When the Internet became an everyday reality, the world advanced far beyond the realm of imagination. While today, it is hard to imagine a world before the Internet, the speed at which it took hold of nearly every aspect of modern life is staggering. Along with the Internet came mass dissemination of information. Enormous databases are the topic of many controversies. From privacy concerns to intellectual property, online data is the lifeblood of the modern economy.
Innovative concepts accompanied even the early Internet. After all, even offline computers focus on this aspect. However, with the introduction of social media, mobile apps, and prevalent video, even the most advanced data management concepts were overwhelmed. It became clear, that to make the most out of online data, a fundamental change needed to take place.
Developers and advocates like Shervin Pishevar understood that something special was happening in blockchain. It was not long before large corporations began to take notice. Most people mistake blockchain being synonymous with cryptocurrencies. And for some developers it is. However, cryptocurrencies can exist with blockchains and centralized digital ledgers have little or no use for currency applications. Cryptocurrencies offer little to the internal operations of a company. Their importance lies as a medium of exchange between independent parties.
Shervin Pishevar recognized how cryptocurrencies could benefit a world that was overly concerned with regulations. He saw the limitations being place on the free market when he made his comments about the U.S. giving up ground. While Shervin Pishevar’s focus was on cryptocurrencies, it is important to acknowledge that advancing blockchain development will be instrumental toward making cryptocurrencies a viable option.
At the moment blockchain is only beginning to show its potential and cryptocurrencies are still looked at with great suspicion. Shervin Pishevar would encourage regulators to let go of their fear of change and consider how cryptocurrencies can be best used. In this way, leaders can help shape the development of the new digital economy rather than waiting for its dominance. We should learn our lesson from the many digital advancements that we slowly adopted but now embrace.