Bitcoin and Blockchain Tech Are Fueling a Fourth Industrial Revolution
Is a fourth industrial revolution underway? Advancements in information-sharing technology, including data analytics, cloud computing, wireless sensors, smart contracts, decentralized autonomous organizations and blockchain technology seem to be fuelling not just a disruption but a revolution, fuelled by the invention of Bitcoin and blockchain tech.
According to a recent report, almost 90 percent of 800 expertssurveyed by the World Economic Forum (WEF) believe that the Internet of Things (IoT) will reach a tipping point of 1 trillion connected devices in a decade. Moreover, 58 percent of the experts believe that 10 percent of global gross domestic product will be stored on blockchain technology by 2025.
From smart young men and women in their basement garages to pioneering giants such as Intel, a race is underway to make possible what seems futuristic: traffic managing itself, lights operating on their own, cars communicating with each other, charging stations buying products from manufacturers, refrigerators ordering your dinner ‒ and that’s only the low-hanging fruit.
The first industrial revolution followed the invention of steam power in 1784; mass production sparked the second revolution of the 1870s; and the invention of electronic and IT systems in the 1970s led to the third revolution. The fourth revolution showing signs of being well underway could be identified as that of the “cyber-physical systems.”