Why is the Blockchain Such a Big Deal?
The blockchain, also called distributed ledger technology, is profound because it’s an open-source, decentralized database. Think of an Excel spreadsheet. You create it, and you’re the only one able to enter data onto it. Now imagine a spreadsheet that’s available to everyone. Anyone can enter data into a cell, but once there, no one can change it. It’s permanent – and everyone can see it.
And It’s Entirely Free.
Blockchain technology is not only new, it is extremely disruptive: It has invented the Authentication Industry, rendering the Trust Industry obsolete.
The Trust Industry consists of middlemen – all the people working in commercial banking, the securities and insurance industries, real estate business and legal services- whose jobs primarily involve moving data between parties. The Age of Cryptocurrency says 10 million Americans work in these industries – 21% of U.S. GDP – and most of them face job obsolescence because of blockchain technology. This is as profound a change as any we’ve seen in history, surpassing even that of the Industrial Revolution – and that’s why blockchain is such a big deal.