The title speaks for itself — about blockchain and Bitcoin in particular. However, the author, Melanie Swan, examines Bitcoin not only as a common form of assets and digital payments but also as a foundational platform and protocol. That said, to avoid confusion, I wouldn't take this definition too seriously.
Stages of the Computer Industry
What I would definitely take seriously is how the author divides blockchain into three distinct groups. But before discussing those groups, it's worth mentioning a few words about the stages of computer industry development as outlined by the author.
In the 1970s, we had the era of mainframes (room-sized computers), the 1980s brought personal desktops, the 1990s — the Internet, the 2000s — mobile phones and social networks. In other words, every 10 years, IT sees a breakthrough technology. It’s kind of like Moore’s Law, but for the entire industry. The author suggests that the 2010s might have been the era of blockchain adoption.
Three Generations of Blockchain
Returning to the three groups the author outlined, we can identify:
- Blockchain 1.0 – Currency (digital payment systems and money transfers — the blockchain we are familiar with).
- Blockchain 2.0 – Contracts (finance, economy, and markets including stocks, bonds, futures, mortgages, smart assets, and smart contracts).
- Blockchain 3.0 – Applications (extends to government, healthcare, science, education, culture, and arts).
Blockchain 2.0 and Smart Contracts
Blockchain 1.0 doesn’t need much comment, so let’s move to the second point.
Blockchain 2.0 introduces mechanisms like escrow, guarantees, third-party arbitration, and multi-signature — all embedded in or easily added to blockchain tech. This expands blockchain’s reach beyond just money — especially into the economy.
One of the key terms here is smart contracts. Smart contracts are ledger-based agreements that go beyond just buying and selling. They can include more complex instructions. Unlike traditional contracts, smart contracts don’t require trust between parties — they are defined and executed automatically, removing the human factor and potential for fraud.
Ethereum and Decentralized Applications
When talking about smart contracts, the author frequently references Ethereum. The book also provides examples of decentralized applications like OpenBazaar (buying and selling goods), La’Zooz (ridesharing), and decentralized social platforms like Twister and Gems. Projects like Swarm and Coinify, as well as crowdfunding platforms like bitFlyer, are also mentioned. Overall, the book contains a large number of references to various crypto-related projects.
The Future of Blockchain
Another potential feature — and responsibility — of blockchain in the future is its function as a virtual notary. It can confirm the occurrence of events or the ownership of assets (both tangible and intangible). There’s even a fun example: in 2014, the first marriage was recorded in the blockchain.
So, if we implement all of blockchain’s possibilities at scale, many professions — such as notaries and lawyers — may either disappear or be drastically reduced.
Blockchain 3.0 — Possible Societal Changes
But what if not just professions but entire sectors — like government, healthcare, or science — are affected? Not completely eliminated, but rather transformed or absorbed by blockchain tech. That’s the core of Blockchain 3.0.
For example, the author discusses a more flexible form of democracy enabled by blockchain. But it can go further — linking and automating medical research, prescriptions, insurance, and combining all this with the fast and flexible payments of Blockchain 1.0 (Bitcoin). Healthcare, politics, and economy — these are just a few examples covered in the book.
Dangers of Mass Blockchain Adoption
At the end of the book, the author highlights some risks and challenges of large-scale blockchain usage:
- The first and biggest issue is security. The “51% attack” is discussed — where someone gains control over 51% of the mining power.
- The second issue is low network throughput (only 7 transactions per second).
- The third — concerns about personal data privacy.
- Also mentioned are energy inefficiency and other technical limitations.
My Opinion About the Book
Cons:
- The book is quite theoretical.
- There’s a fair amount of filler content.
- Difficult to digest. Some concepts are hard to grasp in plain text. The book would benefit from QR codes or links to animations or videos. Blockchain is a complex topic, and visual content would help tremendously. YouTube likely explains these topics much more clearly.
- Some parts feel like science fiction. Yes, humanity may eventually reach the future described in the book — but it won’t happen anytime soon.
Pros:
- Like any serious professional book, this one includes lots of useful links to services and platforms. That shows the author truly understands the field.
- Some of these links were valuable enough for me to bookmark — genuinely useful stuff.
