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More to The Billionaires of Tomorrow – Starting Point and Turn over? … How the new tech reality can affect the wealth demographics in the world; …
The Billionaires of Tomorrow Review
The blockchain industry has been an exciting space to watch. So many projects and ideas that aim to (at least) challenge the status quo and deliver the world into some form of shared economy. I think the impact the tech is going to have on the wealth distribution in the world will be more than all the successes the world organizations have gotten in this respect.
Why does this matter to the entrepreneur? This is because the entrepreneur is the one building the bridge from today into tomorrow. In several instances, we try to guess what the future is going to look like. From what I have seen so far, people who are right about the future were not even certain about it when they made the guess. So here is an educated guess that could be right.
You must have heard about bitcoin. If you bought in late in 2017 and expect to cash out in a year or less, you have my condolences. But let us forget about the price metrics and look at what the real revolution is about. Apparently, blockchain is like a senior brother to a database. When the database was first introduced as a tech innovation, there were many who thought, ‘why would anyone want to use a database?’ But today, rarely would you find an organization without a database. So, who made the money? Oracle.
When the reality of computers dawned on the world, there are those who thought it doesn’t make business sense to abandon the typewriter for the computer. Then, the computer wasn’t doing much more and it kind of requires more skill from people who were into typewriting. But nevertheless, the computer came and it stayed.
Who made the money? IBM, Apple, Microsoft, Dell, Google.
There are of course innovations that arose but didn’t see the daylight. The reason is simple; the problem they solved had other easier solution or the problem wasn’t really a problem. So, what problem does blockchain solve? Basically, it’s reliability on middlemen. The ability to exchange value between two entities without trust or centralized middleman.
But the ecosystem still relies on centralized exchanges! Yes, it does. But the point is that it could do without it based on the choice of the individual. Outside the blockchain, you have to trust middlemen who may or may not be acting in your interest. And they most likely are not acting in your interest. In the blockchain world, you decide who you want to trust and how you want to conduct your business. The power is back in your hands.
Here is where I am headed; the wealthy individuals in today’s world are made up of middlemen. Creators and consumers are squeezed out and the most money is made by those who are the “trusted mediums”. Examples of trusted third parties include banks, credit card companies, payment companies, distribution channels, and so on. Any organization that is not a producer and not a consumer is a third party. And they have had their hey-days for the longest time. But now, they might just start to get squeezed.
From the fundamentals of blockchain technology, many third-party organizations can begin to experience severe competition from the technology. And we know what happens when humans get in competition with machines. This is definitely going to be a long drag but you know how these things play out.
So, we might begin to experience something that has not happened in many years on this earth. As the third-parties get thinned out, the creators and the consumers will become more enriched as a result. Which is a pointer that the billionaires of tomorrow may not be the middlemen anymore, instead they will be the creators. Let me explain.
The Billionaires of Tomorrow Turn over
Today, creating a product or service is not a big deal. Getting the products or service to paying consumers is the big deal. There are those who specialize in taking the commercial value to the customers and they are so high up in the wealth distribution pyramid. In the end, the profit that gets to the creator is incomparable with what it could have been without the third party bills. With the third party squeezed out, more goes to the creator and thus encourage the creator to do more and create. This might lead to a larger percentage of wealth being distributed to the creator.
In essence, third-party companies, firms, and professions are not where you should look to service when looking into the future. By the future, I mean, 10–30 years from today. Instead, get into the blockchain world and see how you can build, improvise and design to have a position in the economic structure of the world of tomorrow. I am not imploring you to buy any coins or tokens, I am saying that instead of considering what you want to do, consider what is already in motion and think of how you can plug yourself to it.
In summary … The Billionaires of Tomorrow
There are some projects with some amazing foresight and vision towards giving creators maximum value for their works, but it is uncertain whether they will be the leaders in the future. Perhaps maybe the future leader in this regard is yet to show up. Or maybe the person going to create the winning platform is hearing about it here for the first time. In any case, it is important to understand that people often overestimate what can happen in a year but underestimate what can happen in 10 years.
I hope you learned something? …