Impact of Blockchain Technology And The Fourth Industrial Revolution
In this article, I will discuss the evolution and impact of blockchain technology in the world. At the end of the eighteenth century, the world’s first industrial revolution was heard when steam-powered machines were introduced in place of hand-made workers in garment factories. Instead of small stores, the word for factory came into being.
This industrial revolution in garment factories has led to widespread economic and social changes in Britain, and these changes were first called the Industrial Revolution. The textile, iron and coal industries also set new milestones in the development of this industrial revolution. The first industrial revolution that emerged from Britain soon engulfed into Europe and the United States.
The historians divided the industrial revolution into two parts, from the middle of the eighteenth century until the 1830s, the first industrial revolution was named, limited to Britain only. The second industrial revolution began when Henry Ford introduced a dynamic assembly line for mass production.
The Second Industrial Revolution stretches from the mid-nineteenth century to the beginning of the twentieth century, with Europe, South America, and Japan playing an important role. This second industrial revolution has taken over other regions of the world. The first industrial revolution was confined to steam-powered factories, while the second industrial revolution was used to increase the manufacturing and production of science using science. These two industrial revolutions made people more urban and wealthy. The third industrial revolution begins with digitalization, the performance and capabilities of metal machines will be further improved and improved with the help of digital devices, now the world is gearing up for the fourth industrial revolution.
Featuring artificial intelligence, changes in genes, augmented reality, virtual reality, robotics, 3D printing and other advanced technologies of this nature. But one of the technologies needed for the Fourth Industrial Revolution is being overlooked badly, especially in developing countries around the world. To learn about this technology, we must first understand the currency system, because the world learned about this technology only after the evolution of digital currency.
Since ancient times, grains, salt, saffron, and other spices have been used as a currency for transactions. A thousand years ago, China began to use bronze as the first regular currency in the world, coining China. Gold, silver and other precious metals were used for centuries for money transactions to legalize currency and keep its value consistent. In the seventeenth century, Chinese civilization’s “tight” traders began to make paper-made currency to relieve the burden of coins and at the beginning of the eleventh century, Chinese-made currency for the first time during the “Song Dynasty“. In the thirteenth century, paper currency was introduced in Europe thanks to Marco Polo and William Rubik.
Marco Polo, in his book “The Travels of Marco Polo”, mentions the United Kingdom State, “These people use money as a bargaining piece of paper made up of trees in their country. Over time, the shape and quality of paper notes improved and subsequently introduced credit cards, which were named plastic currency. After the advent of the Internet, “e-currency” was introduced to make money transactions, which made it more convenient for consumers to shop on the Internet. But ten years ago, on January 3, 2009, an invisible currency that had been missing for a few years appeared, but in the past five years, the currency has caused a stir in the financial system around the world. Currency has reached its peak.
In terms of value, this currency has surpassed most of the world’s most expensive currencies, including gold, diamonds, and diamonds. One coin worth the world’s first cryptocurrency, Bitcoin, reached the highest level of $21,000 a few years ago. And even today, the value of a bit of coin is equal to ten and a half thousand US dollars. Within a few years, the record rise in the value of the currency has forced the economists of the new world to settle down.
Today, cryptocurrency is known to many people in the developed and developing countries by the name of bitcoin, but most people with this complex system blockchain driven by the currency that challenges the financial system around the world. Unaware of which, as a result of blockchain, bitcoin and other cryptocurrencies increase security, stability, and scope. The common denominator, the majority of the people involved in cryptocurrency transactions also considers this infinite technology ‘blockchain’ as a part of the cryptocurrency, while the cryptocurrency is just an application of the blockchain system. The breadth of blockchain systems can be gauged from the fact that this technology is used worldwide for Asset Management, Insurance, Cross-border Payments, Smartphones, Internet of Things (IoT), Smart Appliances, Supply Chain Sensors, Healthcare. It is working to prevent and protect the misuse of identity documents such as music, government agencies, community-based activities, births, marriages, death certificates, passports.
With the combined efforts of powerful computers, mathematical keys and technology specialists, the opportunity to introduce this technology to the world goes unnoticed. For the first time in 1998, “Wei Dai” developed its cypherpunks (a person who accesses his or her privacy on a computer network exclusively from the access of government authorities) to the mailing list, in which he puts money into a new Suggested formatting, which would include the method of cryptography (remodeling, writing or solving encrypted codes) rather than central authorities. However, Satoshi Nakamoto was the first to use blockchain in cryptocurrency. In August 2008 a domain (website name) was registered as “bitcoin.org”. On October 31 of that year, Satoshi released a white paper titled ‘Bitcoin: A Peer to peer Electronic Electronic Cash System’ on Cryptography’s mailing list.
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Author: Engr. Sadiq Saleem
