Blockchain Technology and the Future of the Internet

Like the Internet during the 1990s, blockchain technology is gradually taking over. As a result, blockchain-powered products are selling like hot cakes. Similarly, blockchain startups are getting all the attention and support they deserve. Additionally, venture capitalists are there to support them financially. Therefore, the infant industry is doing well so far.

In addition, there have been merger and acquisition activities occurring in the blockchain space. Indeed, these remind us of the same activities that played out among tech firms in mid-1990s and early 2000s. At the time, the Internet was an enigma, rapidly finding its way into our homes and offices. It is safe to compare today’s blockchain frenzy to the early days of that heady Internet period.

Putting the blockchain and the Internet into context

Call it the foundation of cryptocurrencies, if you will. The blockchain is a decentralized, open-source digital tool where the codes are available for the use of developers. With the codes, developers can build a secure and immutable ledger, meaning that the records saved on the blockchain remain unhackable.

Additionally, the blockchain enables users to communicate, store records and execute transactions seamlessly. Even a blockchain critic will admit that the technology has several benefits, especially the decentralization of record architecture. In their co-authored book, Michael J. Casey and Paul Vigna wrote that some big brands like Google, Amazon, Apple and Facebook, control the Internet.

Understanding Web 3.0

However, the blockchain is taking away the power of centralization from these big corporate brands. While at it, it is also providing power to ordinary people. In fact, this is the main objective of developing the Web 3.0. Technically, the web tool aims to facilitate decentralization. In the other words, this tool will enable the development of apps that support decentralization as opposed to what we have today. Therefore, Web 3.0 apps and platforms are compatible with the blockchain and vice versa.

The importance of blockchain/Web 3.0 integration

In truth, Web 3.0 and the blockchain will deliver some key advantages to users. These benefits include:

Individual control: One of the benefits that Web 3.0 will deliver is empowering individuals to control their URLs.

Privacy and security: In the recent past, users who entrusted their personal information to analytical data companies have seen them abuse these records. Therefore, blockchain technology gives people total control over their data.

Cost reduction: Since it eliminates the middleman, tech firms are increasingly accepting blockchain technology. In fact, some people made a fortune during the Internet boom era. Blockchain-based payment instruments such as cryptocurrency allows peer-to-peer payment between two parties. Therefore, eliminating the need for trust or third-party institutions like banks. Yes, it means that the sender and the receiver don’t have to pay any transaction fees.

 

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The post Blockchain Technology and the Future of the Internet by Ian Cooper appeared first on BittPress – Cryptocurrency News, Bitcoin & Ethereum Blockchain News.