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BLOCKCHAIN, THE ECONOMY OF THE PRESENT AND THE FUTURE

Technological advances are increasingly gaining greater and broader penetration in societies, so that the implementation of new technologies is gaining a large number of users in a very short period of time. Blockchain is one of those technologies called to change the world once again. 
To give you an idea of this, we would like to share the following image:

In the graph above you can see that it took the aviation and automotive industries more than 60 years to reach 50 million users, while “Pokémon Go” took only 19 days.  This tells us a lot about today’s world, because the fastest growing businesses are those that are intensive in intangible assets of a digital nature.

***(Taken from http://www.visualcapitalist.com/chart-largest-companies-market-cap-15-years/)
 
In the previous image, this phenomenon can be clearly seen, since in 2006 the largest company in the world was Exxon, a company dedicated to the exploitation, refining and distribution of hydrocarbons, among other businesses. But, all based on a commodity economy and only one technology company was part of the top 5 most publicly traded companies. It was Microsoft, a company that has changed our world in many ways and has managed to stay relevant. In any case, the really interesting thing happens 10 years later, when the 5 largest companies on the planet are technology companies, displacing oil companies, banks and other traditional industries.
The business ecosystem is constantly being modified by the digital era, but also the new economic dynamics teach us that today it is just as easy to go up as it is to go down. Moises Naim in his book “The End of Power” said:
“We know that power is shifting from brawn to brains, from north to south and west to east, from old corporate behemoths to agile start-ups, from entrenched dictators to people in town squares and cyberspace.”
(Translation: We know that power is shifting from brawn to brains, from north to south and west to east, from old corporate behemoths to new agile enterprises, from entrenched dictators to people in city squares and cyberspace).
In this context, it is important to mention that we are at the gates of an IT, technological, legal and cultural revolution, this revolution has its own name, BlockChain.
Surely you have heard something about this concept, but if you have not identified that this is perhaps the biggest business opportunity that will arise in the next 50 years, it is urgent that you give due importance to this new technology because in less than five (5) years it will restructure the internet and all that this implies.
The BlockChain will redefine our concept of trust, of intermediaries, it will eliminate some industries and create others, but in short it will allow us to transmit value between human beings in transparent and agile ways.  As a personal opinion I am excited to have a decentralized internet, a world without the need for intermediaries, where trust is implicit in every transaction, all this makes me think that we are at the gates of a fairer, transparent society where power and information are in the hands of the people.
All business deals revolve around the concept of transfer of value, but many times these transactions fail because one of the parties does not comply with the agreement.  BlockChain is not the solution for everyone to comply with the agreement, but it is the solution for the consequences of non-compliance to be clear thanks to, for example,  the “Smart Contracts” or smart contracts, especially because they can establish a series of simple conditions, so that in case of default in the delivery of a good purchased online or even in the provision of a defective service, the smart contract can retain and return to the payer the money paid for the good or service, among many other ways in which this type of contracts can be used.
An interesting fact is that 50 of the companies listed in the Forbes 500 are currently companies that use or are developing services based on BlockChain, some of these are JP Morgan, Wells Fargo, Apple, Microsoft, among others.
We are facing a new industrial revolution, where technology is transforming society, it is not only the BlockChain or Cryptocurrencies, it is also artificial intelligence, robotics, data science among many other advances that promise to have significant impacts on the course of our lives.
The sole purpose of this text is for you to receive an invitation to explore the opportunities posed by new technologies (especially BlockChain), so that you are able to get on board this new revolution and flow with the new opportunities, and so that we can find ourselves in the new world that promises to be built with these developments.
By: Santiago Pinzón

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