Let’s revisit the history of Bitcoin, Crypto, Blockchain, and DLT before we ask some fundamental questions about their future.
In the year 1989, Sir Tim Berners Lee created the World Wide Web as a tool for decentralization. However, as of this day, the internet has proven to be as centralized – if not more – as the physical world. The internet behemoths such as Facebook, Amazon, Google, Uber, and others have more than 2-3 billion users combined, keeping tight control and influence over the global business dynamics by virtue of their vast collective customer base. They assume so much power today that it has become a big problem. Same is the case with the financial services industry, and we saw that during the 2008 meltdown.