People moved from small-scale manufacture in their homes to large-scale manufacturing during the first Industrial Revolution in the 1750s. In the nineteenth century, the second industrial revolution saw the introduction of electricity, crude oil, and vehicles.
The third industrial revolution introduced us to technology that had never been seen before. Humankind made numerous advances throughout this time period, both in terms of the physical world and the psychological attitudes of society as a whole. But now, several technologies such as Blockchain, AI, Machine Learning, and others are propelling us into the fourth Industrial Revolution. In terms of societal influence, the fourth revolution is predicted to outperform the previous three.
The incorporation of decentralized currency, sometimes known as cryptocurrency, into the economy is the most noticeable transformation. This has resulted in a decrease in the use of fiat currency and the creation of a new digital currency with the highest level of security, which is managed by the users themselves.
Let’s look into how cryptocurrencies are ushering in a whole new sector.
The birth of a new technological era
Emerging technology breakthroughs in areas such as artificial intelligence, robotics, the Internet of Things (IoT), quantum computing, nanotechnology, and blockchain technology arose with the introduction of the Internet, which was built atop the third (digital) industrial revolution.
A blockchain, also known as Distributed Ledger Technology (DLT), is a method of storing data that is difficult or impossible to alter, hack, or cheat. It’s a digital log of transactions that are duplicated and spread across the blockchain’s whole network of computers. Bitcoin was the first digital asset (cryptocurrency) to be established on this blockchain.
Furthermore, Bitcoin has paved the door for widespread adoption of cryptocurrencies and blockchain ledger technology since its beginnings. Other branches, such as Web3, Metaverse, and NFTs, have now evolved as a result of crypto’s use. And platforms like WePlay, which offer significant benefits to its users in an increasingly connected global economy, are a one-stop-shop for these emerging market trends.
Cryptocurrency and the economy
Bitcoin disrupts standard banking and finance notions by advancing networks and accessibility. Bitcoin will come to mean a lot more to world industry in this current technological revolution, from minimizing the downsides of the informal economy to strengthening international trade through visibility. Let’s have a look at what cryptocurrency is before we continue.
Cryptocurrencies are a type of digital currency that is governed by cryptographic algorithms. The term “crypto” refers to a type of digital money that resides within a blockchain network, which some claim to be more safe than any other network because it is not regulated by financial institutions. Cryptocurrency is mined, exchanged, or purchased, then stored in digital “wallets” until it is time to spend or redeem it.
Looking ahead
Today’s adoption of cryptocurrency is just one step toward building a strong global economy for the future.
It is widely speculated that soon every single company or market, including your nearby grocery shop, will start accepting payments in crypto.
Businesses are increasingly adopting cryptocurrency to benefit their customers, who will have more payment choices. Because of the security and advanced functionality given by platforms like WePlay, as well as the limitless possibilities offered by decentralization, crypto transactions have become optimum.
Official website｜Twitter｜Telegram｜Announcement｜Discord｜Medium
