What does the world of the future look like with blockchain?
More and more people are waking up to the potential of massively scalable public blockchains to transform the world and shape the future, and we’ll explore what that might look like in this post.
How will blockchains affect the future? What will a blockchain-powered world look like in 10, 20 or even 30 years? While no one can predict it perfectly, and there will no doubt be many surprises, there are some things we can know for sure. Let’s delve into them.
There will be greater transparency in everything
Public blockchains are essentially immutable ledgers that anyone can write to and read. Therefore, they make everything more transparent.
For example, supply chains and computer networks can be monitored on blockchains. Private businesses will be able to track and trace goods they have ordered every step of the way, and public departments will become more visible, reducing corruption and increasing efficiency.
Part of the problem with the world today is that there are many sets of records stored on fragmented databases all over the planet. All of these can migrate to scalable public blockchains, ushering in an era of unprecedented transparency.
A quick look at Transparency International shows why it matters. The most stable, prosperous nations in the world are the most transparent. This could become a reality for everyone in a blockchain-powered world, causing global GDP to boom and raising the standard of living of everyone around the world.
Computer networks will be much more secure
While only a handful of visionaries are thinking about this right now, the way computer networks like the Internet work will be changed by blockchain technology.
Right now, every message, image, and other piece of data flows from one user to another through a centralized intermediary like Google (NASDAQ: GOOGL ) or Meta (NASDAQ: META ). Data is collected and stored in colossal databases that are honeypots for hackers. Payments are also sent through intermediaries such as PayPal (NASDAQ: PYPL ) to stop the problem of double spending.
However, when combined with protocols such as IPv6, the Internet and other computer networks will be transformed into true peer-to-peer networks. For the first time, it will be possible for organizations and individuals to own and control their own IP addresses, communicating directly IP2IP without intermediaries such as Meta controlling communication networks and harvesting data.
On top of this, it will be possible for users of all kinds to join multicast groups, and receive real-time information from nodes they have subscribed to. These can be either permissive or open, and both types will exist, depending on the nature of the organization operating them.
Because of all this, networks will be distributed, robust and secure. The huge data silos that are so attractive to hackers today will slowly diminish, private companies that control entire networks will finally face competition, and there will be no central point of failure in blockchain-powered networks.
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Many of the problems with computer networks today are due to their inherently flawed architecture. Networks built on secure public blockchains will solve many of these problems.
A new era of empowerment for all people will emerge
It’s no secret that access to opportunity right now is unequal around the world, and marginalized groups are suffering as a result.
Blockchain technology can transform this situation, giving women everywhere a chance to own things in their digital wallets, enabling the poorest people in the world to participate in the global economy, and empowering individuals like artists to maintain some rights to their own work.
Blockchain will shake things up across the board. Women in Pakistan will own non-fungible tokens (NFTs) and digital coins, and grow to see themselves as property owners from a young age. Digital creators in India will receive continuous streams of micropayments for creative projects they collaborate on. Undocumented people can build digital identities and reputations, access credit markets and the wider economy for the first time.
Blockchain technology will not only empower individuals; it will strengthen nations. It is a well-known fact that some countries experience a “brain drain” due to a lack of opportunities. Blockchain networks will allow people to stay where they are, compete for wages and contracts without having to move, enrich their own countries and increase the wealth of their communities.
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None of this would be possible without massively scalable blockchains that scale with on-chain transactions. Fortunately, such technology exists, and it will be hugely transformative in a myriad of positive ways.
Everything will be tokenized…yes, everything!
Blockchains like Bitcoin SV (BSV) have token protocols that allow anything and everything to be tokenized. While there are specific programmable token protocols that meet specific client requirements, more general ones like Ordinals are emerging and attracting attention.
The ability to tokenize everything from barrels of oil to land deeds to pens is something we can all look forward to in the future. That doesn’t mean we have to tokenize everything, but it will become an increasingly common practice, thanks to the benefits of doing so.
Mass-scale tokenization will allow real-time tracking and tracing of goods globally. Do you want to know where the container of furniture you ordered is? Look it up on the blockchain. Do you need to know exactly how many items of a given item you have in your inventory? It will become familiar with a click. While systems exist to provide insight into this today, they are subject to failures such as data loss and deletion, which blockchain systems do not suffer from.
Tokenization will also play into the empowerment of the people mentioned above. For the first time, people anywhere and everywhere will be able to prove that they own a piece of land or a gold bar. If a rogue government or criminal gang arbitrarily seizes it, they’ll have all the evidence they need on an immutable ledger to prove it was rightfully theirs all along.
Imagine a blockchain-powered world
The year is 2035, and we’re going to take a quick look at the lives of several people around the globe.
In Tokyo, a company executive looks at the company’s blockchain-powered database to find inefficiencies in the manufacturing process. He will use this data to identify areas where savings can be made and to streamline processes.
In Manila, a graphic designer wakes up to check her wallet, only to find she’s received dozens of micropayments from a Canadian company that commissioned her to create an album cover. Every time the album is bought, she gets another micropayment.
In New York, a young woman shows a QR code to a nightclub bouncer to prove she is 21 and can enter the establishment with her friends. She is calm and knows that she no longer needs to reveal where she lives and other personal details by showing her driver’s license. She can prove her age on the spot while keeping everything else private.
In Jakarta, a journalist has just called the public body responsible for public healthcare. He wants to know why a payment of $100,000 was sent from the wallet of the government agency to an unknown entity. He tells five of his journalist colleagues, and they make the same call.
In Lagos, a family of small farmers celebrates a victory in court. They used the blockchain to prove that a plot of land had been in their family for generations, defeating a corrupt developer who had tried to use his political connections to seize it.
In Kabul, a young woman has just received a dozen micropayments for a landscape photo she shared on a blockchain-based social media platform. She realizes that she can achieve her dream of being a freelance photographer and sees that women can earn their own money after all.
This is just scratching the surface of what a blockchain-powered world will look like. All this and much more is possible with massively scalable public blockchains. However, they need to scale on-chain to keep time-stamped records, and they need to have fees so small as to be irrelevant.
Learn more at the London Blockchain Conference
If you believe in the exciting vision of the future that blockchain technology makes possible, we want to hear from you. We invite anyone working on legitimate projects using scalable blockchains to join us at the London Blockchain Conference between 31 May and 2 June 2023.
Despite common misconceptions, this is not just a BSV Blockchain event. We welcome anyone working on any kind of blockchain to attend as speakers, take a stand to promote their ideas or apps, or just hang out, talk, debate and mingle. All we require is that the project is legal and that speakers or promoters do not promote unregistered securities.
We hope to see you at the world’s largest utility blockchain conference! Secure your free ticket today.
See: New technology, new future for nations
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