The Blockchain Generation: Why pay attention?
By: David Gregory
Tags: Blockchain Startup, The Social Dilemma, Blockchain Technology, Money Management, Millenials

What is blockchain technology? Is it the magic pill? And should we pay attention to it? Well, you could write an encyclopedia on this topic. In the light of the early adopters that subsequently talk technobabble. First, I wanted to write a different article about this topic, a simpler piece that everyone can digest. In this article we are going to talk very broadly about exactly where we are in 2020, and what the future holds for those that pay attention to blockchain. Following this, we are going to publish a series of educational pieces that slowly introduce the concepts in the hopes that this bright future can be accessed by everyone. Not just those who are technically adept.

Photo by Hitesh Choudhary on Unsplash

The world we live in today (2020)

During the months of lock down, many people have taken to new hobbies and created new businesses. Some, perhaps took the opportunity to slow down, and reflect on their life, or watched a bucket load of Netflix series, or got stuck down YouTube holes. This has been the perfect environment for tech companies to expand their data sets exponentially. And, just when we are becoming polarised by our choices, we become a more valuable commodity within the Social Dilemma. (recommended watching).

For me personally, my morning starts with an educational video on YouTube (soon to be other platforms such as LBRY). This is not a new habit, but one that has now become a daily habit instead of a weekly habit due to the new-found free time in the schedule. Now, I’m fully aware that algorithms are serving me content to support my bias. The key to this type of learning is when absorbing new information you must observe what lens you are viewing it through. What is your filter?

My point here is that I was being served information about the traditional economic infrastructure, and viewing this through my own blockchain filter. Whilst learning from generational thought leaders in economics, I was developing my own version of this puzzle. People such as Ray Dalio, Danielle DiMartino Booth, Prof. Steve Keen and Jeremy Rifkin all have a different point of view. Interestingly, they all make perfect sense.

In most cases, older generations are apprehensive towards new technology. However, it is learning from the knowledge of older generations that has revealed the importance of generational experience. Let me reiterate this point to give credit where credit is due. The previous statement is only typical of gaussian distribution. As there are many of our older generation — outside of the bell curve, that have adopted new technology. Moreover, they have been the inventors, the activists and the futurists that have passed the batten down through each generation.

With that said, blockchain technology is still in its infancy, and without generational experience to fall back on, there are many (within this bell curve) who are apprehensive to adopt the technology. Or perhaps don't see the need for a collective shift in how we interact with technology.

The Generational Gaps and Technology

For the most part, we live in a world that was created by the baby boomer generation. That is, the huge generational shift that accrued post WW2. And since we have not had any major world war since this, we can broadly accept that the subsequent decades of prosperity and GDP was created through the post-war industrial revolution.

It was this generation that began their prime working years in the late 60’s and 70’s and lived through the creation of the world reserve currency — The US dollar [1]. Since then we have experienced huge growth in gross domestic production and leaps of advancement in technology. Although this economic stage had been set prior to the war. The currency was not born until President Nixon removed the gold standard [2] in 1973.

For a deep dive watch my top 5 recommended educational videos at the end of this article…

Photo by NeONBRAND on Unsplash

For brevity’s sake, I will shift gears from historical events. It is not important what generation did what. Moreover, the context of this conversation relates to the amount of people within the workforce within a period in time.

The relative question to ask is — How do people behave who are in the middle of the bell curve? (with respect to the generational workforce and global GDP)

Generation X

Born between 1965 and 1980, these are the first generation of people to mature in the world that was built by the baby boomers. The working years of this generation roughly begin after 1980, and this generation follows the path that was laid by the preceding generation with respect to how value is perceived and wealth is created. This social standard has more or less existed up until this point in time. At least in the western world.

Generation Y

The millennials (Gen-Y: 1980–2000) of which the lines are a little more blurred is where this topic gets interesting. For the most part, the early millennials have experienced huge technological transformations during our developing years in school and university. This generation (and the previous) have lived through the analogue world and transformed it into a digital world — and did it fast!

Photo by Austin Distel on Unsplash

Generation Z

The next two generations born after 2000 are Gen Z and Gen Alpha. And since they can only read about the analogue world in a history book (or most likely on a smartphone), they are much more open to accept the dichotomy that exists between the old system that has been created and the likelihood of a collective shift in society unfolding in front of them.

The Blockchain Generation

In my life, I have often heard baby boomers refer to the ‘way things were’. Fortunately, they have preserved their stories through nostalgia — such as records, photos and film. Fortunately, this media allowed those memories to remain. However, technology marched on regardless. Fast forward to today and you could compare this to a general populous resisting change — Although the change is clearly imminent.

This is the nature of all human beings. To protect themselves and their herd. We are herd mammals and any threat to the herd leads to the threat being expelled. It is not until the minority becomes the majority that a new herd is formed. Therefore, in a generational sense, this is worth paying attention to.

Although the creators of blockchain technology are the thought leaders of Gen-X and Gen-Y, it is the preceding generations that will more openly accept and use the technology as if there was nothing that existed prior to this. Interestingly, this discussion always creates wild debates and strong opinions. However, opinions are like assholes and everyone has one. We only need to follow the data to watch the trend unfold. Luckily, with blockchain we have publicly available data and on-chain analysis.

In conclusion

As we have seen repeatedly time and time again through history, technology marches on with or without those who accept it. The cassette tape replaced the record, which was replaced by the CD. Whoever thought that all three mediums of distributing audio would become obsolete. Of course, they still exist, because they have charm and an experience that people appreciate. But it makes no economic sense to continue to use these methods of media. And so, the new generation adopts the latest technology as if the previous never existed.

Think about this for a second. Undoubtedly, there will be a point in time when generation Z has the largest amount of people in the workforce. Moreover, they will become the largest contributor to global GDP. When blockchain technology advances to the point where it makes no economic sense to use the technology from its predecessors, it will be adopted by default and so we have the blockchain generation. Therefore, it is now that today’s working generation is marching on and building the foundations of a new world. A world built on trust & transparency, privacy and security, efficiency and equal opportunity for prosperity. Marching on with the help of blockchain technology.

A threat to our current way of life is scary — but it is happening. Huge tech companies control everything! But we can prevent this. Whilst pandemics grip the world and governments scramble to stay solvent, there comes advancement through adversity. Blockchain technology may or may not be the magic pill to all this. But for certain, it offers multifaceted solutions that are being implemented today. As an individual, a group, a business or governments for that matter, you are either on the train, or you are at the station!

The question is. Which station are you marching towards?

Stay tuned for the next in this series as we answer the question — What is Blockchain?

Photo by Spencer Davis on Unsplash

Join My Mailing List to stay in touch…

For a deep dive watch my top 5 recommended videos …

The Third Industrial Revolution

How the Blockchain is changing Money and Business

The Hidden Secrets of Money

How the Economic Machine Works

The Princes of Yen