We’ve all heard the name, BLOCKCHAIN, sounds so cool right? Well, it’s the new buzzword and all corporations are busy trying to find ways to jump on the ship that’s definitely here to stay. I personally believe it will revolutionalize the internet as we know it. So what is blockchain? I took this definition from here:
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, (Buy Bitcoin) the tech community is now finding other potential uses for the technology.
It’s essentially a digital “book” that records transactions chronologically and publicly and allows parties to validate it’s integrity. One big application has been cryptocurrency, and if you had got in early, you’d have basked in the success of recent crazy highs of close to $19,000 for Bitcoin.
I recently read an interesting article on the various Web dots. You can read it here. Long story short, Web 3.0 will allow users to take back control of their information and finally decentralize the monopoly of our data that the likes of Google and Facebook have had over the last 10 years. Users may also have the ability to sell their data, and even be nitpicky about it since there’s fine-grained permissioning. I’m also dropping this link to an article showing application in the banking industry in Japan, based on Ripple.
Feeling very optimistic about blockchain and will be sharing my ideas on potential implementation in the coming weeks!