Why Blockchain Is The Future | 10,000 Feet Up
Blockchain technology (web 3.0) is the future because it is a decentralized model that has security as it’s foundation. The current internet system (web 2.0) is a centralized model and it’s foundation is information sharing. The current financial and commercial world has built it’s infrastructure on top of an insecure centralized model (big data). That is already changing as financial institutions are currently moving operations to the blockchain.
Centralized power always seems to work for a season but eventually ends up being unsustainable for future growth and breeds corruption. That is why capitalism is more successful that socialism. In a capitalistic model; power, information and creativity is distributed to the people in a decentralized manner. In a socialist model; power and information is given to the leaders in a centralized manner and creativity is discouraged.
Blockchain Technology Is Secure & It Enables The Decentralization Of Information & Currencies
Everyone deep down knows how insecure the centralized system of web 1.0 & 2.0 are. The endless passwords, usernames mother’s maiden names etc…
Once that information is compromised there is no guarantee of security. That is why many financial and medical institutions have already moved sensitive information systems to a decentralized blockchain system.
You will continue to see this blockchain transition within finical, medical and contractual systems. Progressively, you will continue to see businesses tokenizing their current business models and assets. Businesses will continue to and create reward systems (currencies) that issue tokens that can be traded on the exchange. As a result, centralized banks and fiat currencies will be deregulated and monopolies will be dissolved. Consequently giving the power and influence back to the people and individual businesses.
The Global Economy Is Currently Being Decentralized
Each industry and major enterprise is already developing blockchain systems and creating their own currencies based on the industry’s given functions and or business model. This trend is not going away and is only going to increase.
Centralized banks and irresponsible money printing treasuries do not like this because reality because it is bringing the power back to free enterprise and away from powerhouse institutions.
The USD is a fiat currency. What that means is the value is not backed by anything valuable except by the government’s word. This is dangerous because the deficit is growing and the gov cannot print their way out of debt. We are truly in an exciting time.