The blockchain sphere witnesses a growth spurt rivaled only by the Internet boom in early 90s. Its key features; decentralisation and elimination of trust in middle-man for asset transaction is set to change how we exchange values (or in simpler term, transact) forever.
Beyond cryptocurrency price craze and speculation, the blockchain technology takes on the challenge to resolve an array of issues or simply disrupting our traditional ways.
Bitcoin, the first digital currency was conceived in the wake of 2008 global financial currency. It challenges fiat currency dominance by adopting deflationary stance set by blockchain code to limit coin issuance to 21 million. It is on the verge to be an alternate store of value, similar to gold. While we can’t transact with gold easily, Bitcoin allows almost instantaneous transaction at a minimal fee.
The realization Bitcoin’s blockchain technology pioneered growth of blockchain space. As a result, new and competitive blockchain products emerged to provide solution to real world problems
Ethereum, EOS and Tron. All three blockhain with mainnet already launched is set to disrupt incumbent social platform and gaming industry that is dominated by giant centralised tech companies such as Google and Facebook. User of blockchain platform participates in ecosystem activity with the content creator and co-own the platform when they purchase, own and stake tokens or coins. This positively impact user sense of ownership on the platform success.
Decentraland and Arcona. These blockchain are set to pioneer the next generation of gaming and virtual / augmented reality by inscripting virtual land ownership on blockchain ledger. No longer does user need to rely on credibility of centralised organisation for ownership of their digital asset. This also improves transaction transparency and fee.
Brave offers an alternate internet browsing solution to popular browser such as Google Chrome and Apple Safari with additional feature; it drives and motivates direct economic exchanges between content creators and users. Content creator awarded for their quality work and user paid for their attention. With blockchain, no longer will we need centralized corporation which heavily profited from sale of content creator adverts and users precious attention.
VeChain is another blockchain solution that is designed to provide immutable asset identification to enable traceability and prevent counterfeit asset.
The mentioned examples are only a handful of current blockchain application. The application is endless with strong competition from various organisation yearning to be forefront of its implementation. Crypto investors should correlate their investment with blockchain underlying technology, the real world issue it is trying to resolve and success of its implementation.
Disclosure: I am invested in Bitcoin, Ethereum, EOS, Tron and Litcoin. Bitcoin market price is US$ 11,800 when this article is written. Any information, commentary, recommendations or statements of opinion provided here are for general information purposes only.