Crypto Assets in the Age of Innovation
Human society doesn’t stay static for long. Over the last several centuries, and even the last several decades, the ways in which our civilization approaches challenges, introduces new concepts, and brings about change have varied wildly, creating a unique tapestry of experiences and opportunities that define the human experience.
And now, today, we are on the brink of a fourth Industrial Revolution: the evolution of technology and the rise of crypto assets.
The History of Modern Innovation
Humanity has changed dramatically since the first Industrial Revolution. Occurring between 1820 and 1840, the first major upheaval in manufacturing and production was driven by the development of steam power and the use of machines to replace the work of human hands. Everything from textiles to transportation changed swiftly, leading to cheaper production, higher employment rates, and even the inception of railways for cross-country exploration.
The second Industrial Revolution followed hot on its heels, kicking off around 1870 and lasting into the mid-1910s, around the start of World War One. Known as the Technological Revolution, this period was dominated by rapid industrialization. The iron, steel, rail, chemical, and machine tools industries saw explosive growth, making daily life a little safer, easier, and more affordable.
The third Industrial Revolution is a little less clear cut, likely because we’re barely removed from it. Seen as coinciding with the rise of the computer, the internet, electronic communications, and job growth through technology, this time period kicked off in as early as the 1960s and has continued on through the end of the 20th century and into the 2000s. This, of course, begs the question: wouldn’t the rise in crypto be a part of the ongoing third revolution, not the fourth?
The Fourth Industrial Revolution
Seeing the growth of crypto as a part of the prior decades’ technological progression isn’t necessarily wrong; after all, crypto has emerged out of the technologies provided by the growth in web-based development. And, looking solely at past actions – the early days of Bitcoin, the ups and downs of the market, and the glacial pace at which mainstream operations have embraced the idea of a virtual currency – this may seem to be just another rung on the ladder.
However, the development of a new currency existing on a plane independent of nationality, residence, or the economy as we know it signals the start of something much bigger, much greater, and much more important. Blockchain technologies are now disrupting major industries that have seen minimal changes in generations, and the opportunity for growth, innovation, and development is larger than ever before.
The possibilities derived from billions of people connected by mobile devices with access to unlimited knowledge, resources, storage capabilities, and communication conduits are wholly unprecedented. Technology mimics these trends as well; everything from 3-D printing cars and houses to using CAR-T cells to fight cancer paints a bright, powerful, and colorful picture of the prospects available to those willing to push past traditional boundaries.
The opportunities possible through the current evolution of technological capabilities are virtually limitless, creating the potential to raise global income levels and improve universal quality of life in every country around the world. Long-term supply-side gains are poised to be dramatic as communication costs drop, transportation becomes cheaper and more efficient, and global supply chains streamline and simplify. And these facets of the business world, when working together, have the capability to open new, yet-unknown markets and drive immense economic growth.
How Companies Can Harness Potential
For companies used to a set way of functioning, the idea of a complete revolution in purpose and practice can be quite overwhelming. Newer companies are often prepared to adapt and change, but older, more traditional enterprises with roots in bygone eras – paper printing, for example – are likely to grasp onto the vestiges of what used to work and how the world used to be. While this approach doesn’t necessarily mean instant failure, it does mean a likelihood of getting left behind, and sooner rather than later.
But what does this mean for you?
For cryptocurrency companies currently living in the midst of the rapidly changing times, there’s no better position in which to be. Existing as a pocket of innovation within a major industry gives you the freedom to move in any number of directions, from occupying a niche market to attempting to claim a lion’s share of the field before additional competitors debut on the scene.
However, aspiring and achieving are two different things. Finding footing, making wise business choices, and harnessing the power available can be more difficult than it sounds, particularly for those who are trying to temper growth in order to avoid moving too far, too fast. Some companies, even those gaining traction, feel isolated from consumers, like a fount of potential deep within an industry poised for success, yet to be uncovered.
The missing link? Communication. Even tech-savvy consumers aren’t necessarily aware of the potential to come, so the burden is on you – the business minds and thought leaders – to make a compelling case. Strategy plays a significant role here; branding yourself for the future requires transparency regarding your mission, your team, and your corporate identity, an explanation of the short- and long-term goals toward which you are striving, and the ways in which you foresee yourself making a cultural or economic impact.
Saying it isn’t enough, either; your actions have to match your words. In addition to publicizing who you are and why you matter – or why you will matter – you’ll need to capitalize on the unique innovations you have to offer and use your skills to move your company ahead. Without testimony to your accomplishments and abilities, customers will be unlikely to accept your underlying purpose. And without acceptance and utilization, your role in the revolution will be minimal.
Preparing for Your Future
Simple digitization was a trend of the third Industrial Revolution, but the onset of the fourth stage involves innovating, adapting, and growing the foundations prior progress put in place. The jump from one mindset to the next may not be easy, but it’s a critical part of embracing the changing world at our feet. While businesses are free to focus on any element necessary, from product development to redesigned services, one fact remains: success means consistently challenging assumptions, pushing boundaries, and relentlessly committing to a better, bolder tomorrow.