3 ways how our lives will change a decade later
While it is easy to be swept up in the bearish market sentiment for Bitcoin and even Blockchain Technology, one thing is for sure.
Both Blockchain and Bitcoin are here to stay.
5 Industry Transforming Blockchain Applications | Data Driven Investor
In these times of fear and uncertainty, I want to focus on the new possibilities Blockchain is likely to bring to our lives in the next decade. More specifically, in the year 2030.
Of course, no one knows exactly what kind of changes Blockchain and the Decentralized web will bring to us. So I want to focus on the possibilities in this article and not speculate on how exactly it will all materialize.
Read on for a dose of Blockchain belief!
A Decentralized Web
Data breaches of private information. Selling your information to ad buyers. Platforms earning hefty transaction fees, As more such events keep happening, these appalling events start to look ordinary.
With Blockchain technology, a decentralized web that solves all these issues becomes possible.
In an ideal decentralized web, users can remain anonymous without their data being collected. Instead of users becoming the product by receiving ads, users are compensated when they watch the ads.
As of now, there are a few products in the market that are working towards making the decentralized internet a reality.
Brave Browser + BAT Token
The first project that comes to mind for most fans of a decentralized internet is the Brave browser and the Basic Attention Token. Under this project, ads are blocked and user data are not collected to be monetised.
What is unique about this project is that users are rewarded in Basic Attention Tokens (BAT) for paying attention to the ads.
According to the Brave team, “..when you see an ad Brave picks for you, you earn 70% of what the advertiser paid, guaranteed.”
This is a step towards fairer compensation for the users, publishers and advertisers.
Osiris Web + Spyce Token
Another relatively new project that aims to provide the next decentralized internet platform is the Osiris browser. What makes them unique is that in addition to providing a browser that provides privacy and no ads, they intend to go one step further.
They want to build an ecosystem revolving around the browser by integrating a Dapp store, web mining solution and their own wallet.
While we cannot say for sure if and when all these products will be delivered, it will be interesting to see how the team will drive the adoption of their product.
After all, an ecosystem only grows as fast as the rate at which it is adopted. With adoption, the Decenternet ecosystem looks to be a comprehensive solution to a decentralized internet.
Decentralized Finance- Money By The People
Ironically, Blockchain, the underlying technology of Bitcoin is used to create China’s virtual currency that will be launched soon.
A popular angle that many Bitcoin supporters like to promote is that Bitcoin is a currency that gives each individual financial control over their money.
No longer does the government wield the power to increase money supply that leads to massive inflation in countries such as Venezuela. And why is that so?
Because Bitcoin is immutable and it cannot be controlled by any central body.
While Bitcoin prices have been too volatile to achieve status as a decentralized global currency, big corporations have explored the launch of such a currency, most notably Facebook’s Libra.
These currencies have been criticized as being too centralized, as corporations behind them will have full control over the currency.
Despite this, a truly decentralized currency representing a basket of currencies globally that is traded on decentralized exchanges is not entirely impossible.
Or at the very least, citizens globally will view fiat money and their level of control over them a lot more differently.
Income Inequality Is (Partially) Solved
The notion of Blockchain technology solving income inequality is simply impossible, but certain aspects of it go towards addressing the issue.
For example, cases, where corrupt charity organizations use donations for personal expenditures, have been found in every country.
By storing receipts of donations on the Blockchain or accepting donations in Cryptocurrency ensures transparency in this field. This, in turn, leads to beneficiaries receiving the donations and is a step towards addressing inequality.
Having a global currency that two parties from different parts of the world can use to transact with, without costly commission fees, opens up opportunities for workers in less developed countries.
Admittedly, these future scenarios may seem too ideal or like it came out of a science fiction novel. Consider this- We usually overestimate what we can do in the short-term and underestimate what can be done in the long-term.
Add in the nature of massive gains in short time periods in the Crypto market and users tend to be more impatient. Whether or not we will see these changes in the year 2030 remains to be seen, but I am confident that the industry will be massively different and for the better.
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Blockchain In The Year 2030 was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.