Thanks to the massive importance blockchain had received at two successive World Economic Forums of 2017 and 2018, it has now attracted tremendous attention in International Media and from premiers all over the globe.
Imagine that you learnt about the internet in 1991 instead of 2001. What would you have done differently?
Today, you know about blockchains. Now, just think: what are you going to do with that knowledge?
Yes, this is exactly how life-changing blockchain is! It is compared to the discovery of the internet in its technological impact on society. It has been hailed as the most critical pillar of the technologies comprising the Fourth Industrial Revolution.
Blockchain, which was mostly talked about in the years 2012-2016 as an underlying technology for the phenomenon of bitcoin, and a promising technology that can transform industries worldwide, started to see real life applications in 2016-2018.
The global crypto economy stood at a market valuation of $800 billion at the end of 2017, compared to $ 5 trillion of all fiat currencies put together. However, the global GDP and the global capital markets industry which are well over $80 trillion will be steadily impacted by new technologies such as blockchain, AI, Automation.
So, blockchain and cryptocurrencies are set to grow significantly as a proportion of the global economy.
(The writer is Ms. Arifa Khan, Founder & CEO of Himalaya . Views expressed are her personal and may or may not be that of her company)