The World Is Currently Witnessing An Immense Shift In The Digital Revolution: Quotation, YGU, Malaysia

Dec 11, 2023

University

Subject Quotation

The world is currently witnessing an immense shift in the digital revolution. The fourth industrial revolution (IR4.0) marks the beginning of an era of technological evolution, in which a fusion of technologies is blurring the lines between the physical, digital, and biological spheres.

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[1]Technology has already infiltrated every aspect of human life. One of the main drivers of IR4.0 is blockchain technology, which is described as a distributed ledger that allows data exchange without the need to engage a trusted third party. Similar to the development of the web, the evolution of blockchain has gone through three generations, namely blockchain 1.0, 2.0, and 3.0.

[2] The first generation concerns Bitcoin, which popularised blockchain with its emergence after the global financial crisis in 2008.

[3] The second generation is Ethereum, a blockchain platform that allows the creation and running of decentralized applications, which in turn serve as a basis for smart contracts.

[4]The third generation, which is yet to be defined, focuses on the scalability of blockchain technology.

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