Shervin Pishevar believes in blockchain technology. Why? Well, there are a lot of reasons, but the objective here is to examine the decentralization aspects. The first thing to understand is that technology is no longer being developed by hobbyists in their garage. Far from it. A few big corporations decide much of the fate of technological innovation.
Now the objective of blockchains is not purely toward decentralization. The new industry is not directly opposing any administration. In fact, blockchain technology is concerned with the secure transaction and recording of digital data. Cryptography is more fundamental to the technology than decentralization. The emergence of private blockchains demonstrates this fact.
Online transactions are more than money. This is apparent in the unending tweets and image shares. The difference between cryptocurrencies and blockchains can be thought of in the same way. Shervin Pishevar understands the importance of both. On the one hand, blockchains can provide the efficiency that the Internet so sorely needs. It would reduce clutter and open up opportunities. In regard to online finances, cryptocurrencies provide an answer to Shervin Pishevar’s discussion about the Federal Reserve.
Permanent digital transactions can be quite transformative. Consider Shervin Pishevar’s comments about the stifling of innovation in the small business sector. How often are smartphones thrown away? Cloud storage is a rapidly growing enterprise because new devices and software are in constant need. It makes less sense to store precious images and valuable data on an external hard drive if it will quickly become incompatible. Additionally, the world is now mobile first.
What if we could choose that our information is permanently recorded on the Internet? Not housed by a private company on a server, but rather, cryptographically secure such that only the owner could gain or grant access. Remember, those private cloud companies often have direct access to their clients’ information. If not direct, then for security reasons, a back door just makes sense. This is not the case with blockchain technology. Quite a different world, right? Imagine the possibilities. Some are calling it (blockchain) the next evolution of the Internet.