Blockchain technology: How it will change the world

Blockchain technology was only beginning with Bitcoin. It is a safe place to store value and can be transferred on a peer-to-peer basis. These transfers are permanent and cannot be modified. This was the breakthrough of the Bitcoin blockchain.

The Ethereum blockchain is another blockchain that many people are very familiar with. Its digital asset, ether (ETH), is its digital asset. The Ethereum blockchain technology revolution brought "smart contracts" to life.

Smart contracts are lines of programming code that are stored on a blockchain and can be used to do anything, from lending to insurance to gaming.

Blockchains offer so many opportunities beyond bitcoin and online currency transactions. There are many blockchains, which means that there are many investment opportunities.

Today, I want to go deeper than usual to explain why this area is essential and show how blockchain technology will change the world.

You can, for example, lend some ETH to someone at a fixed interest rate using a smart contract. All of this happens automatically. All the money is returned to your account when the contract expires.

There are many other blockchain technology variants. Each one can be used to create different types of applications. The industry is still very young. Web 3.0 is an upgrade to the 2.0 internet, and that's a large part of what I see.

Uncensored and free internet

Many people may find an upgrade to the internet strange. Web 3.0 will offer a better internet than the current one and allow for a new generation of apps built on blockchains.

The internet was initially created to be open, free from censorship, centralized control, and censorship. We now have monolithic gatekeepers who can ban and censor what we see online. It is becoming a closed system.

Many people have a philosophical problem with that. We are experiencing disruption as a consequence. Web 3.0 - The next-generation internet - is an attempt to decentralize it and make it more accessible.

The internet was created by people who agreed to develop the protocols that allowed the internet to be used.

TCP/IP protocols are used to specify how data should be packaged, sent, received, and transmitted. These protocols were free and made money for technology giants like Google, Facebook, Twitter, etc.

They not only made all the money but also extracted our data and content for their profit. We don't get a penny.

Blockchain technology can help. Aave, which is pronounced "ah-veh," is a blockchain-based version of Twitter. It won't have a CEO who can censor what is posted on the platform.

Censorship is a major problem right now, as many of our readers know. Censorship restricts one of our fundamental freedoms, the ability to read and formulate our opinions.

Blockchain technology has become so important

Blockchain technology can be censorship-proof. Blockchains are built using tens to thousands of nodes. Decision-making is done by consensus between the various nodes. It is a distributed system. No one executive or corporation can alter what happens in the network.

Even if one country decided to ban blockchain, all other countries would continue to use it.

Big Tech has been defeated. Amazingly, we have these economic incentives built into blockchains. These incentives allow ordinary investors to invest in the next-generation internet protocols by owning digital assets associated with blockchain technology.

That was impossible in the previous generation of the Web. We can now own the protocol via cryptocurrency. This is why blockchain technology investing is so exciting.

Non-fungible tokens are on the rise

Non-fungible tokens, or NFT, are another exciting aspect of blockchain. These are "digital collectibles," which I wrote a lot about recently in TradeSelecter articles.

Beeple's digital painting, which sold at auction for $69M in March, was the first to make headlines. The National Basketball Association (NBA) is now involved in NFTs. These new assets are easy to dismiss as crazy. What's happening right now with NFTs is impressive. It's not about collectibles and art.

NFTs can be described as smart contracts. They can be used to create digital art or digital sports trading cards, and they can also provide benefits for their owners.

Sports enthusiasts can purchase a limited-edition NFT. They will receive a digital token and other perks. You could have dinner with your favorite sports star. You can also have access to a private party where the sports star will attend.

A second exciting concept is "digiphizzy," which refers to "digital to physically." These NFTs grant you rights to physical objects.

For example, sports fans can purchase a digiphizzy NFT and send a signed football as a bonus. There are many applications for NFTs within the gaming community. Axie Infinity, an NFT game, has already sold more than $1 billion.

NFTs are becoming increasingly popular. They're not a trend. They are the next generation in art, collectibles, and fan clubs.

The NFT market made about $250 million in sales last year. Sales will surpass $10 billion this year. And the number will rise by another ten's of billions in 2022. There will be loads of billions of dollars in sales.

This is a fascinating area in the blockchain industry. It is increasing and has many practical applications.

Blockchain technology practical applications

Don't be alarmed if NFTs seem strange. Blockchain technology has many other, more mundane but still powerful applications.

The trend towards environmental, social, and governance (ESG), for example, is growing rapidly. People are also concerned about where their goods come from, whether they are counterfeit or genuine and whether they are from conflict zones.

They want to be in a position to track the goods throughout their supply chain. This is precisely what blockchain technology was created to do. Blockchain records are indestructible. They can be trusted because any one party does not control them.

Blockchains technology will impact multiple industries. Consider decentralized finance or DeFi. Blockchain technology can disrupt any financial transaction.

We can eliminate intermediaries and conduct peer-to-peer trades. There is no need to have middlemen or their associated costs.

There are also emerging derivatives markets. These markets allow institutions and investors to hedge their portfolios, speculate about the future direction of digital assets, and get leverage on their investments.

Decentralized lending is another option. This is still in its early stages. Digital assets such as bitcoin can be lent out by people who have them. For providing liquidity, they get attractive returns.

This is why it's so attractive. Visit your bank and ask them what interest rate they will give you for savings. It's only a fraction of the percentage. Digital assets can yield higher than 10% if you're willing to lend them.

The future is utterly amazing

These are the kinds of developments every investor should know about. And this is why I've added the Market Intell, a new investment advisory category, to my TradeSelecter website.

If you haven’t yet taken the time to check out this new category, I will invite you to do so now. We’ve already seen explosive movement in the blockchain – I don’t want any of my readers to miss out.

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