Blockchain is not only for cryptocurrency, it’s the beginning of Web 3.0
Block chain technology is synonymous with cryptocurrency but the underlying technology has application far beyond…
Before blockchain, users had to put a great deal of trust into businesses, organisations and even governments. This is an accepted way of the world. History has shown that this trust can be broken, from corrupt governments to the financial crisis.
So what is blockchain technology? Don Tapscott summarises it perfectly…
“Blockchain technology facilitates peer-to-peer transactions without any intermediary such as a bank or governing body”
To explain further, there are four key features of blockchain…
1. It is public, all information is available.
2. It is distributed, i.e. all data contained in a blockchain is not stored centrally.
3. It is synchronised across a network that ensure everything stays the same and up to date.
4. It has cryptography: a near impossible to break secure key
What can Blockchain be used for? Blockchain is not only for cryptocurrency, it has potential for many more applications. Similar to the cryptocurrency setup it will allow “the middleman” to be cut out and the openness will and should distil trust in its users. Some examples…
Photochain, a service that allows photographers to have full control over licensing and trading of their photos.
Ujo, a service allowing musicians to have full control over the rights and royalties of their music.
LaZooz, a blockchain alternative to Uber.
OpenBazaar, a blockchain alternative to eBay/etsy.
The list is ever growing and Matteo Gianpietro Zago has mapped out a number of existing blockchain companies (with their non-blockchain equivalents on the left of the arrows)…
Check out the internet of blockchain foundation for further insight into this.
It will take time for users to adopt into a blockchain world but as this technology develops it could revolutionise the world as we know it, this is the beginning for Web 3.0!
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