Think You Know Blockchain?
A Book Review: “Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies…”
What exactly is the purpose of Blockchain or Bitcoin?
Is Bitcoin a fad, fading away, drowning in government regulation? How will it fit into our future? Should we know how Blockchain works — and learn some particulars about miners, cryptography, or government-issued tokens?
And, as your mind struggles while chasing the news, podcasts, or videos, doubt keeps creeping in. I felt this myself. So, I turned to a book written by four professionals, Neil Mehta, Aditya Agashe, and Parth Detroja, published in 2018.
Yes, it’s been five years since its publication.
Typically, you’d want the newest edition for technical stuff. But not when the title immediately intrigues you, “Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies.” That’s precisely the information I was after and had been trying to wrap my mind around.
I wanted to know where Blockchain and its children are headed. How — if at all — can CODE and SMART contracts improve people’s lives? Although having a rudimentary understanding of blockchain technology and its applications, I did not clearly understand the events that can cause a so-called Bubble. Or, for that matter, the necessity for the government to regulate a sovereign and exciting new currency.
The Story of Blockchain and Bitcoin
The story begins before Bitcoin began — on an island in the western Pacific Ocean where islanders bargained with one another around a giant stone and filed each of their transactions into collective memory — Bystanders’ brains — similar to how it’s recorded on the digital Blockchain today. The authors help us understand this concept of the elusive machine, the parts it’s built on, and how it impacts humanity. For example, in finance, the Blockchain makes monetary funds accessible to anyone with an internet connection, anywhere in the world, regardless of their financial status or credit score.
Centralized vs. decentralized
And how are governments reacting? Why are they competing to dominate the market in the token race — the proxy for a centrally issued currency that differs far from decentralized coins?
The authors describe how Blockchain disrupts and enhances various industries, including finance, healthcare, and supply chain management. Using real-world case studies, covering challenges like scalability and regulatory hurdles as they break down complex concepts in easy-to-understand language. All while balancing technical details in an engaging and informative writing style.
The book is as valid today as it was five years ago and ends with open-ended thinking, leaving us to assess
Some key points of “Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies.”
- Comprehending the basics of blockchain technology: The book explains the technical concepts and the underlying principles of blockchain technology, including consensus algorithms, cryptography, and smart contracts.
- The origins of Bitcoin: The book traces the history of Bitcoin from its inception in 2009 to its current status as the most popular cryptocurrency. It also discusses the role of Satoshi Nakamoto, Bitcoin’s anonymous creator.
- The rise of cryptocurrencies: The book examines the proliferation of other cryptocurrencies, including Ethereum, Litecoin, and Ripple, and the potential applications of these digital currencies.
- Blockchain beyond cryptocurrencies: The book explores the potential applications of blockchain technology in various industries, including finance, healthcare, and supply chain management.
- The challenges and opportunities of blockchain technology: The book examines the challenges and limitations of blockchain technology, including scalability, security, and regulatory hurdles. It also discusses the potential opportunities of this emerging technology, including greater efficiency, transparency, and decentralization.
- The future of blockchain technology: The book provides insights into the potential future of blockchain technology, including integrating Blockchain with other emerging technologies, such as AI and IoT, and the potential impact of Blockchain on various industries and societies.
Only 229 pages long out of 303 pages:
Includes three Appendixes, which discuss number systems and macroeconomics, and Satoshi Nakamoto’s emails — how he thinks. Plus, a term glossary.
Overall, “Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies” provides a comprehensive and accessible overview of the history and potential future of blockchain technology, making it a valuable resource and reference for anyone interested in this emerging technology.
So, curl up with your Kindle, and explore the blockchain industry as it unfurls. It begins with Adam and Eve. Please don’t take me literally. It’s my way of describing that anyone, a professional investor or the curious like myself, can garner knowledge in the details they wish to tackle.
