Blockchain Outpacing Internet’s Development phase

Blockchain has been the technology that has shifted power from the hands of few to many, and hence the decentralized nature has fast-forwarded into a technology that’s promising. Blockchain has resulted in Cryptocurrencies which has made payments faster, secure and more efficient, disrupting cross-border financial transactions.

It brings similarities to the internet back in the 1990s when the world wide web was slowly taking over the fascination of people regarding fast communication and 24/7 available information.

The internet has been available throughout the world for more than 25 years, and now Blockchain seems to create the same impact.

Blockchain has already inspired several industries from educational, to health and changing aspects of technology mixed with finances. What is worth noting is the fact that Blockchain and Cryptocurrency have developed faster than the internet with innovative startups based on these technologies compared to the internet which was slower in disruption.

Bitcoin Bull, Tim Draper, had even stated earlier in 2018 that Blockchain may become much bigger than the Tesla, Skype and Hotmail combined together. 

The Internet too was called a ‘Bubble’

Back in the mid-1990’s people who did not understand the internet and were pessimistic called the internet a giant Ponzi scheme. The reason was the amount of Initial Public Offerings that internet startups were bending towards with the raising of stock prices through press releases about partnerships. In the 2000s internet startups started solving real-world problems and were not as bothered about finances, and these companies started to become the major players in the technological industry.

Fast forward to present times, and we are utilizing the internet every minute of the day whether it be on social media or reading up on the symptoms of a disease.

It is very similar to how last year in 2017, it was all about initial coin offerings for Blockchain startups and Cryptocurrency ideas. However, the phase is now starting to shift from the greedy startups to a more realistic approach to solving real-world problems. It looks like 2019 for Blockchain and Cryptocurrency will be the 2000’s of the internet.

 

Image Source – Max Pixel

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