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 will explore what that might look like in this post.
How will blockchains impact the future? What will a blockchain-powered world look like in 10, 20, or even 30 years? While nobody can perfectly predict it, and there will no doubt be many surprises, there are some things we can know for sure. Let’s delve into those.
There will be greater transparency in everything
Public blockchains are, in essence, 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 enterprises will be able to track and trace goods they have ordered every step of the way, and government 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 hitherto unseen transparency.
A quick look at Transparency International shows why it’s important. The most stable, prosperous nations in the world are the most transparent. This can become a reality for everybody in a blockchain-powered world, causing global GDP to boom and raising the living standards 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, photo, and other pieces of data flows from one user to another through a centralized middleman 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 like PayPal (NASDAQ: PYPL) to stop the double-spending problem.
Yet, when combined with protocols like 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 like Meta controlling communications networks and harvesting data.
On top of this, it will be possible for users of all kinds to join multicast groups, receiving real-time information from nodes they have subscribed to. These can be either permissioned or open, and both types will exist, depending on the nature of the organization running them.
Due to all of this, networks will be distributed, robust, and secure. The huge data silos so attractive to hackers today will slowly dwindle away, private companies controlling entire networks will finally have competition, and there will be no central point of failure in blockchain-powered networks.
Many of the problems with computer networks today are due to their innate flawed architecture. Networks built on secure public blockchains will fix many of those problems.
A new era of empowerment for all people will emerge
It’s no secret that, right now, access to opportunity is unequal across the world, and marginalized groups suffer 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 spectrum. Women in Pakistan will own non-fungible tokens (NFTs) and digital coins, growing to view themselves as property owners from a young age. Digital creators in India will receive ongoing streams of micropayments for creative projects they collaborate on. Undocumented people can build digital identities and reputations, accessing credit markets and the wider economy for the first time.
Blockchain technology will not only empower individuals; it will empower nations. It’s a well-known fact that some countries experience a ‘brain drain’ because of their lack of opportunities. Blockchain networks will allow people to stay where they are, competing for salaries and contracts without the need to relocate, enriching their own countries and growing the wealth of their communities.
None of this will be possible without massively scalable blockchains that scale with transactions on-chain. Thankfully, 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 appearing 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 for the real-time tracking and tracing of goods globally. Want to know where the container of furniture you ordered is? Look it up on the blockchain. Need to know exactly how many items of a given thing you have in your warehouse? That will be knowable 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 don’t 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 they own a plot 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 across the globe.
In Tokyo, a corporate manager is looking at his company’s blockchain-powered database to find inefficiencies in its manufacturing process. He will use this data to identify areas where savings can be made and to streamline processes.
In Manila, a graphic designer is waking up to check her wallet, finding out she has received dozens of micropayments from a Canadian company that contracted her to create an album cover. Each time the album is purchased, she gets another micropayment.
In New York, a young woman is showing a QR code to a nightclub bouncer to prove she’s 21 and can enter the establishment with her friends. She rests easy knowing she no longer has to reveal where she lives and other personal details by showing her driving license. She can prove her age on the spot securely while keeping everything else private.
In Jakarta, a journalist has just made a call to the government agency in charge of public healthcare. He wants to know why a payment of $100,000 was sent from the wallet of the public 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 is celebrating 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 attempted 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 of this and much more are possible with massively scalable public blockchains. However, they have to scale on-chain so that time-stamped records are kept, and they have to have fees that are so minuscule 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 everyone working on legitimate projects that utilize scalable blockchains to join us at the London Blockchain Conference between May 31 and June 2, 2023.
Despite common misconceptions, this is not just a BSV Blockchain event. We welcome anyone working on any kind of utility blockchain to attend as a speaker, grab a booth to promote their ideas or apps, or just hang out, converse, debate, and mingle. All we require is that the project is legally compliant and that speakers or promoters aren’t promoting unregistered securities.
We hope to see you at the world’s largest utility blockchain conference! Secure your free ticket today.
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