Cryptocurrency will be a major piece of technology in the so-called ‘Fourth Industrial Revolution’, also called ‘The Great Reset.’ The World Economic Forum (WEF) foresees it benefiting supply chains. But, we’ve also seen early implications for the Internet of Things and Smart Cities. During the first Industrial Revolution in the 1750s, people went from manufacturing inside their homes to factories on a mass scale. Now we enter the Fourth Industrial Revolution on the backs of many technologies beyond blockchain, such as AI, machine learning, autonomous vehicles, drones, and more.
We see the ongoing pandemic has accelerated the adoption of nascent technologies as we move, in a manner where the government doesn’t necessarily have all the power, towards a cashless, streamlined, and transparent financial system.
We’re seeing such a financial system developing in countries across the world with blockchain projects such as Electroneum, Stellar lumens, and Ripple. These companies are trying to solve a lot of issues out there for the unbanked. They are the seed of blooming micro-economies throughout the world. Give it ten years or so, and they could transform the poor economies.
The pros entail, for instance, that it is much easier to pay for everything from a cab to an ice cream. Generally speaking, artists and farmers could benefit during this time. There will be more emphasis on local economies. People will spend more time with their families, instead of going to work every single day. Things will be automated, saving people time. We can spend more of our lives or more of our time pursuing passions that we want to do like learning a guitar or learning to paint and things like that, rather than working in a job that you don’t particularly want to work.
Among the cons, of course, is everything that you spend will be tracked. People’s opinions towards privacy are ever-changing with scandals such as Cambridge Analytica. There will be some pushback there. But, we believe the pros outweigh the cons.
Privacy is a double-edged sword. You’ve got on one hand where privacy may be jeopardized by everything being tracked. On the other hand, it might be a good thing when everything is tracked. Crime and fraud can be stopped. There is still a scenario where privacy coins become outright banned to prevent crime. But, there’s got to be a way in which everyone wins here. Perhaps, that entails sacrificing some privacy, in order to gain more convenience.
Either way, the past has shown that people like to trade privacy for utility. We’ve seen that over the past 10 years. The fact that we put information out there on the internet to be able to gain access to certain services says it all. We’re happy to have things like Alexa in our households these days. When we sign up to Facebook, or any social media, we use our email address, sometimes with a phone number on there as well.