Often it’s hard to imagine that something so ingrained in our daily lives can become a relic in a short amount of time. Take, for instance, the television. If you’d asked someone in the 90s if they thought that people would be watching TV and movies more on their phones than on their TVs, you’d probably get a resounding NO. But, according to Ofcom’s Media Use and Attitudes report 59% of 16–24 year-olds in 2017 stated their phone would be the first thing they missed compared to just 17% for TV. How times have changed, the internet spelled the death of broadcast platforms as the first choice in media consumption.
In a similar fashion, many believe that cryptocurrencies are the future of the financial system.
“Blockchain will do the same to banking what the internet did to media” has been a popular phrase this year. In fact, like the internet was the first native digital medium for information, blockchain is the first native digital medium for peer-to-peer value exchange.
Vitalik Buterin, the creator of cryptocurrency Ethereum, says that the technology is so convenient that it can be applied for years in future industries beyond our current imagination.
In 2018, the cryptocurrency hype is at a new peak. Every month we are seeing an increasing number of new emerging startups based on blockchain driven solutions, all with the intention of improving the way a variety of industries have been operating for decades. This astounding uptake in use has been a driving force in the skyrocketing prices of Bitcoin, Ethereum and other digital currencies.
Despite all of this, there are those in the general public who look upon cryptocurrencies with apprehension, viewing as just hype. But, is it?
Is the hype to be believed?
It was stated at the recent Global Ecommerce Summit that cryptocurrencies, together with blockchain, are the future of online payments. Jasmin Battista, leader of e-commerce in the European Commission’s DG Connect project, has emphasized that smart contracts are especially important for the traders.
Many view the Ethereum system as the natural next step for transaction processing, order tracking, supply chain management or tracking management activities. Many entrepreneurs and industries already work with the technology adapting it to their needs and people’s problems.
The future is here
While most of the population are still skeptical about their future, many bright minds are sweating day and night to bring the best possible solutions to the public.
Blockchain offers all of what our current commerce system does, except that it is cheaper and faster. Making commerce and finances more transparent is a huge step towards democratizing the economy and capturing the power from the authorities by bringing it back to the people.