Blockchain: The new and improved Internet
As the world shifts from Web 2.0 to Web 3.0, many are asking what will be different in the new internet era.
The Internet will be almost the same, only a layer of blockchain technology will be added on top of the existing technology that will make the internet in 2021 more secure and safe, as compared to the internet of the 2000s.
In the Web 2.0 internet era, we innovated new technologies that allow us to connect with anyone, at any time, located in any part of the world in any time zone. Today, we can make free voice & video calls, save on telephone bills, and make payments for many services online, which we could never have imagined a few years back.
However, at the same time, there are rising problems of cyber security and hacking activities happening. We all heard about money being siphoned from bank accounts without the knowledge of the account holders and this all happens because we share our personal data with various platforms.
To overcome the various problems plaguing Web 2.0, the new improved internet also known as Web 3.0 will be powered by blockchain technology.
Our current internet of information is based on a process of exchanging data by means of copies. If user A sends a picture to user B, user B receives a copy of that picture and does not access the original one stored on the device. User B can edit, copy or delete it; it doesn’t affect the original version. This means that the picture sent to user B doesn’t have any value as it can be copied an infinite amount of times.
Blockchain technology changes this as it prevents the creation of copies. When user A sends something through a blockchain, User B can open up access to the original file to user A. Suddenly the file has value. There is only one of its kind and everyone who has access to it sees it in exactly the same way, meaning 100% transparency. You can compare it to a Google doc. Everyone you invite as a viewer to your document has access to exactly that document. They can see the content of the document and the changes that get added to it. That creates the internet of value.
Blockchain: foundation of Web 3.0
With the adoption of blockchain in the virtual sector, a new foundation has been laid marking a new internet age.
Companies like Google, Facebook, Twitter or any user-generated social media platforms that were selling users' personal data and earning billions of dollars will find it impossible to do so after the implementation of blockchain technology, thereby safeguarding users data.
As Web 2.0 was powering social media platforms, Web 3.0 will now be powered by blockchain technology, which will have many benefits. Let's look at some.
Maintaining digital identities: Today, we all use various online platforms, from booking tickets, paying bills, hanging on with virtual friends, making video calls and many a time, we have different identities on various platforms. With blockchain, we can cut this down and create a system where everything is user-centric. Unlike the traditional internet system, blockchain technology is user-centric.
Decentralization: The major problem with the current internet technology is the fact that it is controlled and maintained by few companies and has a centralization process. These companies decide what you read and what you see. In case there is any technical problem, the whole system is down. However, when using blockchain technology, the whole system is decentralized. Thus, there are fewer chances of losing any information making blockchain a promising concept replacing the internet.
Transparency: The important feature of blockchain is transparency. You can see everything, trace it and track it. The internet became popular because it simplified the process and operations. Similarly, blockchain aims to make the process more seamless and streamline every aspect of the business.
Secured transactions: Blockchain technology offers high-end security, which is not possible in the current internet system. The distributed ledger creates an immutable and tamper-proof log of transactions. Since you cannot change the information in this ledger, all the records are safe and secure.
Many big companies like Walmart, Amazon, IBM, Infosys, Microsoft, Apple, others are working on plans to implement blockchain as a part of their mainstream business operations.
Some call it Web 3.0, some blockchain-enabled internet, the future of the internet is definitely changing. The way we pay, store our data and trust each other will be directly influenced after the adoption of blockchain technology in our daily life.