Blockchain is the underlying protocol behind crypto-currencies like bitcoin, but it is so much more and has promising applications far beyond mere monetary exchange systems. The days of trusted 3rd parties are numbered, at present all business models based on the notion of charging individuals for facilitating financial transactions from the simple to the most complex are over. The Blockchain will change the way we conduct transactions of all kinds. All units of exchange, a share of a company, a digital certificate, an electoral vote can all be exchanged via the Blockchain. Within the Blockchain all transactions are logged within public ledger which is then synchronized across the network. Which means transparency, consistency and accountability is built in eliminating the need for a middle man. Which brings up an interesting question; can we truly replace the bureaucracies we have come to depend on from banks, to escrow companies, payment processing firms, state and federal election commissions, transaction fee models and even the us stock-exchange with an open source distributed transaction database system? Some think so which is why Blochahain will be massively disruptive not only to economic institutions but to the very concepts of “trust”, “value” and “exchange”. In short Blockahain will be huge perhaps even more significant than the internet, there is simply no other way to say it. Our EBG staff has taken the deep dive on Blockchain here is the best of what we found from around the web.
“Dr Peter Diamandis, Co-Founder of Singularity University and Founder of the X-Prize (US), spoke in the plenary session on the second day of The Government Summit about how the world would be like in 2050, and the technologies and phenomena that would make it so. He shared insights on how bright the future looks and what are the trends that will shape the world as we know it in the next 25 years.
Focusing on “breakthroughs leading to a world of abundance,” Dr. Diamandis spoke of a world where the needs of every man, woman and child are met and spoke of a shift in thinking, from 150,000 years of linear and local human development that progressed in centuries and decades, to an exponential and global curve that is pushing progress in years and months.
Globally renowned as the founder of the X-prize challenge as well as other initiatives that impact citizens globally and know no boundaries, Dr. Diamandis based his picture of the future on trends that have shaped the previous 25 years, opening the audience up to some very striking possibilities.
“In 10 years from now, 40% of the current Fortune-500 companies will not exist,” said Dr. Peter Diamandis.
“We’ve seen a 150,000-times improvement in computing power in 25 years,” he noted. “In next 25 years, computers will be everywhere,” he said.
Talking about Linear vs. Exponential growth, he says, the difference is either “disruptive stress or opportunity,” depending on the point of view. Using an example of a kid who has created a brand new technology in his garage juxtaposed the giant conglomerate this technology is going to drive out of business, Diamandis explains the different points of view of this disruption in human development. He cited Kodak’s fall from imaging giant in 1999, with a $28B market cap and 140,000 employees, to bankruptcy in 2012, put out of business by the same technology developed within their offices, by engineer Steven Sasson. Sasson developed a “.01 megapixel camera the size of an oven toaster and showed it to Kodak,” Diamandis noted, who turned it down because of its infantile capabilities, choosing instead to focus on their high-resolution film photography.” Source: https://www.thegovernmentsummit.org/en/index.html