I bet you didn't realise blockchain could do all of this.
In one of my previews newsletters, I discussed Web.3 and how this new era of the internet is revolutionising how businesses and services operate. As previously stated, Web.3 technology is based on blockchains...but what are these 'blockchains,' and why has this new technology revolutionised our system? I'll try to keep things simple; I believe it's more important to understand what this technology does rather than how it does it. So think of the Blockchain as a special kind of database. It is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. The main goal of blockchain is to allow digital information to be recorded and distributed, but not edited. What’s cool about this new way of storing information? While any conventional database can store this sort of information, blockchain is unique in that it’s decentralised. All the information are not held by only a central authority, but many identical copies of the same informations are held on multiple computers spread out across a network.
What are some other advantages of blockchains?
They’re global: This means that cryptocurrencies can be sent quickly and cheaply around the world.
They increase privacy: Because cryptocurrency payments do not require you to include your personal information, you are less likely to be hacked or have your identity stolen.
They’re open: Anyone can scrutinise cryptocurrency networks because every single transaction is published publicly in the form of the blockchain. That leaves no room for transaction manipulation, changing the money supply, or changing the rules in the middle of the game. The software at the heart of these currencies is free and open-source, allowing anyone to examine the code.
As I mentioned in some previous newsletter, Web3 aims to make the web more equitable by allowing the greater public to be involved in its operation, becoming more transparent in how it is run. Below is an example of how Blockchain makes that possible: Blockchain is the new vision for those who believe that the current banking system is flawed. While banks act as third parties, charge unnecessary transaction fees, and take up to 5 days to complete cross-border transactions, blockchains enable real-time transactions and eliminate the need for banks and other third parties entirely. When it comes to cryptocurrency, blockchain technology ensures that new transactions are not fraudulent and that coins are not spent more than once. For NFTs, the information stored in the blockchain can prove who owns the NFT, who created it, and when it was created. While cryptocurrency and NFTs is the most popular use for blockchain at present, the technology offers the potential to serve a very wide range of applications. For examples when it comes to monitor supply chains; by eliminating paper-based trails, businesses should be able to quickly identify inefficiencies in their supply chains and locate items in real time. Furthermore, blockchain would enable businesses, and possibly even consumers, to monitor how products performed in terms of quality control as they travelled from their point of origin to the retailer. Worried about voter fraud? With blockchain technology, you no longer need to be concerned. Blockchain may enable digital voting, but in a transparent way; any regulators would be able to see if anything changed on the network. It would combines the simplicity of digital voting with the immutability of blockchain to ensure that your vote is truly counted. Another example? Consider weapon regulation and accountability: blockchain could create a transparent and immutable registry network that allows law enforcement and the federal government to track gun or weapon ownership and keep a record of weapons sold privately. While these are just a few examples, blockchains have a wide range of real-world applications. The further we progress, the more we will see this new technology integrated into daily services. Now that you know what blockchains do and why this technology is so important you can go in deep and understand how it works by watching this video of ’Simply explained’: https://www.youtube.com/watch?v=SSo_EIwHSd4
If you want to know more about Blockchain, Nfts and Web.3, contact me for a FREE consultation from the link below.