The Internet’s Industrial Revolution

ISYS8621: Digital Transform.

Key Points

  • “…the Division of Labour allows people to improve their skill sets and save time and resources which results in technological innovations.”
  • “Polkadot enables the specialization of the internet through three of its capabilities: parachains, a relay chain, and chain bridges.”
  • “…a developer team can be entirely focused on building their decentralized finance (DeFi) platform rather than the platform’s security that allows for its safe utilization.”

Adam Smith was a Scottish economist and moral philosopher most widely known for his book An Inquiry into the Nature and Causes of the Wealth of Nations aka The Wealth of Nations. Published in 1776, the book catalogs 17 years of observation of the Industrial Revolution (1760-1820) and highlights several economic concepts, one being the Division of Labour. In short, the Division of Labour is the separation of tasks in an economic system so that participants may specialize. This is brought about…

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