Blockchain, Bitcoin and the Semantic Web: A Synopsis of all the Buzzwords you Were too Scared to ask About!
By Josh Swiss and Matt Olan

The internet is often regarded as a “lawless” wild west in a digital realm. This perception of a gunslinger, no-holds barred environment may stem from the uncertainty of the web and its evolutionary direction. Much of the internet and its capabilities have yet to be discovered. However, unlike the lawless land of the American Frontier, with the Internet’s evolution, law and policy has begun to adapt to ensure that the rights of its users are protected. To further understand where the internet is going and how it will be regulated we must first understand its beginnings.
In 1989 Tim Berners-Lee coined the term World Wide Web. Berners-Lee, a computer engineer from England, stated that the first generation of the Web (Web 1.0) would be considered the “read-only web”[1]. This meant that initially the web only allowed for users to search for information and read it. Fast forward 15 years to 2004 when Tim O’Reilly and Dale Dougherty coined the term Web 2.0. In their own words:
“Web 2.0 is the business revolution in the computer industry caused by the move to the internet as a platform, and an attempt to understand the rules for success on that new platform. Chief among those rules is this: Build applications that harness network effects to get better the more people use them.”[2]
In layman’s terms the World Wide Web, with the advent of Web 2.0, would become a dynamic environment in which users are capable of interacting with the web itself. The more users and data a source on the web could generate, the more effective that source would become. This definition and concept is what lead Web 2.0 to be referred to as the wisdom web, people-centric web, participative web, and read-write web.
Today, Web 2.0 is at its apex. With the introduction of social networks, massive peer-to-peer sharing sites, and blogs, Web 2.0 and the information it generates has managed to foster in a new age of communication. As more devices have become connected to the Internet, the generation of data has exploded. While day in and day out we continue to generate and harness new forms of data, the Web is yet again beginning to shift. With an understanding of where we stand and where we’ve come from, the next step in the evolution of the Web is Web 3.0 or the Semantic Web. The Semantic Web is broadly defined as a decentralized web where devices and people interact constantly via data. While we still have progress to be made before entering the Web 3.0 age, one of the recent advances in the digital space may help facilitate this transformation. Along with the formation of the Internet of Things, Blockchain, a fairly new technology, could enable these distributed networks in a secure manner. So, what exactly is Blockchain and how might it help bring this new age of the Internet to fruition?
Blockchain is the 2017 buzzword equivalent to 2013’s “Big Data” hype-fest. But, that only begs the question, what the heck is blockchain? In 2008, someone (or some people?) under the alias Satoshi Nakamoto brought forth the current concept of the blockchain platform[3]. While components of today’s blockchain, like cryptographically secured data and digital currency have been discussed by academics since 1991, Nakamoto was the first to conceptualize a tangible use case, which gave way to the creation of Bitcoin the following year3. Essentially, blockchain acts as a decentralized distributed database. The true value of the blockchain is derived in the “blocks”. These are a continuously growing list of records that have been timestamped uniquely, and are validated before attaching themselves to the previous block through a hash code that unifies the old and new blocks[4]. Once the transaction data in one of these blocks has been recorded, there is no retroactive modification allowed, when one block is laid in the chain, the next falls into place, continuously moving forward. This immutable nature of the blockchain design makes it ideal for instances where transparency is of the utmost importance (which will be discussed later); the iteration of the chain adds security and integrity to previous blocks[4]. The fact that blockchain is decentralized adds a significant layer of security to what is often extremely sensitive data being shared through it.

As a way to store and share data with high integrity — where data is protected from malicious attacks and where every change is recorded and audited — blockchain could help make the world’s data safer[5]. The image above from the American Bar Association helps demonstrate the vulnerabilities of a centralized database[6]. Because all nodes point to the center, one breach of the system could wipe out everything, which obviously would be catastrophic. Moving along to the decentralized example; it is more secure as it acts as a hub and spoke system where a smaller portion of the nodes are vulnerable. In the distributed system, the peer-to-peer network creates a redundancy across many sites which adds security to each node. One particular issue relating to digital currency that blockchain has successfully resolved, is the notion of double-spending[4]. In previous attempts to digitize currency, there was often a shortfall where files could be duplicated and there was no preventative measure to see that a coin was not used twice. Eventually, there was an implementation of a trusted third party where a token could have its use verified, but that was later nullified by blockchain’s proof-of-work, or the unique timestamp alluded to earlier. The autonomous nature of the hashing (linking one block to the previous) gets rid of the need for any third-party involvement, which really simplifies the entire process in addition to making it more secure. Forks are another element of blockchain; when there are, separate blocks being validated at the same time (for example, two bids on one offering) blockchain has an algorithm in place that will automatically select the one with higher value[3]. This one with higher value will be added to the chain, but the other block that wasn’t selected is called an orphan block, and it resides outside of the main chain to give context to the value proposition that took place in the main chain[3].
The last notable aspect of blockchain that makes the platform unique is the utilization of public-private keys. The public key in blockchain is the address of a particular block, this can be visible to the public[3]. However, the private key is a password that only the owner of the data within the particular block can access. For example, when sending bitcoin through the network the recipient can only access the BTC at Block N with their own private key. While blockchain is often lauded for its openness and ease of use for the public, there are many companies, particularly within the finance industry who are starting to create private blockchains where participation and the ability to transact are restricted to exclusive members.
Given a little bit of history on the platform and how it operates currently, it only makes sense to look forward into the capabilities that blockchain will have in the future. The next major innovation we can expect to see within the platform is implementation of blockchain scaling[7]. Currently, every computer processes every single transaction in the network which is an enormous amount of data that leads to bottlenecks and slower processing overall. Blockchain scaling aims to accelerate the rate of processing by figuring out how many computers are required to complete a transaction, and then delineating tasks accordingly so that security isn’t compromised for speed; essentially scaling out the tasks is trying to make blockchain work smarter, not harder[7]. Once this is rolled out, experts predict a dramatic uptick in internet-of-things devices utilizing blockchain technology (for example, smart cars automatically paying for charging station fuel ups via a digital wallet).
Now that we have a basic understanding of what blockchain is and how it works, we can take a deeper look at some of the most prominent public blockchains currently in development. Bitcoin and Ethereum are considered to be the current open-source chain leaders, with many altchains (alternative chains) building off their initial protocols. While many believe these two chains to be direct competitors, we contend this standpoint, and instead consider that one is potentially the digital gold of Web 3.0, while the other to be the digital oil. To further understand this perspective, we will discuss the interworking’s of each chain and their potential uses.

As previously mentioned Bitcoin was founded in 2008 by Satoshi Nakamoto with the utilization of a concept called blockchain. At its inception, Bitcoin was meant to be a cryptocurrency and electronic payment system. Initially, this new form of currency was frequently used by individuals on the dark web. However, over the years, the acceptance of the concept of a virtual currency has increased among regulators and government bodies. Although Bitcoin currently is not a formally recognized medium of payment or store of value, it has managed a niche for itself online and continues to coexist in the financial system, despite being regularly scrutinized and debated[8].
As of February 2015, the number of merchants accepting bitcoin as a feasible way of making purchases surpassed 100,000[9]. With more companies and services accepting bitcoin, the price at which it is traded is strongly correlated with the confidence people place in the coin itself. This is what has helped Bitcoins market cap to exceed $20 billion USD with roughly 16 million coins in circulation. However, this concept is what also causes the coin to be so volatile. Bitcoin trades like a high-risk commodity, exhibiting a price risk 7 times greater than gold (18%), 8 times greater than the S&P 500 (15.5%), and 18 times greater than the U.S. dollar (7%)[10].
While it may trade like a high-risk commodity, the current classification for Bitcoin in the United States has yet to be agreed upon. According to the U.S. Treasury, Bitcoin is considered a decentralized virtual currency. However, if one were to discuss the topic with the Commodity Futures Trading Commission, they would consider BTC to be a commodity, and the Internal Revenue Service classifies BTC as a non-commodity asset, similar to property[11]. With so much speculation on how Bitcoin should be classified, one thing pertaining to the cryptocurrency is constant, there is a finite amount.
When Nakamoto created Bitcoin, he made the currency with the concept of artificial scarcity in mind. This means that there will only ever be 21 million Bitcoins in circulation. It is assumed that this limit will be achieved in the year 2140 when eventually the bitcoin protocol, that specifies rewarding miners for adding a block to the chain, is completely exhausted. This is due to the fact that the protocol for adding every consecutive 210,000th block to the chain halves the reward received for mining a coin. With this in mind, one can see this finite amount of BTC to be somewhat similar to that of physical gold. While the total amount of gold on earth is not formally known, estimates have placed it anywhere from 155,244 tons to 2.5 million tons[12]. However, regardless of the actual amount, the price that is established has been formulated based on the production each year. In turn, this allows us to consider Bitcoin as a digital form of gold with a set standard of production and limit on how much will be produced.

Ethereum was initially proposed in late 2013 by Vitalik Buterin, a 23-year-old cryptocurrency researcher and programmer. Buterin’s intent for Ethereum was to create an alternative protocol to Bitcoin, that could be used for building decentralized applications. At its foundation, Ethereum is a blockchain with a built-in Turing-complete programming language. This concept allows anyone to write “smart contracts” and decentralized applications which allow for the creation of their own arbitrary rules for ownership, transaction formats and state transition functions[13]. These applications are written in Ethereum’s high-level scripting language Solidity, which has a similar syntax to commonly used programming languages such as Javascript. In essence, while Ethereum is its own form of blockchain, Buterin’s intentions were to simplify the process of creating applications on a blockchain.
While the Ethereum blockchain was only launched in 2015, the adoption by developers and expansion of the Ethereum community has been exponential. With the proposed opportunities that the distributed computing platform has to offer in regard to ‘smart contracts’, many developers have begun to try their hand at building blockchain applications. Furthermore, the Ethereum network runs on an international network of public nodes called the Ethereum Virtual Machine (EVM). This network of public nodes aims to create a truly distributed network and improve the overall security of the blockchain.
Ethereum, like Bitcoin, utilizes a cryptocurrency across its network, but not solely as a form of money. Instead, Ether, or ETH as it is referred to, is more so considered a system resource utilized by developers within the network to help power their creations on the platform. Similar, to the Bitcoin blockchain, the Ethereum network has users mine for these ETH coins. However, in comparison to Bitcoin, Ethereum does not have a set limit of tokens that will be created. Rather, Ethereum’s development team has sought to use its token system in a way that would encourage access to the network by introducing 18 million Ethers per year through mining. This steady rate of inflation, they reasoned, would then decrease over time as the overall token supply increased[14]. However, due to the fact that the Ethereum mining protocol is still on a proof-of-work (PoW) model, the inflation rate concept has not yet gone into full effect. Moreover, the developers of the Ethereum project are still in discussion about what the inflation rate should be set at once they transition from a PoW to a proof-of-stake (PoS) model. Yet, with the rapid expansion and adoption of the Ethereum network, the overall market cap for the network has most recently been set at roughly $4.5 billion USD with 91 million ETH in circulation. However, similar to the market cap of BTC, this is all speculative and based on consumer confidence.
While at a high-level Ether and the Ethereum network seem like another alternative cryptocurrency to Bitcoin, we can see that they do indeed have major differences. By utilizing ETH in a consumable manner, the Ethereum network considers their cryptocurrency to be more of means to an end, rather than an end itself. This is in essence why we have taken the stance that the Ethereum network may be considered the equivalent of oil on the Semantic Web. Its use is not intended to be simply for financial exchange, but more so for the continuous development and utilization of practical blockchain applications.
Each day there seem to be more and more potential use cases for blockchain technology than the day prior. One debate that is common in regard to blockchain potential is whether the technology will become disruptive or not. Disruptive in this instance, means reshaping an entire business model due to its ability to perform a task better at a lower cost (similar to what traditional cab companies are experiencing due to Uber and Lyft, as well as what digital cameras did to Kodak, Netflix to Blockbuster, etc). In our opinion, while blockchain will drastically increase the speed of business, it likely will not disrupt entire business models. Supply chain management for example could be entirely revitalized by the implementation of blockchain; it’s an industry that continues to become increasingly complex, expensive, and insecure. Many of today’s supply chains include hundreds of logistical steps across numerous locations[15]. Additionally, there’s a total lack of transparency in current supply chains. It’s unknown how much environmental damage is occurring as a result of production. Also, counterfeit goods easily enter the supply chain and can support illicit activities that have deeper repercussions for people around the world[15]. The implementation of blockchain stands to curb all of these issues; because it acts as a distributed ledger, each transaction can identify parties involved, price, date, quality of goods (anything that currently results in dispute currently)[15]. The immutable aspect of blockchain would make it impossible to go back and tamper with transaction data, which would ensure a precedence of transparency and would inhibit various members of the supply chain from doing anything illicit or fudging their numbers — ensuring better practices down the line[15].
Not only is the issue of opaque business practices resolved through blockchain, but because of the ability to execute transactions autonomously, the speed at which the supply chain operates could increase greatly due to the if-then logic programmed within it (if money is received by X date, then ship Y to destination)[15].
Other than cryptocurrencies, the second largest and quickly growing use case of blockchain is with the creation of smart contracts. Smart contracts are a means of exchanging anything of value through blockchain without the need of a middleman or third party involvement[7]. The best analogy we’ve seen is that smart contracts are like vending machines. Usually, you’d have to go to a lawyer or notary to get documents processed, pay them for their service, and then play the waiting game until you get your documents. However smart contracts make it as easy as popping bitcoins in the machine and having whatever it is you’re seeking automatically drop into your account[7]. One of the coolest aspects of smart contracts is the fact that they are extensible and programmable (most notably on Ethereum), meaning you can set up a contract which will only execute if specific conditions are met. The Java code written below is a specific smart contract designed for Ethereum in which the contract creator is to be given 10,000 BTC’s (at today’s BTC price of $1258, that would be $12.58M!)[7].

In addition to the cost savings of cutting out middle men from the transaction process, smart contracts on a public ledger are quicker and more accurate than human involvement with document processing which leaves a higher chance of error. Beyond the potential of creating this public market for transactions, smart contracts on blockchain act as proof of compliance in some industries[7]. For example, in the healthcare industry, patient’s personal health records could be stored on a private blockchain where only approved individuals would be able to access it[16]. This private-public ledger would be HIPPA compliant as its storing very sensitive information in a secure and confidential manner. It would create an effective solution for keeping track of a patient’s previous ailments, test results and drug prescriptions which would make future visits more efficient and pleasant (the reasoning being, the quicker a doctor’s visit/hospital stay, the more pleasant)[16]. A future potential use case of smart contracts could be within smart-automobiles; not only like digital wallets, referred to earlier, but also for the sake of insurance. With the increase of sensors in all devices, an auto-insurance company could charge varying rates based off an if-then smart contract where there are discrepancies in car accidents between the sensors or the driver being at fault[17].
While there are seemingly endless possibilities of cool potential use cases for blockchain, there are also admittedly some problems that have yet to be solved. In order for the full value of blockchain to be realized, it is going to be dependent upon wide cultural adaptation[7]. The juxtaposition here, is that although more blockchain users mean more value, it is also costlier from both an economic and environmental standpoint[7,17]. The cost of the computing infrastructure necessary to power the network is not insignificant, nor is the environmental damage caused by e-waste and excessive electronic use. Also, depending on your career, blockchain’s rising popularity does stand to interfere with those who have intermediary positions (legal contracts, notaries, etc) so there could be some economic burden on those who rely on third party work.
It took over ten years for the original web to transition to the 2.0 stage we reside in. If this transformation is indicative of the fundamental change necessary to go from 2.0 to 3.0, some would argue that we officially began this transition to 3.0 in 2015[18]. While there is still speculation as to what the semantic web will be capable of, people perceive this new digital age as allowing information to be expressed in statements regarding resources. Today, resources on the web are identified by International or Uniform Resource Identifiers (IRI/URIs)[19], also formally known as URLs. While these IRI’s and URI’s have been beneficial in establishing a comprehensive web, they face two critical weaknesses. One being that these identifiers are currently centralized, which as previously mentioned offers a single point of failure, and two they are not persistent. This means that if any event occurs to an existing IRI or URI, the persistence of that identifier cannot necessarily be guaranteed. However, with the progression of blockchain technology, these issues are slowly being resolved. For an ideal identifier system to be formed for the semantic web, the identifiers must be secure, human-readable, and decentralized[20]. While most blockchain technologies currently enable only two out of the three characteristics, many are attempting to integrate the missing pieces of the puzzle. When this occurs, people have argued that something called the Semantic Blockchain will be formed.
In order for this to effectively take place, we must transition ourselves from a “syntactic web” (web of documents) to the “semantic web” (web of data). The semantic blockchain is broadly defined as the use of semantic web standards on Blockchain-based systems. The standards promote common data formats and exchange protocols on the Blockchain, making use of the Resource Description Framework (RDF)[21]. The way in which this syntactic to semantic transition may occur is through the creation of interoperability between public and private blockchains. Currently, there are multiple projects that attempt to form this sort of architecture. The heterogeneous nature of this architecture would in turn enable many highly divergent types of consensus systems (blockchains) to operate in a trustless, fully decentralized “federation”, enabling open and closed networks to have trust-free access to each other[22], thus helping usher in the Web 3.0 era.

While blockchain is an inherently complex platform, one of the most complicated issues the technology is facing is in regard to how it will be regulated (if it will be regulated at all?). All of the big four accounting firms are currently experimenting with blockchain usage as well as some major players in the financial industry3. NASDAQ representatives are a fan of the blockchain’s transparency on the ledger3. Mary Jo White, who’s the chair of the SEC is looking into blockchain compliance regulation in an effort to protect investors[23]. Where things get muddy though, is determining what the jurisdiction of regulators should be, since this is an unprecedented technology. A lot of agencies are failing to grasp what exactly blockchain is; and see it as no different than online payment processing like Paypal, Venmo or Quickpay. It’s not exclusively a digital currency, but it’s also not as innocuous as only a platform for contracts. This in-between space is causing a lot of problems on who feels responsible for regulation. One proponent of a laissez faire approach to blockchain regulation is Perrianne Boring, who is the founder and president of the Chamber of Digital Commerce (essentially an advocacy group for the digital asset and blockchain industry)[23]. Boring’s fear, is that cornering blockchain into virtual currency regulation will stifle innovation for all of the other cases it can be used for; “The most important factor that could hinder blockchain innovation is if regulators ignore the vast number of additional uses that the technology has for a variety of industries. Virtual currency business models that are not engaged in money transmission should not be regulated as if they are,” Boring said[23].
On the other side of the coin is Bart Chillton, former chairman of the US Commodity Futures Trading Commission, who predicts there is a “100% chance that there will be blockchain regulations”, but only questions whether the blockchain industry will be part of the regulatory discussion, or if they will have “overly zealous regulations thrust upon them”[23]. While Chilton opposes Boring with his certainty on impending regulation, he actually shares the same fears as her that regulation might stifle the promising technology embedded in blockchain[23]. He is resolute that the most effective route the blockchain industry can take going forward is to actively work and communicate with regulators to come to a consensus rather than having unfavorable results forced upon them. Additionally, Chilton thinks establishing a self-regulatory organization within the blockchain industry that could ensure due diligence and oversight by those most well acquainted with the technology, might be the right way to go about the regulation issue. He used FINRA (Financial Industry Regulation Authority) as his example; FINRA is an independent regulator of security firms in the US, they protect those who are considering investing in securities and educate them on how the securities market works[23].
As new and uncertain blockchain regulation is, there is some precedent in place. The New York Department of Financial Services published the “BitLicense” regulations for virtual currency businesses in June 2015[23]. These regulations were designed and passed to prevent money laundering and to improve cybersecurity for those using digital currency. The Associate General of the NYDFS, Dana Syracuse testified in front of the US Energy and Commerce Committee with his position, “We started with the premise that digital currency had monetary value and didn’t debate whether it was ‘money’ or ‘currency’ as defined under current law”[23]. Syracuse focused on regulating specific activities like the transmission, exchanges and selling of digital currencies, rather than attempting to classify their value. It’s a small step in moving closer to blockchain regulation and establishing precedent, but it’s a step forward nonetheless.
In closing, the web has come a long way from where it originally began. With the introduction of concepts such as the Internet of Things and more specifically Blockchain, the web is bound to continue to evolve. This next level web is sure to usher in a new wave of innovation and technological capabilities. Through the use of cryptographic networks and their cryptocurrency resources, a secure distributed network may one day become reality. The opportunities that blockchains lends themselves to the business world could even be considered a driver behind a new industrial revolution. However, with this technology, it is imperative that our world leaders and innovators of tomorrow work together to ensure that the webs users remain protected. This collaborative effort should not only protect the new era web users, but also ensure that innovation is not stifled. We are truly living in an interesting time for the web and its applications, but right now we can only speculate what will happen and how this new digital space will be regulated. One thing is certain though, this new web definitely won’t resemble the wild west.
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[2] O’Reilly, Time (2006) “Web 2.0 Compact Definition: Trying Again”, <http://radar.oreilly.com/2006/12/web-20-compact-definition-tryi.html>.
[3] Economist Staff (31 October 2015). “Blockchains: The great chain of being sure about things”. The Economist. Web. 23 Apr. 2017.
[4] Iansiti, Marco; Lakhani, Karim R “The Truth About Blockchain”. Harvard Business Review. Harvard University. Jan 2017. Web. 23 Apr. 2017.
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[6] Privacy Subcommittee (2017) “Blockchain Technology and Privacy” (PPT), <http://www.americanbar.org/content/dam/aba/events/business_law/2017/04/spring/materials/blockchain-tech-201704.authcheckdam.pdf>. Retrieved 18 April 2017.
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[9] Anthony, Cuthbertson (2015) “Bitcoin now accepted by 100,000 merchants worldwide”, <http://www.ibtimes.co.uk/bitcoin-now-accepted-by-100000-merchants-worldwide-1486613>.
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[12] Ed, Prior (2013). “How much gold is in the world?”. BBC Magazine. Retrieved 20 April 2017.
[13] Vitalik, Buterin (2013). “Ethereum White Paper”, <https://burnersxxx.files.wordpress.com/2015/01/pdfs-ethereumwhitepaper.pdf>.
[14] Ethtrade (2016). “Understanding Ethereum”, <https://ethtrade.org/Understanding_ethereum.pdf>. Retrieved 29 March 2017.
[15] Dickson, Ben. “Blockchain has the potential to revolutionize the supply chain.” Tech Crunch. AOL Tech, 24 Nov. 2016. Web. 23 Apr. 2017.
[16] Bryant, Meg “Blockchain may be healthcare’s answer to interoperability, data security”. Health Care Dive. Industry Dive. 5 May 2016. Web. 23 Apr. 2017.
[17] Gupta, Vinay. “A Brief History of Blockchain.” Harvard Business Review. Harvard University, 28 Feb. 2017. Web. 23 Apr. 2017.
[18] Nations, Daniel (2017). “What Is Web 3.0 and Is It Here Yet?”, < https://www.lifewire.com/what-is-web-3-0-3486623>. Retrieved 18 April 2017.
[19] English, Matthew (N/A). “Blockchain and the Semantic Web” (PDF), Retrieved 19 April 2017.
[20] English, Matthew (N/A). “Blockchain and the Semantic Web” (PDF), Retrieved 19 April 2017.
[21] Hector E., Ugarte (2017). “A more pragmatic Web 3.0: Linked Blockchain Data”, <https://semanticblocks.files.wordpress.com/2017/03/linked_blockchain_paper3.pdf>. Retrieved 22 April 2017
[22] G. Wood, “Polkadot: Vision for a heterogeneous multi-chain framework draft 1,” 2016. [Online]. Available: https://github.com/polkadot-io/ polkadotpaper/raw/master/PolkaDotPaper.pdf
[23] Cole, Ben. “Blockchain compliance raises questions of regulatory scope, intent.” Tech Target. SearchCompliance, 26 May 2016. Web. 23 Apr. 2017.
Originally published at medium.com on July 30, 2017.
