Most people familiar with the blockchain know it as the underlying technology of cryptocurrencies. That’s true… The blockchain’s main use has been to record crypto transactions. But that’s not the only thing it’s capable of. It’s a ground-breaking technology that we’ll eventually use to record any type of transaction. For instance, you’ll be able to sell your car, home, or even artwork on the blockchain. That’s why some people are calling the blockchain the new internet.

Now, for most people, the blockchain is a difficult concept to grasp. After all, it’s a new technology. But don’t let that scare you. Consider this…Imagine you’re back in 1970. And I tell you that more people would send mail electronically than through mail carriers…You’d probably think that was incredible, too. Or you’d think that I’m crazy. Fast-forward 50 years… and today, people send more mail over the internet than through the postal service. That’s the thing about ground-breaking technology. In the early stages, we don’t always see how it’ll change society.

So what exactly is the Blockchain? At its core, a blockchain is simply a decentralized, distributed online network. The internet is a great example of this type of network. No one owns the internet. And each computer logged into the internet is a “host.” Even if you shut down one host, it won’t shut down the entire system. The blockchain works the same way. Today, the internet is a global network linking millions of computers. There are over 4.5 billion active internet users and 1.7 billion websites. Everyone on the internet can communicate with everyone else.Think of the internet as an online postal service, and the blockchain as an online financial services firm. Like the postal service, the internet exchanges communications between people. But it exchanges them much faster and more efficiently than the postal service. Like a financial services company, the blockchain exchanges value between people. But it exchanges value much faster and more efficiently than a bank. Today, we can instantly send text, voice, and video messages to anyone around the world with just a click of a button.

So just like how the internet revolutionized how we exchange communications… the blockchain will revolutionize how we exchange value. That’s why the World Economic Forum has projected that blockchain will store 10% of the world’s GDP by 2027. That’s $8.6 trillion. Based on those projections, we could see blockchain technology soar 295,762% over the next seven years alone – up from just $2.9 billion. And the World Economic Forum isn’t alone. Deutsche Bank also forecasts that by 2027, blockchain systems will record transactions for about 10% of global GDP. Meanwhile, global investment bank RBC Capital Markets estimates the blockchain ecosystem could be worth up to $10 trillion within the next 10 to 15 years. So blockchain-based systems will impact businesses and our lives more than the internet does today. And Wall Street is taking notice…

According to analytics firm CB Insights, businesses did over 800 deals in the blockchain space in both 2018 and 2019. That’s up 4x from the aver-age deal flow from 2015-2017. CB Insights reports venture capital (VC) investment in blockchain start-ups hit $2.8 billion in the first eight months of last year. And 2020 is shaping up to be even better. According to VC firm Insight Partners, the market size for blockchain is expected to top $4 billion. Business consulting firm Grand View Research expects the global blockchain market to grow at a compound annual growth rate (CAGR) of 69% over the next five years to reach $57.6 billion by 2025. This is going to lead to an absolute explosion in the technology… and a flood of institutional money heading into this space.