Blockchain fueling the next industrial revolution
Blockchain technology is changing the world as we know it – whether we like it or not. Just as taxi drivers are losing their jobs to the Ubers of the world, countless industries will be upended by blockchain technology – even if they did not realize it yet.
Countless companies have sprouted since the creation of Bitcoin, alongside with thousands of multi-millionaires. While existing players, namely financial institutions (and banks) have poo-pooed on Bitcoin and the blockchain economy for close to a decade now, the industry has grown from strength to strength. This is evident with relatively new entries – such as Binance, which within the space of less than 1 year, turned over US$1 billion in profits, with company valuations surpassing many major banks.
The next industrial revolution is already here.
Serving the needs of many, rather than seeking protection
We find that the industries that get upended are often the ones most unwilling to change, and innovate – instead often depend on monopolistic advantages, to continue to profit. However, this is fast changing in this day and age where these “advantages” are difficult (or impossible) to be upheld due to decentralization (think Bittorent).
The decentralized nature of the blockchain technology (and cryptocurrencies) now breathes a new lease of life into innovative businesses ranging from travel, ecommerce, advertising and even manufacturing. The dinosaurs of the industry again find themselves having to innovate and compete fairly – serving the needs of consumers, or go out of business.
Startups get a new lease of life
The startup industry is today worth multi-billions, and more importantly these startups have brought untold amounts of innovation into various industries around the globe. However, like any business, many eventually run out of money before reaching the point of profitability. What had seemed to be the “dry season” for startups, never really happened – as ICOs made it possible to raise more capital.
As such, smart founders (of startups) have begun to capitalize on the ability of ICOs to raise money, in return for nothing but tokens. This was unheard of, as before, you would probably have to sell a considerable stake in your own startup to secure a new round of funding.
ICOs have brought opportunities to startups, and also put many VCs (except the smart VCs) out of business at the same time!
So, how is this the next industrial revolution? Allow us to put it into perspective: automation & inclusion
Automation – the advantage of running our business on the blockchain. Most activities are automated, thus increased reliability of the services.
Inclusion – blockchain (through ICO) achieves that, as each investor who funds the project receives a token which can be transacted later (or if they prefer, to trade it).