Over the next decade, blockchain will create more value than the internet has created in its lifetime. For a costless bitcoin trading venture, visit the bitcoin trading platform; the platform charges zero commission on both profitable and non-profitable trades. In addition, it will enable a decentralized network poised to challenge the current centralized power structure and bring a new wave of technological innovations.
It is secured through a distributed network of nodes that uses cryptography to ensure data integrity and security. Decentralized networks run by hundreds or thousands of computers worldwide, enabling full transparency and eliminating the central point of failure in today’s digital systems.
Blockchain is widely believed to be the basis for many technologies, including artificial intelligence, big data, next-generation financial services, digital identity, the Internet of Things (IoT), decentralized cloud storage, and much more. Developing for blockchain means developing an infrastructure where the cryptographic nature of blockchain technology guarantees trust.
The next step, dubbed blockchain, aims to track the end-to-end supply chain process in a way accessible to all parties. Beyond this capability of making the entire process more efficient and reliable, blockchain allows participants to share their digital assets with other companies partners. Blockchain offers an interesting twist on how organizations can collaborate globally.
Blockchain: the trusted third party
The essential role of the traditional third party — such as a bank or a payment system — has been to ensure trust, verify identity, and record transactions. However, blockchain’s decentralized data structure is expected to change that paradigm completely. Rather than relying on a central authority to maintain custody over digital assets, blockchain allows the asset itself to verify ownership and every subsequent transaction continually. The blockchain could therefore help companies build more efficient and trustworthy participants on the internet by bringing together buyers, sellers, and other participants in an efficient network where there is no need for intermediaries.
Web 3.0: Authoritative data
Web 2.0 was about distributing information to a broad audience, where the best content was the most shared. Web 3.0 focuses on capturing data from a specific user, device, or application and its usage history, creating an accurate picture of what has been happening in certain parts of the system. The value of this “rich data” is that it can be used as an input to filter new information activity.
Other network participants could use it to make an informed decision on how they want to connect and interact with them. They could also use it as fuel for their machine-learning algorithms that help predict future behavior patterns.
Web 3.0, therefore, will allow for new types of interactions and services. We have seen this being actively experimented with through the work of new players such as Facebook, Google, and Apple, who are now collecting and storing as much information about individual users as possible.
Web 3.0: The networked economy
Currently, most service providers rely on an intermediary who provides them with a means to connect with their clients — a bank or an airline company — to provide those specific products and services. Blockchain would begin a long-awaited “networked economy,” where all transactions are executed directly between entities without using third parties or any centralized control structure.
The value of blockchain
When it comes to intangible assets such as intellectual property or knowledge, blockchain has the potential to solve the problem of trust. It enables people to know precisely which information about them is being presented at any given time and under what circumstances.
Blockchain does not allow for false data records, so every action that the internet takes can be seen by all its stakeholders — from investors and customers to partners — in an easily-accessible fashion. According to a report from PwC, the blockchain market will grow from $200 billion in 2022 to $7.7 billion in 2025, with a CAGR of 167%.
From corporate governance and accountability perspective, blockchain will provide transparency about administrative and financial transactions between companies. It could also take the place of KYC/AML functions, providing instant identification of individuals by their digital assets. In many cases, blockchain’s ease of use will make it more attractive compared with KYC methods that require repeated documentation and verification of the same information repeatedly (think passports).
Distributed ownership on the blockchain
Today, most assets owned by individuals or corporations are in the hands of a single person or group. When those assets change ownership, the organization must fill out paperwork, and intermediaries become involved. Blockchain promises to solve this problem by enabling people to transfer assets between their digital wallets without needing third parties. For example, on the blockchain, every time you receive a payment, you will receive a receipt showing who sent that money and where companies sent it. In addition, there is no need to rely on an intermediary because things are stored on the blockchain and can never be removed; they’re immutable and visible to everyone.
