The noise surrounding blockchain can be blinding. This new disruptive technology that led to cryptocurrencies, smart contracts, and now is bringing a mass confusion of what it really is about.
You’ve probably heard of the terms “bearish” and “bullish” that pertains to the ups and downs of the ever-shifting market in this digital world. There are reports that can supply you with enough reasons to stay lightyears away from virtual currencies. But on the other hand, there are also plenty of news exhibiting the immense potential of blockchain technology, ones that could change not just how we use money but even the world itself.
So who do we trust?
The Story of Blockchain
This is exactly what some filmmakers are trying to understand today.
By touching various levels of connections that links humanity and technology, the documentary Trust Machine: The Story of Blockchain looks into the passion, work, brilliance, and chaos that are put in what is considered to be one of the greatest technological innovation in our time.
Trust Machine is an engaging and poignant documentary that explores the advancement of blockchain, cryptocurrency, and decentralization. As the first documentary that is funded, distributed, and focused on blockchain; British activist and computer scientist Lauri Love knows that the technology featured in the film is going to scare some very powerful people.
Not only does Trust Machine taps into critical real-world issues like world hunger and income inequality, it also gives people hope of demolishing the existing barriers of activism, digital privacy, and power. Market Disruptors cryptocurrency analyst Mark Moss noted that the concept of cryptocurrency has created a mass interest among individuals.
Tracking the film for long, Moss believes that the entire system works as long as people continue to have faith and trust in the banking system. However, with cryptocurrency offering people a better option and blockchain driving greater decentralization, “banks and any organization that holds power through a centralized action see this new era as a massive threat.”
Do The Disadvantages Trump The Good?
While there are a lot of advantages when it comes to blockchain and cryptocurrency, there are seven pitfalls when it comes to these digital assets, according to Coinpupil. The most obvious it seems is that it is difficult to understand. People have to invest both money and time to study this relatively new technology. People investing without proper knowledge usually end up losing their virtual coins.
Second, the lack of people’s knowledge on how to use crypto attracts hackers. Coinpupil advises that those interested should be mindful of it before investing. The possibility of losing your wallet comes in third. You may not lose the actual wallet but if you have stored your hard-earned cryptocurrencies on your phone or computer, then make sure passwords are remembered and no phones are lost.
Next, digital currencies are not accepted widely yet. Even though more countries are slowly are acknowledging it, cryptocurrency is still taking its time to get entirely out of the shadows. Fifth, once you’ve mistakenly paid someone, there would be no way to reverse the payment.
Since cryptocurrencies are so new, its volatility is probably one of the people’s biggest concerns. Uncertainty and volatility are the sixth reason that keeps it from reaching mass adoption since many corporations do not want to trade in a form of money that is in a flux. Lastly, scaling is limited when it comes to the design of smart contracts because there is a limit to the speed and number of transactions that it can process. Along with volatility, scaling also hinders the widespread adoption cryptocurrencies and probably why most people still do not know about it. However, for Moss, the good outweighs the bad.
“Even if Bitcoin fails, people are now awake and aware, and the revolution will still continue to grow.”
The History Of Trust Machine Is Now
When we think of history, now isn’t what really comes to mind. Maybe it is because it’s hard to grasp the concept of the present turning into the past when we didn’t notice it passing.
The real-time history of all the events in the fintech industry is happening now and blockchain is sure making its mark. It doesn’t matter if you don’t care enough to let it pass before your eyes, actress Rosario Dawson’s powerful and captivating voice narrating the documentary might just get you hooked on this film whether you like it or not. Trust Machine’s director Alex Winter seems to be more captivated by blockchain.
Winter shared with Forbes:
“Bitcoin matters, but blockchain is really where the changes are going to come. The implications are huge if you think about it. There are huge changes happening in our culture right now. Never has something like this happened before, ever. And it is fascinating to me. That’s why I really wanted to make this documentary.”
He later then told the global media company via email that he’s been “involved in this world for a long time and was looking to tell a story that added to my prior two documentaries about the information age, Downloaded and Deep Web. Given the sudden popularity and curiosity about cryptocurrency and blockchain, it felt like the right time to capture this mad-moment on film.”
Trust Machine is the first feature-length documentary by entertainment studio SingularDTV with Kim Jackson as producer. The company is a blockchain-powered platform built on the Ethereum network that helps filmmakers to raise funds as well as create and distribute their content. Futurism Studios President Geoff Clark – whose mission is to stories that showcase culturally transformative people, companies, and technologies – co-produced the film. Meanwhile, Ethereum Co-Founder Joseph Lubin, together with Zach LeBeau, Arie Levy-Cohen, and Alex Klokus serve as the executive producers.
So if you trust that Trust Machine will give you insights enough to weave your way out of the deafening world full of crypto and blockchain news and opinions (not to mention if you’re in LA and NY), then head over to Cinema Village, New York on October 26, 2018 and on November 16 at Laemmle Monica, Los Angeles. The documentary will be screened in these two cinemas before hitting SingularDTV’s online platform next year.