As a result of this revolution, cryptocurrencies have emerged as a critical component of the future of global finance. According to FCA research, 2.3 million adults now own crypto assets (up from 1.9 million the previous year), and 78 per cent of adults have heard of crypto assets.
Cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, and Polkadot are slowly gaining traction in society. Notably, an increasing number of businesses are now accepting virtual currencies as payment, and some credit providers have begun to offer Bitcoin rewards to encourage customers to use their services.
Industry 4.0 Is Powered by Bitcoin’s Blockchain
Artificial intelligence (AI), the Internet of Things (IoT), robotics and smart machines are ushering in the Fourth Industrial Revolution (Industry 4.0). BTC (Bitcoin) and the underlying blockchain technology are also To paraphrase Schwab, “Blockchains are the Fourth Industrial Revolution.”
These new technologies have a big impact on economies. Bitcoin, for example, has exposed the banking system’s and fiat money’s age. In fact, the new economic model defies conventional wisdom. The debates over capitalism vs. socialism or Keynesianism vs. liberalism are passé.
To thrive in the Fourth Industrial Revolution, we need a new economic system. This new system must operate within the planet’s means, be more equitable, and prioritise human wellbeing overgrowth, says Stewart Wallis.
Also Read: A Positive Mindset Is A Doorway To Success
The Cryptocurrency Industry is Vital to the New Economy Transition
According to this report, intellectual assets are also a vital feature of the fourth industrial revolution. Due to Bitcoin’s ability to conduct frictionless and transparent financial transactions without the intervention of third parties, it is possible that Bitcoin and its blockchain technology could be the solution.
The Fourth Industrial Revolution undoubtedly poses enormous challenges throughout, most notably in the financial systems. Coincidentally, Bitcoin and the blockchain technology that underpins it are ideal for implementing the transition to a global, trustless, and open new economy.
Bitcoin can help power this new economy by enabling millions of intelligent devices to conduct transparent and frictionless financial transactions in the IoT universe without human intervention.
A completely new world
The fourth industrial revolution will mark the first time society has progressed from a technologically based state to a more advanced one. As a result, it’s not surprising that it could be based on technologies that are currently profoundly misunderstood and frequently regarded as overly developed.
While both blockchain and AI have enormous potential, their actual impact will be felt years from now. They will also be most effective when used in tandem, as they complement and expand on each other’s respective capabilities.
Connect with us on social media [ Facebook | Instagram | Twitter | LinkedIn ] to get real-time updates on the market. Entrepreneurs Diaries is now available on Telegram. Join our telegram channel to get instant updates from ED.