April 17th, 2018
When technological revolutions arrive, they can quickly change the lives of individuals, but sometimes these technologies are taken for granted at first. Technologies that are used today by most people, were also taken for granted when they were first starting out. For example, consider how smartphones have changed how people do everything these days. There was a time not so long ago, when the only phone you could use was attached to a cord (a landline). Now there are businesses that are starting up from people’s phones!
Currently, we’re in the middle of another technological revolution: Blockchain. Not many people are aware of this term, but it is slowly grabbing the attention of millions around the world. Blockchain technology is a distributed database that is continuously growing lists of records called “blocks. Consider what’s happened in just the last 10 years:
All of these innovations have come to the surface in just the last 10 years from a group of computer scientists, cryptographers, and mathematicians from around the world. As these new technologies infiltrate themselves into society, things may start to get a little weird. With self-driving cars, drones, and other innovative technologies, Blockchain may soon be used to pay for services such using landing pads and charging stations. In the future, international currency transfers will go from taking a few days to mere minutes to be complete.
All of these new technologies and concepts will help to reduce transactions costs. With a drop in transaction costs, there will be a dramatic change in existing business models in different places. For example, auctions were once considered to be local and narrow business endeavors, rather than global, as it is now on popular sites. Blockchain technology is expected to trigger many such changes just as e-commerce sites have done since their inception in the market.