The UK’s Daily Telegraph reminds readers of where blockchain development is at this point by drawing a comparison to 1994 and the development of the internet to illustrate just exactly how fast it is becoming a part of everyday life.
It points out the disruptive nature of blockchain and the speed at which funds can be now sent anywhere in the world with complete security and how it will get faster and even more efficient. In terms of development, blockchain has already outpaced the development of the internet.
In 1994, the opening of the world’s first internet café in London — the Cafe Cyberia near Tottenham Court Rd in the heart of the city, heralded in the age of the net and mass adoption. Blockchain experts agree that this is about where the development of the technology is right now.
The blockchain’s ability to let anyone send digital value to anyone else around the world in a secure, efficient and affordable manner promises to have the same disruptive impact the internet has had on our world over the past 25 years.
In the blink of an eye, cryptocurrencies including the likes of Bitcoin, Ethereum and XRP are on the cusp of becoming household names. A vast number of sectors across all jurisdictions are already seeing witnessing the foundation that gave birth to these digital currencies become more significant.
Whether it be the financial sector, IT, research and development, supply chain, travel, commerce, defense, local and federal government administration, and even space travel, there is no sector where blockchain technology is not at least being considered. So much so, in fact, universities and educational establishments around the world, along with many of the world’s major banking systems, are knocking at its door.
It’s therefore hard to reconcile this rapid adoption with the fact that cryptocurrencies were only launched a few years ago. Given the rapidity of this development, compared to that of the internet it’s hardly surprising when prominent pundits and experts in the burgeoning industry make declarations, such as venture capital investor and cryptocurrency commentator Tim Draper. Earlier this year, he declared that Bitcoin could be bigger than the internet:
“It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper pointed out that eventually no one would be interested in holding cryptocurrency, arguing that “in five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”
The predictions are that, just as the internet created the email, which even now has become the “Wells Fargo Stagecoach” equivalent in terms of sending information, given the development of online chat and messaging apps, blockchain will spawn a vast array of alternative uses so far not even considered.
In only 10 years of existence, blockchain is at the level that the internet was about 35 years later, this suggests that the world is in for a fast and exciting ride on the blockchain trail.
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