Category Archives: Industrial Revolution

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Blockchain Already Outstrips Internet Development, Says Expert

The UK’s Daily Telegraph reminds readers of where blockchain development is at this point by drawing a comparison to 1994 and the development of the internet to illustrate just exactly how fast it is becoming a part of everyday life.

It points out the disruptive nature of blockchain and the speed at which funds can be now sent anywhere in the world with complete security and how it will get faster and even more efficient. In terms of development, blockchain has already outpaced the development of the internet.

In 1994, the opening of the world’s first internet café in London — the Cafe Cyberia near Tottenham Court Rd in the heart of the city, heralded in the age of the net and mass adoption. Blockchain experts agree that this is about where the development of the technology is right now.

The blockchain’s ability to let anyone send digital value to anyone else around the world in a secure, efficient and affordable manner promises to have the same disruptive impact the internet has had on our world over the past 25 years.

In the blink of an eye, cryptocurrencies including the likes of Bitcoin, Ethereum and XRP are on the cusp of becoming household names. A vast number of sectors across all jurisdictions are already seeing witnessing the foundation that gave birth to these digital currencies become more significant.

Whether it be the financial sector, IT, research and development, supply chain, travel, commerce, defense, local and federal government administration, and even space travel, there is no sector where blockchain technology is not at least being considered. So much so, in fact, universities and educational establishments around the world, along with many of the world’s major banking systems, are knocking at its door.

It’s therefore hard to reconcile this rapid adoption with the fact that cryptocurrencies were only launched a few years ago. Given the rapidity of this development, compared to that of the internet it’s hardly surprising when prominent pundits and experts in the burgeoning industry make declarations, such as venture capital investor and cryptocurrency commentator Tim Draper. Earlier this year, he declared that Bitcoin could be bigger than the internet:

“It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

Draper pointed out that eventually no one would be interested in holding cryptocurrency, arguing that “in five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”

The predictions are that, just as the internet created the email, which even now has become the “Wells Fargo Stagecoach” equivalent in terms of sending information, given the development of online chat and messaging apps, blockchain will spawn a vast array of alternative uses so far not even considered.

In only 10 years of existence, blockchain is at the level that the internet was about 35 years later, this suggests that the world is in for a fast and exciting ride on the blockchain trail.

 

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South Korea Unveils Blockchain Tech Plan for “Smarter” e-Government

South Korean officials have revealed plans for an “intelligent government roadmap” that details intentions to utilize fourth industrial revolution technologies (4IR) including blockchain technology for the purposes of operating a “smarter” e-government.

e-governance

According to an official announcement made by the Ministry of Interior and Safety (MOIS), technologies such as blockchain, artificial intelligence (AI), Internet of Things (IoT) and big data are necessary components to address particular challenges. These findings were gathered when the Ministry of Public Administration and Security (MIC) conducted a “demand survey on intelligent government projects” in October, receiving 52 projects from 37 industries.

As written in the online translation: “As a result of institutional demand survey, the field with the greatest number of tasks appeared to be the public affairs chatbot applying artificial intelligence and big data technology to administrative affairs, legal guidance, civil affairs consultation.”

Since September, the ministry has been gathering views on intelligent governments from “civilian experts” such as academics and industry figures. Moving forward, it will be holding government-wide consultations with the central government, information and communication staff of local governments, as well as officials leading the implementation of the roadmap from 19 to 20 November.

Tech-combinations

In addition to the challenge areas mentioned earlier, the announcement continues to elaborate on the application of these technologies for public safety: “…by combining intelligent information technology such as artificial intelligence, IoT, and CCTV in each social field such as national life, disaster, crime prevention and facilities.”

It goes on to explain that the government has made strides to increase its levels of transparency by applying blockchain technology to areas such as social welfare or the protection of public welfare.

Jeong Yun-ki, director of e-government in the MIC said:

“It is expected that the most effective service will be uncovered by participating in the process of establishing an intelligent government roadmap that best understands e-government practice. We hope that the central government and the local government will be able to provide the intelligent services desired by applying the intelligent information technology to the whole administration. ”

The fourth frontier

The aforementioned 4IR technologies are presently perceived as hugely disruptive cutting-edge entries into the modern era. With this most recent announcement, South Korea is further hedging bets in favor of a future enhanced by these technologies.

Such innovations were recently categorized as “New-Growth Technologies” and granted special tax rules in order to foster the advancement of over 150 technologies across 11 areas including quantum computing and blockchain-based information security technology.

With the USD 4.4 billion ‘Growth through Innovation Investment Plan‘, as well as vows to cooperate with the United States in preparation for the fourth industrial revolution, all eyes are on South Korea as it prepares to decide whether or not to retain the ban on initial coin offerings.

 

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Ties that Bind: Blockchain to Power Key Disruptive Technologies in Fourth Industrial Revolution

Industrial revolutions lead to visible changes in the world: mechanization, electricity, the assembly line, computers and automation have all been conducive to the advancements of modern civilization.

Next up in the industrial pipeline are ‘cyber physical systems’ which refer to technological fields such as artificial intelligence (AI), the Internet of Things (IoT), nanotechnology, 3D Printing, biotechnology, material science, energy storage, robotics and quantum computing.

The fourth industrial age presents new challenges and opportunities for the evolving world, and blockchain technology appears to be vital in seeing the revolution come to fruition.

Five keys to the future

BitcoinNews recently reported that Wall Street bull Steve Chiavarone believes that blockchain will be one of five key technologies that will ignite the next industrial revolution.

In an interview with CNBC on 11 May, the Wall Street portfolio manager and VP of US financial service company Federated Investors, revealed his bullish predictions for blockchain technology, despite the growing pains that the cryptocurrency markets were going through.

He ranked blockchain in the top five key technologies that would “drive this next industrial revolution” alongside robotics, AI, automation and the IoT.

Blockchain goes beyond Bitcoin

His predictions reflect a present truth; blockchain startups are already venturing into the other four revolutionary catalyst technologies, making blockchain an integral part of the envisioned future.

Blockchain is proving to be transformative in the artificial intelligence industry, opening up new and exciting possibilities for AI companies who are scrambling to implement blockchain protocols into their businesses. Furthermore, the IoT industry which is expected to explode by 2020, is finding itself being paired harmoniously with blockchain technology, even IBM believes they are “best friends” thanks to the distributed architecture of the blockchain.

Robotics and automation will also be benefiting from the blockchain as it provides new mechanisms for the emerging field to utilize; robotics expert Eduardo Castello Ferrer wrote a 2016 paper evaluating how the blockchain could unify robotic operations.

He wrote, “The combination of blockchain with other distributed systems, such as robotic swarm systems, can provide the necessary capabilities to make robotic swarm operations more secure, autonomous, flexible and even profitable.”

The ‘fad’ of the future

Blockchain is the underlying technology that supports Bitcoin, and while it has been acknowledged for its financial capabilities, it was only in the wake of the December 2017 USD 20,000 bull run that serious discussions surrounding the far-reaching benefits of the blockchain began to take shape.

As a part of the fourth industrial revolution, it is clear that blockchain technology and its accompanying cryptocurrencies will guide the other future-shaping industries to their desired destinations.

 

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