The Blockchain is the biggest thing since the Internet
Blockchain is the transfer system used by most cryptocurrencies, including the first cryptocurrency (Bitcoin). As of late, different tech giants like Facebook, Microsoft, IBM and Google have been toying with the idea of adopting blockchain as their default data transfer system, hence, transforming the way that data is transferred.
What makes Blockchain so special?
Blockchain has been touted as a very secure system to transfer data that allows multiple nodes to verify transactions before it goes through and a decentralized record to be kept with everyone operating on the blockchain, hence giving people complete autonomy and freedom to observe the transactions. The blockchain is also not taxed or beholden to any central authority such as a bank or a nation; therefore, it is devoid of any central control or monopoly.
The battle to develop blockchain is on, with many start-ups and big tech companies positioning themselves for the race. The big tech companies with their resources and deep pockets have the engineering prowess and manpower to develop the blockchain and make it more reliable, faster, and more secure than before, but they lack the expertise and nimbleness of smaller start-ups in the areas of standards and protocols and system level integration.
Blockchain is the New Network
Among the start-ups, we at Splend, a blockchain infrastructure Silicon Valley company, believe that the “Blockchain is the ‘New’ Network” of the future (i.e. Web 3.0) as shown in the figure above.
Splend views this New Network as being at the crossroads similarly to that of the early days of the internet needing network infrastructure solutions to solve mainly bottleneck issues. Splend is developing these solutions in conjunction with large and established international conglomerates as announced in recent press releases.
Moving forward, there will be great interest in seeing how start-ups and big tech companies continue to develop and evolve in ways to make the New Network more powerful and open to all users. Stay tuned for more announcements to come.