How is blockchain technology going to change the world?

Mudassir Ali
Mar 12, 2020 10:55 AM 0 Answers
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Mudassir Ali
- Mar 12, 2020 10:55 AM

In 5 years, if you aren’t getting paid to post, read, watch, play, and click, you’re doing it wrong. Your data, actions, & decisions are worth money: supply & demand my friends. Stop giving away your data for free and watch the supply dry up & human capital moons.

Besides Bitcoin, current crypto hodlers are looking like these cats.

Currently, the cryptocurrency market is coming out of what was an extended bear market. Lots of people thought crypto would not survive, specifically when bitcoin crashed to $3.200. Now that Bitcoin has broken above USD 10,000, people are starting to realize how blockchain is here to stay, and how it’s going to change our world fundamentally.

Public, decentralized censorship-resistant blockchains offer people for the first time ever a way to transfer value from point A to point B, without the need for a middle person. No one, not even governments, can stop the value transfer on a blockchain like Bitcoin or Steem.

The new digital era will not be free. But there is good news; your attention won’t be free either. Everyone will be able to make a net positive gain while paying for their digital space with ease.

Data is now worth more than oil. Data the average person is producing is being monetized in several ways while most people will be subject to advertising, but very few see any of the profit made. Data should be looked at as a property right for us to share in its use and value.

The internet, as we know it today, is not secure. Hackers grow in numbers & savvy each day. The sheer numbers of vulnerable people online are the only thing protecting us. Robust, public blockchains like Bitcoin & Steem have never been hacked on the protocol level. More systems and data will move to decentralized public blockchains, leaving vulnerable those that haven’t switched yet.

Blockchain space isn’t free, however with it comes tools that allow users to regain control over their data. When users own their data, they can charge for it, and when everyone starts to charge the supply of “free” data dries up, and the demand grows for that data.

We are at the beginning of what will be the most significant transformation in technology this world has ever seen. The evidence is clear; we are moving more and more to a digital world. Smartphones and the internet play an ever-increasing role in our lives, and with voice command, AR/VR and biometric technology, our digital world is becoming our main world.

All of this, the digital world, how humans interact, it’s all data. Data is by far our most precious resource moving forward. The ability to control that data is what makes the top .01% vs. the rest. In the 1980s, over 90% of the media was owned by 50 different corporations. Today, six corporations own over 90% of the media.

Not owning/controlling your data in 2019 is irresponsible and lazy. Businesses that hoard control over user’s data in centralized databases are no better than money grabbers and will become instinct in the next decade.

That is why I believe the Steem blockchain, in particular, is so well-positioned moving into the future. Steem is like digital real estate that entrepreneurs can buidl on. Steem is an open-source immutable database which distributes resources in a decentralized way. Once you have a little bit of Steem, it is the same as owning bitcoin; no one can take that from you.

With your Steem resources, you can post content that can never be deleted. On Facebook, they own your data and can ban you anytime. No one can remove your Steem account.

Now, you have control over your data, and you can “sell” it back to businesses on your terms. Right now, people give their data away for free, mostly because the technological tools have not been readily accessible to the masses.

Steem, and public, robust blockchain-based projects that scale, will be sitting right where the puck is going, with a wide-open shot. The more people that switch away from centralized sites that prey on its user’s data and sells it to the highest bidder, to decentralized systems that put the value back into the pocket of the users, the more valuable the blockchain networks will become. Public blockchains align incentives of the token hodlers, “We’re all going to the same moon!”

There will be a tipping point when more users are leaving the Facebooks of the world, and there is only so much space available on the blockchain. Supply & demand will be flipped, and the price will become a race.

We have seen such bear/bulls happen in the past, and there is a reason we always have boom & bust cycles. The average person lacks the knowledge needed to invest in a new, more risk on type assets. Retail investors will pile in when the investment goes from a maybe, to a win, just how big of a win is the focal point at that point.

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