ILLUMINATION
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ILLUMINATION

How Blockchain and Internet Started the Same?

Photo by Hitesh Choudhary on Unsplash

The Internet era has been going through a variety of stages, each with its struggles and breakthroughs. We look at a lot of the innovations that we have today upon with a questionable gaze.

And blockchain is one of them. Many disruptive projects are emerging from blockchain technology, yet the world is not ready to accept that kind of innovation until now.

Blockchain is the decentralized tech behind Crypto Currency and Web3. When people hear about the blockchain, they instantly think about cryptocurrency, mostly Bitcoin, and all the bad press associated with it. For example, volatility of the markets hacks on the network or scams.

Yet the blockchain is more than the negative labels it gets from the public eye.

One of the biggest opportunities of today’s society is the blockchain, and few people realize the opportunity that the blockchain holds at the time of writing the capitalization of the cryptocurrency blockchain market is around 1.2 Trillion US dollars.

When the blockchain just started, of course, it was Bitcoin as a store of value. Then we went to theory in smart contracts. And then many techs started rising for data management, ownership and security protocols, transmission, etc.

Why was there a need for a blockchain in the first place?

There were several reasons. But one of the main ones is simply to allow people to control their own money.

The financial system has been and is failing as by the date, large corporations have their gatekeepers that control the cash flow and allow or disallow a particular transaction.

And the government has their take on it because it collaborates with these large corporations, but only the owner of the asset or the fund should decide what happens with their own money.

After all, they’re the ones who earned it.

The traditional financial system naturally gave way to a better alternative, which, of course, was the blockchain.

The initial revolutionary idea of the blockchain was to have complete ownership privacy and security over once acid. That was the beginning. And then, as I mentioned before, it gave way naturally to smart contracts with Ethereum.

And that opened a lot of doors for other cryptocurrencies and blockchain projects to shine, each having its vector in the industry.

Today’s internet is content-driven, but the infrastructure is not there. Most of the companies that are running on that kind of infrastructure cannot provide a safe environment for their clients.

You can just Google for daily hacks on the network, and you will find plenty of them. The protocols that are being used in data transmission in today’s infrastructure are constantly a target for attacks.

This wasn’t such a big problem back in the day when the internet was created, because mainly it was used for resource sharing. Now things have changed because the Internet has grown.

And oddly enough, the blockchain today is being treated somewhat in the same way as the Internet has made the switch from resource sharing to content delivery in the late 90s. Of course, the need for security, scalability and speed has arisen.

That wasn’t such a big problem back in the day with resource sharing. But then, of course, when payment methods were introduced and more services rose on the network, we started seeing all kinds of problems.

Blockchain in this entire picture seems like the next logical step because it addresses a lot of the problems associated with the modern internet that uses an infrastructure that dates back to the 1970s.

At the same time. If we combine blockchain with great tech inventions of the modern era, we might address more problems of the current internet, whether that’s combining with AI, 5g, MDN, maybe even VR, who knows we might address the problems with speed scalability, violation of the net neutrality principle, having faster processing times for transactions and any other problems that may arise.

Conclusion

Block Chain is an amazing technology that can actually take humans to the next era of the internet.

Don’t get to me wrong the blockchain is not a perfect utopian solution for all the problems of the current internet. But it’s a step forward with security and data ownership that we all want.

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