4th industrial revolution and what part in it blockchain might play

[BitHodler]

For example, banks may start using blockchain as a means of data keeping and recording transactions. However, they may not be moving towards a decentralised money supply for obvious reasons.

There are various degrees of decentralization though. Banks could potentially distribute their data amongst other banks and institutions, but don't actually allow any other entity outside their trusted circle to participate.

People often think that there is only one type of decentralization, but there is much more depending on who you want to trust, and what the actual goal is. Bitcoin level of decentralization mostly isn't needed at all.

Banks don't need blockchains to do so. They have been using databases for years now, and not once did they run into troubles. It's efficient already, but they pretend that it is slow so that you keep paying for faster service.

[Cnut237]

I think we need to make a distinction: the ideal is decentralisation rather than blockchain (for me at least). We need a decentralised currency, as this moves power away from the corrupting influence of banks and governments. Blockchain comes in because it solves the trust problem in a decentralised system. Blockchain is a great way to establish a consensus and inviolable 'truth' of transaction history, and removes the need for one party in a transaction to have trust in the other party. So I think blockchain is a method to achieve the goal of decentralisation, rather than blockchain being the goal in itself. We shouldn't necessarily be thinking 'what can blockchain do', but rather 'what can decentralisation do, and how can blockchain help to achieve this'.

[FanEagle]

I think people are forgetting that humanity has been able to wire money to each other with ease for a long long time now.
People think thanks to bitcoin everyone will be able to send money to each other globally but that has been something possible for the past 20+ years now.

Yeah, bitcoin makes it easier but with the improvements in banking it will become much simpler without crypto as well. Someone in Japan will be able to work with an Estonian company and pay them via bank wires and get their item. Not cash, not credit card, not crypto, just wire money from one bank account to another.

I know a guy who manufactures some items for funfairs and dude sells like 100k euro worth of stuff each time and he has constant orders so whenever one of his jobs ends another starts and dude just gets his money wired to him for the past decade or so, it is not as hard as people imagine it would be.

Maybe in your country sending money through wire transfer is easy, fast and cheap, but wiring money in my own country is really not a child’s play here, if you consider the amount of money you have to pay to be able to get your money wired, you will never want to go near using wire transfer services and to me, I think this is the greatest things that bitcoin has done for us in our country.

We are no longer at the mercy of some of these banks when it comes to sending money abroad, with bitcoin now, it is so easy to send money to lots of our loved ones for either personal purpose, school purpose or business purpose, which has never really been easy as much it is now with bitcoin, so to me, if bitcoin really becomes adopted, it will supersede the use of wire transfer.

[NathanJB]

I think people are forgetting that humanity has been able to wire money to each other with ease for a long long time now.
People think thanks to bitcoin everyone will be able to send money to each other globally but that has been something possible for the past 20+ years now.

Yeah, bitcoin makes it easier but with the improvements in banking it will become much simpler without crypto as well. Someone in Japan will be able to work with an Estonian company and pay them via bank wires and get their item. Not cash, not credit card, not crypto, just wire money from one bank account to another.

I know a guy who manufactures some items for funfairs and dude sells like 100k euro worth of stuff each time and he has constant orders so whenever one of his jobs ends another starts and dude just gets his money wired to him for the past decade or so, it is not as hard as people imagine it would be.

Maybe in your country sending money through wire transfer is easy, fast and cheap, but wiring money in my own country is really not a child’s play here, if you consider the amount of money you have to pay to be able to get your money wired, you will never want to go near using wire transfer services and to me, I think this is the greatest things that bitcoin has done for us in our country.

We are no longer at the mercy of some of these banks when it comes to sending money abroad, with bitcoin now, it is so easy to send money to lots of our loved ones for either personal purpose, school purpose or business purpose, which has never really been easy as much it is now with bitcoin, so to me, if bitcoin really becomes adopted, it will supersede the use of wire transfer.

It is where Bitcoin is very strong, in terms of remittance. Remittance using Bitcoin is almost hassle-free. No need to provide a lot of information the banks and remittance centers are asking. They ask you how much, where the money comes from, who sends it, how are you related, asks for at least a couple of IDs, for what purpose it is used, and so on. And then the payment is high. With Bitcoin, no more of these hassles and the fee is very low.

[Cryptocnnon485]

I wouldn't say that it would be a industrial revolution especially when the only affected entities are just big corporations taking advantage of the blockchain technology. Although its clear to me that Blockchain is ahead by a few steps from cryptocurrencies if you really want an industrial revolution to happen you should look for the mass adoption that will happen with cryptocurrencies as this would affect everyone not just corporations having their own versions of blockchain. Could you imagine a world that a lot of establishments are accepting cryptocurrencies? This would just signify a change in the economy and the world as we know it, we now have a good alternative for credit cards and debit cards as well as Paypal to pay goods and services.

Sure! I do agree 100% But in my opinion, the mass adoption will come from big corporations and the massive user base of customers they already have. Imagine if all the new samsung phones already have the native hard wallet for crypto storage (https://www.coindesk.com/samsung-at-last-adds-bitcoin-functionality-to-its-blockchain-phones) and if they put preinstalled blockchain base apps like Lympo (https://www.youtube.com/watch?v=AenafGYSrho&t=) (have your English subtitles on) for me it doesn't get more obvious than that Please share your opinion, how do you think in what way the mass adoption will be reached for crypto and the blockchain applications

[jamesndungu1]

To drive the fourth industrial revolution, blockchain technology needs to be combined with Artificial Intelligence to help alter some very steady and common technologies which we seem to assume today. Blockchain will play a major role in decentralizing the ownership and sharing of data as well as improve the security of private data.

[ecnalubma]

Billions of data needs to be secure, its very timely that blockchain is invented. It will play a big part in economic change and growth, every businesses will soon implement this technology in every processes and transactions they conduct opening a new age of efficiency.

[Kakmakr]

Yea, the fourth industrial revolution is the new buzzword in the industry lately.   

I think we are living in very exciting times, where we will see the things that was only seen in movies, like flying cars and autonomous vehicles that are driven by computer AI. 

Blockchain technology would not just revolutionize the financial industry, because the immutability of a decentralized Blockchain can be used by several other non-financial industries. <Smart contracts / Stock control / Asset management etc.> 

[FanEagle]

Of course, it can be extended and improved, bitcoin itself is the extended and improved version of money. However, just because blockchain can extend and improve it doesn't mean people will pick it over wiring money right away. It will take time, some people will find out about it, test it and will like it and do that while others won't even touch it.

I have been a freelancer who worked for himself for the past 3 years and whenever I talk with someone about a job you know how they react when I tell them I work for bitcoins? There are still tons of people who think that is literally illegal, like not even risky investment or something, they think it is literally illegal.

So, we have a looooong way to go for people to see bitcoin as an alternative to anything which also goes for blockchain. If we don't care about bitcoin and what happens to it then we can separate the blockchain idea from bitcoin and maybe market that but I doubt that is in our interest.

[Brunus]

It is clear that the world situation is so dynamic and changeable that every theory is destined to be surpassed by reality. (let's think about what happened in ten years ...).
In this context, the blockchain certainly has its weight, and will make a major contribution to the creation of a different model of society.

[Apes]

the 4th industrial revolution issue has become a global issue lately, every governments in various countries are trying to socialize to the industrial players so as not to lag behind other countries that have started upgrading their systems. because what I know of the 4th industrial revolution is very closely related to information technology. if cryptocurrency, permitted by the government to participate , I am sure, the cryptocurrency and blockchain system will strongly support integration with any system to be built by industry players.

[TGD]

Billions of data needs to be secure, its very timely that blockchain is invented. It will play a big part in economic change and growth, every businesses will soon implement this technology in every processes and transactions they conduct opening a new age of efficiency.

Actually I consider 4th Industrial revolution as AI and Blockchain, somehow I find very interesting if AI will be involved in every blockchain projects. Though Im not sure whether their is already existing project that integrates the two concept since I just read it before with Microsoft trying to research this.  Although blockchain and AI have great potential in their own right, I just can’t help but wonder what they may achieve if their combined together. Both technologies are can be efficient on their own but think of it when they are together in a project, it could potentially pave the way for a much more transparent, and efficient world.

[ajaymukund]

I know that blockchain technology is really potential in the transaction management model and some things about data provision. But it is really difficult to apply in other areas like real estate and other types of services.
I think that blockchain technology should only be used in making Peer to Peer transactions, besides that it should not be present in other areas. applying it will cost a lot of money and time and still be difficult to achieve supreme efficiency.