As we go about our day to day lives it is possible that we are as yet unaware of an impending and gradually materialising Fourth Industrial Revolution rearing its head. As some experts are predicting, The Fourth Industrial Revolution is set to massively alter everything around us, from the way that we live to the way that things around us operate. This revolution promises to offer us the chance to have improved efficiency when it comes to the smooth running of all sectors in almost every single industry imagine amble- thus working to massively impact on our well-being as a whole and reach out on a personal level also.
The value of the Bitcoin has continued to grow over the last few months and this has in many cases far surpassed expectations and predictions. Some of its success is believed to be due to the fact that we are presented with far more geopolitical risks than ever before and this is something that is becoming a huge talking point in the global economy. While some of us may have only viewed Bitcoin as a mere investment vehicle, it is becoming universally accepted that it has far more benefits and serves as a fantastic alternative to service the financial system.
So what is it about Bitcoin and its fascinating blockchain technology worthy of following the footsteps of the likes of steam, electricity and computing revolutions that have had their own profound impact on the way we do things? Well, first and foremost, the great thing about blockchain- a key component of Bitcoin- is the fact that it is able to keep a comprehensive and incredibly up to date account of where the currency has been transferred and who has or what has completed any transactions associated with the Bitcoins in question. This allows for both tangible and intangible transactions to be monitored.
Another indication that Bitcoin is set to become a key component of The Fourth Industrial Revolution is the fact that it is becoming- slowly but surely- increasingly integrated into our everyday lives. For example, companies such as Everledger are using blockchain technology as a means of certifying more than 900,000 diamonds or the Land Registry who are using this tech in keeping records of land sales, for example. The aforementioned records are maintained through the use of cryptography which allows for the authentication of identity through the creation of immutable hashes which combine each transaction record and combines it with easier chains and link them to the block being ‘spent’.
Despite the initial intrigue surrounding Bitcoin, some people are still questioning its position as a being at the heart of the next Industrial Revolution due to the fact that it is still very much in its infancy and still has some significant hurdles in a commercial sense to overcome. While Bitcoin is widely used in the gambling sector, it is not yet something that the masses have begun to introduce the cryptocurrency into their everyday online spending habits. Alongside this, there is also the question of regulation, scalability and fragmentation to come to terms with.
Despite this there is the recurring question of blockchain being able to pave the way for smarter contracts which could eventually allow for functionality improvements that are designed to verify and improve a party’s performance in a contractual sense. The rumours that surround the funding for a new venture capital/ crowd sourced fund of the future has come at a time when people are more inclined to look towards a source of income that will allow individuals to make decisions through smart contracts alone.
Bitcoin is very much looking to become a thriving and prominent presence among other incredible innovations such as The Internet Of Things, 3D printing, artificial intelligence and genetic engineering which are penned to push forwards in bringing about the Fourth Industrial revolution (or Industry 4.0 as has been affectionately named).
However, it is important to note that while it may outwardly appear that the Fourth Industrial Revolution is all about machines and showy tech; it has a far deeper significance to our society and values. As we have very much witnessed in recent political events, the emphasis is very much being placed on maximising human well-being and implementing a fairer running of things. The shift towards what mankind as a whole values in terms of how we would be best living our lives is where something as lucrative as Bitcoin and its technology can look towards infiltrating and channelling for the all-round betterment of society. He decentralised nature of Bitcoin is something that could lead to a transformation of traditional monetary systems without a doubt.