Where is the Crypto and Blockchain revolution happening?
There are significant advancements occuring, and transformation is taking place within three major areas.
Money Revolution:
Is the Monetary System broken?
Countries use to fix the value of their currencies in terms of specified amounts of gold, which is known as the Gold Standard. The Gold Standard allowed for different currencies to be converted into gold at a fixed price. Since each currency was fixed in terms of gold, exchanging currencies between one another were also fixed at specified rates. The amount of money in circulation was tied to the amount of gold in a Central Bank’s gold reserve. However, this changed when the Gold Standard was dropped and countries moved towards fiat currencies backed by only faith and trust in the government. This allowed for countries to regulate their own money supply. Governmental mismanagement through overspending, interest rates and endless monetary printing has led to uncontrollable inflation, the devaluing of the currency, and enormous debt.
Financial Revolution:
Can we improve the Financial System?
The reliance on financial institutions and businesses acting as intermediaries increases costs. However, Blockchain Technology using automation removes the need for intermediaries, lowers costs, and increases efficiency. Without needing humans (and their judgment which can be influenced in good and bad ways) to operate the system, the Blockchain can work 24/7 and 365 days a year. Additionally, current financial systems generally only operate locally, and in order to make global transactions you must seek permission from that third party.
Internet Revolution:
Is it right for Internet companies to profit by selling your data and privacy?
The large social media companies currently operate by selling the data of their community of users to other companies, and in return customers are flooded with targeted advertisements. The current internet system profits at the expense of customers' privacy being shared. Web3.0 aims to decentralize the web and put the ownership in the hands of the people.
These examples are only a few that Blockchain and Crypto aim to solve. As the space continues to grow, new use cases will emerge and be improved upon.
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