The novel nature and outsized ramifications of Bitcoin’s introduction for finance and beyond is more akin to the industrial revolution, signing of the Magna Carta, fall of the Berlin Wall, than the Internet or Social Media Revolutions.
While they radically altered the world we live in, the Internet and social media, in hindsight, will be seen as less impactful in terms of disintermediation of preexisting power structures than blockchain technology since they were easier to co-opt by those in power.
Public blockchains, in theory, take away authority from large, entrenched, institutions in a manner recent technology innovations have not. By giving direct ownership of value and data to individuals, blockchains have the capacity to change humanity on an unprecedented scale.
2018-07-15 | Full Review