The Blockchain Movement

The blockchain buzz & the underline concepts

Yes! the whole world is going crazy and hyped up about blockchain. We see a huge movement of blockchain based technology rapidly growing in the industry. Whats the underline concept on blockchain ? Why does everyone say its going to be the next biggest industrial revolution in the world ? or is everyone just hyped about it ? Well if you look at how quickly blockchain has hit the industry ,i would personally say it has truly leapfrogged its way other than any other technology in the world. I personally think its because of the concept behind blockchain, the decentralized world , the decentralized economy and to put things simple, decentralizing every thing ! :). 

The world you see around us is mostly controlled by large powerful entities, or if i may say "centralized entities". Examples would be governments & other entities such as cooperate giants. Mostly everything revolves around them such as Important decision making, financial power, resources etc. But is this the only way how the world could operate ? isn't there another way that would be beneficial for all human beings ? Humans have been living in a centralized world from the industrial revolution, but now with rapid technological revolutions, people have the power to build solutions and ideas that can twist everything around and change how the current world works. The "Decentralized concept" is something not to forget. What is meant by decentralized ? well it simply means the opposite of centralized which means no single entity would own anything. This could be data, resource, money, power etc. The best example is the crypto market. Does any single entity or person own the entire crypto market or its digital currencies ? NO ! its not owned by a single entity, Its a market that's owned by everyone and any person could create a digital currency. For an example i could create a currency called "CALVIN" and put it out in the market. Just hold that thought for a second, you now have the power to create your own currency and trade it, it sounds a bit crazy isn't it ? yes it is, but with decentralized and blockchain technology it is possible. The massive success of crytpcurrancy which is implemented on top of blockchain technology has made us think twice what wealth really means ? it has changed rules, it has made governments go crazy because none of the cryptocurrancy is owned by a central bank or could be tracked or regulated. It has completely flipped the current financial system & rules which were implemented many many years ago. Even though some countries are trying  to  band crypto trading, they would not be able to stop the movement. Its a community driven ecosystem, the ecosystem alone is not owned by a single entity, its millions of people around the world that contribute to the market and the technology. That's something that cannot be stopped, you only have one option, either you adopt to the new world or just get left behind. Its the same with any technology revolution. So that is why blockchain has become so powerful and everyone claims that its going to be truly revolutionary. Cryptocurrancy is only one application or use case of blockchain and look at the impact it has done just within a few years, starting from bitcoin. Just imagine when blockchain hits the other areas in the world such as governments, healthcare, baking & finance. Things have already started & the engine is running  

Blockchain is going to be unstoppable because it is a community driven technological revolution. As mentioned earlier, all around the world developers and experts contribute to the development of the technology. So its very simple, the world has to accept it. But does the entire world need to be decentralized ? i personally think NO ! We have got this far as human beings with certain concepts & processes which have some how worked for us but definitely not perfect. But even with centralized entities, regulations ,processes etc the world is still a place with fraud and theft. So i believe that the blockchain community should form some alliance among them and create a set of regulations that developers and companies should follow. Its the human nature to have rules to be followed, so i think an entire decentralized world (which is highly unlikely to happen) would be a disaster. There is always a negative side for any invention, its the human nature that cannot be stopped. Blockchain can be used in many bad ways as well, example the current crypto market is a goldmine for drug dealers and terrorist to hide their black money. That's why there should be some sort of regulation to it.  

I personally think that the blockchain and the decentralized concept is still in its infant stage, and when something is new no one really knows what it will become so everyone seems to be going with the flow, but it is promising and we have seen the success and impact  it has made with cryptocurrancy. But when it truly starts hitting its fully potential, then we are going to see massive changes and innovation in many industries. 

Calvin Hindle