The speed of technological change that we are currently experiencing is exponential. The amount of computing power and processing that we now have in our devices is tremendous even compared with just one year ago. This has been achieved due to an ever increasing speed of change in technological development, and this is a process which commenced around 1965.
Our world is fast changing. We rely heavily on the internet, and screens rule our lives. Social media, online videos, algorithms, mobile technology, gamification and data crunching are all shaping the development of the internet. Important contributory technology behind some of these changes have been blockchain, smart contract identity and machine learning AI tech, and these will modify everything we do.
For these technologies to have a transformational impact, they need to gain the trust of users, and win public opinion over. When the distributed ledger of blockchain combines with AI technologies, massive change can be expected – perhaps the largest digital disruption in the history of tech and society. This leads to a situation where blockchain becomes the default database, there is a shift to computing architectures underlined by DLT, and AI is the new matrix driving user interface and experience in the digital world. Smart contracts will also replace and integrate aspects of identity, financial transactions and supply chain both on and offline. We will be at the start of a new, radical digital DNA age. All of this deeply expands possibilities and probabilities, leading to new horizons of what is achievable.
Blockchain is a complicated concept as it encapsulates many elements. Its main characteristics include the distributed myth behind Blockchain ideology (decentralised ledger tech), the consensus protocol, blockchain and smart contracts, blockchain and identity, blockchain and decentralised databases, blockchain crypto economics or token economics and blockchain crypto trading. The development of blockchain has broadly evolved and developed similarly to the way in which the internet has. Blockchain is starting to become more user friendly through Layer 2 solutions.
There are questions about whether blockchain will ever go mainstream. New security and trust solutions must be identified and built to achieve this. While it is early days, it is anticipated that this will start to move forward and that there will be significant competition between major players in the industry. It is also yet to be seen how governments will handle this through legislation, particularly because transactions will be hard to track. Learn more about the present future of tech.