Crypto, like railways, is among the world’s top innovations of the millennium

Here’s a funny, half-fictional story that draws on Stuart Hylton’s review of “The Making of Modern Britain” as well as my assessment of blockchain’s effect on the world today. It was fascinating to see how Hylton’s description of the industrial-age front-runner technology reminded me of the fear and awe of blockchain in modern times. Some quotes are so pertinent that it would be easy to change the “railroad company” to “blockchain protocol”.

After many “bubbles”, actually eight, and several big announcements — remember Libra? It was the perfect time to write (pun intended) about the history of the new technology that could prove to be the most important innovation in 500 years.

A fascinating comparison

Why bother? It is hard to believe or comprehend the immense impact that railway development had on the early years of the nineteenth century from a distance of 2 centuries. Similar to this, common observers are caught between a Bitcoin (BTC), evangelist proclaiming the end of the world for the dollar and a crypto skeptic at a large bank. There is no clear trend for what distributed ledger technology will look like in the coming decades.

The impact of railways on the physical landscape was profound: “Great mechanical horses, breathing fire, smoke, and drawing impossibly large trains at unimaginable speeds across a landscape transformed through the embankments, cuttings and viaducts their passage required.” Stuart Hylton illustrates the power that this emerging industry has had on Britain. This case is selected for a detailed review.

I was engaged by the author in entertaining and informative storytelling. It seemed almost like a retrospective into the blockchain industry. The railways “transformed how war was conducted and peace maintained,” and so can blockchain disrupt authoritarian regimes or propaganda machines. The “dramatic industrial growth” of the nineteenth century was driven by early trains. Blockchain can revolutionize finance, which is the main conduit for the flow of blood to the economy. Railroads made it necessary for the state to rethink its policy of laissez faire, which was its default position. Blockchain has yet to be the dominant force in liberating people around the globe and returning their assets.

Below is a summary using the railway analogy of crypto (and the structure to my future articles).

The shock and the first cryptocurrency

Bitcoin was preceded by electronic currency and triple-entry account. Blockchain property is a block that links to the previous block using hashing. It dates back to at least 1995. Scott Stornetta and Stuart Haber, two academics, conceived of a method to timestamp digital documents in order to resolve intellectual property rights. To verify the authenticity of their work, they created a chronology of hashed data in 1991. It was used in The New York Times issues four year later.

Similar: Returning to the original purpose of blockchain: Timestamping

Although the cryptographers weren’t planning to create an ambitious project but a series of discoveries led Satoshi Nakamoto, a global banker and entrepreneur to launch the Bitcoin protocol. In their book Cryptoassets Burniske and Tatar emphasize that crypto slowly captured the attention of many people, from cyberpunks and dealers to traders and traders until a journalist raised an interesting question: What exactly is proof-of-work?

Ironically, Satoshi did not mention “blockchain” during his 2008 white paper. Ironically, Satoshi never mentioned “blockchain” in his white paper of 2008.

“What could be more absurd than the prospect of locomotives travelling twice so fast as stagecoaches?” wrote The Quarterly Review, The Conservative journal, 1825.

People didn’t understand the concept of blockchain from the beginning. It was hailed by some as the foundation of Bitcoin. Others emphasized more the cryptocurrency part of the technology. Some others found reasons it wouldn’t work. Surprisingly, the banks themselves were actively opposed to sharing their ledgers with others. They joined several consortia, including We.Trade or R3.

“We see in this magnificent creation the well-spring intellectual, moral and politically beneficial beyond all measure,” stated The Quarterly Review. This was at the opposite end of The Quarterly Review’s view at the opening of Liverpool and Manchester Railway, 1830.

George Stephenson was not the first person to build a railway. They were primarily used for transporting coal from mines. Even before the steam engine was invented, the railway was seen as a “solution without problems” that was too bulky, unreliable, or dangerous. There was already a network of canals. The Rainhill trials of 1829 were crucial in ensuring steam locomotion’s right to the future. It brings back memories of the struggles of blockchain advocates to convince VISA/SWIFT that their days were over or Andreas Antonopoulos gaining a common ground in front of the Canadian Senate.

“No one will pay a lot of money to travel from Berlin to Potsdam in an hour, when he can ride his horse there for free,” stated King William I of Prussia, in 1864. “Rail travel at high speeds is impossible because passengers, unable, would die from asphyxia,” wrote Dionysius in The Steam Engine Familiarly Explained, Illustrated, 1824.

Railways continued to grow despite the widespread skepticism. Few risk-takers could see the immense potential of the technology and would be willing to put their careers and money at risk to make it a reality. Railways changed the boundaries of time and space. People who had been limited by horse speed in their territory could be exposed to a larger continent. Blockchain promises to challenge the idea of value exchange and human nature, offering a brave new future. It is inevitable. It is inevitable.

This article is not intended to provide investment advice. Every trade and investment involves risk. Readers should do their research before making any decision.
These views, thoughts, and opinions are solely the author’s and do not necessarily reflect the views or opinions of Cointelegraph.
Forward PR Studio was founded by Katia Shabanova. She has over 20 years experience in the implementation of programs for IT companies, from Fortune 1000 corporations to venture funds to startups. She has a BA in English Philology and German Studies from Santa Clara University, California. She also holds a Master’s in Philology from the University of Gottingen, Germany. Her publications include Benzinga and Investing as well as Hackernoon, Hackernoon and Macwelt. She also has a Masters in Philology from the University of Gottingen.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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