It’s been ten years since the arrival of Bitcoin and we have finally started to see Cryptocurrencies and Blockchain technology getting a mainstream audience it deserves. This will truly be practical once Facebook’s new Cryptocurrency enters the market. If Facebook can pull off its new Cryptocurrency, the industry will see huge growth in the coming years. Not just that, we might finally witness its evolution into something far bigger.
Now, this not just involves digitization of money as one would think, we are also talking about digitization of ownership of assets. This is a completely different ballgame and will revolutionize the way we own our assets.
There are several advantages to this including increased liquidity, efficiency, cost, asset prices, fractional ownership, speed, global access, new financial products, business models whereas scalability, transparency, and practicality of all this remain still a big question. Regardless of how you look at it, digitization is unavoidable and is inevitable. It is the next milestone for our technological advancements.
Digitizing Ownership
We are coming from a generation where everything from land records to video games is physically owned. As you can see, that is starting to change. Most of the video games come without discs which can be downloaded from a digital store like Steam. This is just the video game industry. Similarly, the music industry and Television/movie industry are also seeing a similar shift.
Now with the arrival of smart contracts and blockchain, there is an additional layer of security added to this ownership. A blockchain can keep records of who owns which asset and can also govern the transaction and transfers of these assets among user. With the arrival of AI, we can automate the entire process creating a completely transparent and digitized way of owning assets.
Market Transitions
Now, this shift to the digitization of assets will involve certain transitions that are already visible in the existing market. The transition of music ownership from records to Spotify is a very good example. With the arrival of blockchain and AI, we can create platforms that are rewarding to artists, not just the ones who are part of a big label. As our technology grows, we have found more and more unique ways of ownership and with the arrival of blockchain and cryptocurrencies, we now are seeing a paradigm shift even in the way we view currency.
The Formation of a Trillion Dollar Industry
The ownership of music today is a billion dollar industry, imagine the potential of digitization. We are witnessing the formation of a trillion dollar industry, nonetheless, the evolution of the current industries to an entirely different plateau. This is the next step once the Crypto Industry gets accepted worldwide. With more and more Multinational Companies embracing Cryptocurrencies and Blockchain, all of this is inevitable.
At the end of the day, whether it is music or land records, ownership is still data and access to that data can finally be digitized.
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