We think about booking a cab or ordering a pizza; we take out our phones, which gets done in a few minutes. Technology continues to play a pivotal role in all aspects of our lives. The fact that cryptocurrency and blockchain technology continue to transform finance is not hidden in today’s times.
From exchanging ten thousand bitcoins for two pizzas to emerging as a store of value and now being added to the portfolios of major investment banks, a lot has changed since 2008.
For instance, Web1.0 was the worldwide web created in the early 1990s, where websites consisted of static pages where users could only read information. Web2.0 introduced interaction between websites and pages and pages and users. This transition has now shifted to participation from merely observing. It also expedited giving rise to social media as we know it today.
Now, Web3.0 is all about decentralization and allowing users to have control of their data, rather than large organizations. Technology enables us to get a loan against collateral without visiting a bank through decentralized finance (DeFi). In 2021 several projects working on DeFi gained massive popularity. DeFi can achieve this in approximately thirty seconds.
Lending and borrowing projects on DeFi have enabled liquidity for participants without selling any of their assets. It eliminates the complex process of sharing private information and then going through tons of paperwork to get to the approval stage.
Imagine not having to visit a bank to get a loan against your collateral. DeFi can achieve this in approximately thirty seconds. It is a brilliant realization to learn that to have a parallel virtual universe which can replicate the things we do in our daily physical lives is now possible.
The metaverse is an alternative digital reality where people work, play, shop, and socialize. Now corporations including H&M, Nike, and JP Morgan have recently opened respective stores and offices in the metaverse, too.
Technology has revolutionized culture and art as we know it. Creators are creating amazing non-fungible tokens (NFTs) artwork bringing them widespread recognition. NFTs have ushered in a revolution where holding a particular NFT could grant you access to exclusive concerts!
Technology sees no end when it comes to innovation. It has become a part of our lives extensively and has made it simpler than ever. With innovation at hand, there are no limits to what can be explored in the world of technology.
Now, Web3.0 is all about decentralization and allowing users to have control of their data, rather than large organizations. Web3.0 is about combining the power of blockchain, machine learning, and artificial intelligence for a greater purpose.
Technology has uplifted the capital ecosystem and enabled every citizen on earth to upgrade and flourish. It comes with a wide scope of opportunities. So much so that it has now helped humans to create opportunities for others. Innovation is the crucial element, and leveraging technology has made the human race unstoppable. Through the help of technology, the crypto industry has established itself and has shown commendable results.
National Technology Day is celebrated on May 11 every year to commemorate the achievements of scientists, researchers, engineers and all others involved in the field of science and technology. It’s a day to remind Indians about technological advancements. Technology is the key ingredient of human life and compliments it every day.
(Edul Patel is CEO & Co-Founder, Mudrex - A global crypto investing platform)