Skip to main content

Beyond Bitcoin: How blockchain will reshape the future

blockchain beyond bitcoin

This article is part of our series “Blockchain beyond Bitcoin“. Bitcoin is the beginning, but it’s far from the end. To help you wrap your head around why, we’re taking a deep dive into the world of blockchain. In this series, we’ll go beyond cryptocurrency and hone in on blockchain applications that could reshape medical records, voting machines, video games, and more.

Late last year, on October 26th, a small U.K. tech company called On-Line PLC decided to change its name. From that day forward, it would be known as On-Line Blockchain PLC.

Recommended Videos

That seemingly insignificant move had a massive and almost instantaneous impact on the company. Within 24 hours, its share prices rose by 394 percent. Within 48 hours, its value had grown more than it had in all the past two years combined.

On-Line PLC didn’t change its business model, hire a new executive, or announce a new product. It just tacked “blockchain” to its name, and suddenly investors threw truckloads of money at it — a testament to the blockchain’s hype.

Not much has changed since then. Blockchain technology — the backbone of Bitcoin, and much more — is just as hyped as it’s ever been. You’ve probably heard about it on the news, read headlines about it online, and been lectured about it from that one guy in your office who’s super into cryptocurrencies. It’s like Beanie Babies and Dutch tulips at this point.

 

Data security is failing and there has to be a better system. Blockchain creates a secure, unalterable public record and is poised to dramatically improve the world around you, from voting systems to rental contracts.

That might lead you to dismiss it as a fad, but don’t let the hype fool you. Blockchain has legitimate potential to change the world. As the Harvard Business Review puts it, “Blockchain is not a ‘disruptive’ technology, which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly. Blockchain is a foundational technology. It has the potential to create new foundations for our economic and social systems.”

“It has the potential to create new foundations for our economic and social systems.”

Yet it’s still early days for the technology. Many have likened the recent blockchain boom to the dot-com bubble of the 1990s — which is a fair comparison. That bubble did burst, but after the crash, the world wide web eventually rose from the ashes of the 1990s and became one of the most transformative technologies the world has ever known. Blockchain, it seems, has that same potential — it’s just in its the dot-com phase right now.

Over the course of the next week, Digital Trends is taking a deep dive into the blockchain space. We’re going beyond Bitcoin and homing in on applications that might reshape democracy, economics, advertising, and more. Blockchain’s impact on these concepts could truly change how they function – but, of course, revolution is often messy business.

Drew Prindle
Former Digital Trends Contributor
Drew Prindle is an award-winning writer, editor, and storyteller who currently serves as Senior Features Editor for Digital…
Top electronics to buy (and skip) at Costco and Sam’s Club
Sam's club associate scanning a product

If you're following our ongoing saga dedicated to investigating Costco and Sam's Club for electronics, you may think that we're under the impression that all electronics are best purchased at these warehouse stores. That's not the case. There are some categories of products that tend to be great to buy at these stores and others that you should avoid. Here, we're aiming to provide a comprehensive warehouse club electronics buying guide, so you can stick to the good stuff and avoid the duds. We're hitting all the major product categories and things you'll see, with some helpful tips and notes along the way.
 

Best buys categories

Read more
The Samsung Galaxy Book5 Pro laptop with 16GB of RAM, 1TB SSD is $400 off
The Samsung Galaxy Book5 Pro laptop on a desk.

Shoppers usually keep an eye out for Samsung when looking for phone deals and TV deals, but it's also a good brand to consider when you're planning to buy a laptop. Check this out -- the Samsung Galaxy Book5 Pro with 16GB of RAM and a 1TB SSD is on sale with a $400 discount from Samsung itself, bringing its price down from $1,550 to $1,150. The device will be within reach for more people with these savings, which means you're going to have to hurry with your purchase if you're interested as stocks may run out quickly.

Why you should buy the Samsung Galaxy Book5 Pro laptop

Read more
AI could soon have a mind of its own. I spoke to experts to learn more about AGI
Clear Mannequin on Dark Blue Background.

Artificial intelligence (AI) may soon have a mind of its own, and many companies want to make that happen as soon as possible. Whether this is plausible remains to be seen; however, if achieved, we could move from the AI age to the AGI age in record time. 

The AI explosion of recent years may seem sudden to many, but the industry has been in constant development for several decades. As technology goes on, the evolution of AI has been rapid, and many in the industry are already looking toward the next big thing. That thing is Artificial General Intelligence (AGI), which currently remains a theoretical concept, but many believe will be the next wave in training AI to be autonomously intelligent. 

Read more