This is a part of our thought leadership series on the future of money, cryptocurrency, and finance.
Kai Morris is a technical copywriter from Hertfordshire (United Kingdom), focusing on blockchain technology, cryptocurrency, AI, and ethics. His interest in these industries arose from my academic studies (Law & Philosophy), where he learned how much contemporary technology impacts and mirrors the human life and behaviour. His understanding of both Ethics and Law has given her a special insight into the impacts of contemporary technology on society as a whole, and has offered me the ability to analyse future trends with a focus on the human experience (an area which is often forgotten about in tech industries).
1. What industry will be most transformed by blockchain technology?
Personally, I believe that social media will see the biggest transformation via blockchain technology. Culturally, we are all eager to move away from social platforms that openly sell our data and essentially turn us into products. Blockchain technology allows for the creation of truly transparent companies, and end-to-end encryption and cryptography allows for personal data to stay secure. If companies want to buy our data (which they always will, as data is such a lucrative business in the age of media curation), then they should be paying us, the individual, for the right. They should not be paying other companies for that privilege. Blockchain technology, and distributed ledgers in particular, help combat that.
2. What is the biggest driver of the blockchain revolution?
By far, the biggest driver is the constant corporate takeover of our internet activity. Corporations such as Google, Facebook, Amazon, and Microsoft dominate our online media consumption, constantly trading our private data with one-another, and making the web feel like a uniform place. The web feels much colder and more lifeless than it used to 15 years ago, and that is because a handful of corporations have a stronghold over it. People are getting tired of this, and they are finally starting to see how it could change. Blockchain technology allows us to create decentralized organisations and projects that are not operated by any individual entities. The more people learn about this, the more they want it.
I’m reminded of a fantastic essay by Gavin Wood, co-founder of Ethereum. He wrote about he necessity for Web 3.0, the theoretical new wave of the internet consisting not only of user-generated content, but open and collaborative projects running on decentralized networks. The hyper-centralization of the web is ironically the biggest driving force for people’s desire for decentralization.
3. Will crypto-currencies become the world standard?
I do not believe crypto will ever fully replace fiat currency (some societies and cultures are simply not in the position to abandon physical money such as banknotes and coins), but I do believe some cryptos will be treated as primary stores of value, such as how Bitcoin is thought of nowadays as digital gold. Cryptocurrencies like Bitcoin makes for a fantastic alternative to gold, precious metals, and other assets used as a store of value due to their scarcity and definitive number in existence. The world is already catching on that Bitcoin is a great store of value, and I believe that in the next 5-15 years, it will be treated as one of the most popular stores of value, not just for retail investors and the select few companies, but even for governments and massive corporations.
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