what is coming next. My personal opinion on Bitcoin, here it is:
“what I see , is just an another Luxury Item such as luxury watches, of the next generation, with no real use case and economically beneficial to the society as a whole (due to its huge price , community distortion and volatility).”
What do we have now if we are not talking about Bitcoins……… it is the technology behind it “ The BLOCKCHAIN”, a decentralized distributed ledger maintained by parties not trusting each other and secured by mathematical computation which are executed by these Nodes through their systems. With the passage of time new use cases are discussed, explored and comes to our new world.
Leaving the tech talks for tech geeks, I like to share with people some of the latest innovation which i encountered during my researches on the topic, which later derived my instinct to write this article.
Ethereum — What i have understand is that this is the backbone of the BlockChain phenomena, leading way to shape the new world of Internet. It is the project that, as per my knowledge, is the biggest of all project to support the real world use cases of the BlockChain technology. Keeping it simple, this is the project that changes the thinking of the tech geeks just from using the Blockchain as a payment server to every thing done in the world.
Resemble the early work of BlockChain to early history of chemistry, when chemist were focused only to identify the method to convert any metal in to Gold
Ethereum is a Smart Contract, where any contract of real world can be added, implemented and complied without trusting any 3rd parties or any parties, as this compliance is ensured via BlockChain system. Any contract based on any conditions can be defined and incorporated and will be executed only on meeting those terms and conditions. So, just imagine, in every day life, we encounter many events where we make a contract and have to trust others with or without our intentions. It must be highlighted that there are some other projects working on the same but, Ethereum has a first mover advantage and highly accepted in the world of BlockChain.
- It was indeed necessary to discuss Ethereum to form my way ahead for explaining other projects based on Smart Contracts (Executable Distributed Code Contracts)
(Please note that most of the projects will be in functional by the year 2020 if executed properly as per their road-maps.)
Business which will be in functions include most of the aspects of the current world, following bullets will show the use cases of those projects:
- Trading Exchanges based on BlockChain Technology
- Energy Sector based on BlockChain Technology
- Internet of Things (IOT) based projects
- Financial Accounting, Auditing, KYC, AML, Projects
- New ways of Crowdfunding, Securitization of assets into tokens, Investment funds,
- Social Media based projects
- Payment Services (the oldest ones)
- Privacy, security, cloud data storage, data sharing, incentive’s for data of users projects
- Inter-alia, projects such as Taxi services, Medical records, housing services, charity, gambling, banking, market prediction, Artificial Intelligence, National CryptoCurrencies…. and so on and so forth.
Just Imagine, if these projects, if materialized, will change the way we do business. No more need for centralized institutions to trust, no more data storage issues, no more privacy issues and many more. I would like to share a scenario of our daily life after 2020 and onward.
You want to buy foods, pay via tokens, pay school fees of your children, use token to pay. You want to buy fuel, utilize your energy tokens etc etc. (Tokens are cryptocurrencies which uses Blockchain of other crypto currency)
For the purpose of clarity, how these crypto generate value, is because of factors such as services associated with it, demand and supply. Assume if a token can get you fuel with unique discounts (Quants can quantify the PV of that benefit), will you ever choose to use your national currency, No, never, even today, before ordering Pizza, we check wheterh we have any discount coupons available … Right?……
My idea is simple and clear, when you have better options to utilize, then why not utilize them. With this approach, i have no doubt that in near future, we will be having a parallel economy of tokens which will definitely shape the way of ruling the people, thus, it will become inevitable reality.
If you do not agree, than have a look at discussion at World Economic Forum 2018. recent statements from many countries specially Venezuela and Russia, go talk with IMF, why and what are they afraid of.
To learn more, simple google “BlockChain”, “Web 3.0”, “Internet of Value”, “ The Missing Revolution of Internet”