Is Blockchain Technology really the future of the internet
Robert Metcalfe, founder of 3Com Corporation said, “The internet is prone to become fierce in the future”.
After Twenty-plus years, his prediction has turned into reality as companies rely on the internet in many ways to perform their business operations. Not only does Metcalfe have the sense of internet sensation as many other experts have also predicted the same, and similarly, the internet is not only the breakthrough that humans are going to deal with as there are many other tech advancements to be experienced.
A recent technology that has boomed the internet of things is blockchain technology. It is a digital ledger that allows direct transfer of funds across the borders without the intervention of any third party. Apart from booming the cryptocurrency industry, blockchain also offers far more than access to traders to trade cryptocurrencies. To know more about Blockchain, cryptocurrency one can enroll in courses, training like Blockchain Training, to get updated about the trends and become the trendsetter in this field.
The beauty of blockchain is that it generates more transparent partnerships with advertisers, enhance data security through mining pools, and streamlines the ways of transactions. According to the response from one-thirds of C-suite executives surveyed by IBM- Most of them use blockchain or are planning to implement it in their businesses.
Like the internet, blockchain technology is also here to stay for a longer duration. It is one of the growing fields and may impact other industries as well. Nowadays, the investor (like CMOs) of blockchain has increased because some of them think that sooner Blockchain will replace the current system of transactions.
Blockchain can Improve Trust
“Higher the success rate of a brand, lesser the number of people trusting it”. This is confirmed by Edelman Trust Barometer, which calculates the trust in brands. When it comes to the blockchain, people become a bit sceptical.
It gives them power to track and control every product from the first production to final sale, but also threats investors through scamming websites, for example, “ShapeShit.io” which gives the same address to every user to deposit bitcoins but they do not exchange funds. So it is a two-way road.
You can check which companies use right ways for trading and which ones are fraudsters. Walmart, a leading retail corporation, implemented blockchain to track the pork provenance in China in a bid so that safety can be improved, risks can be minimised, and trust can be developed among users.
Blockchain cuts middleman in digital advertising, and enables advertisers to deal directly with sponsors. Blockchain, perhaps one day, could even suck out Google and Facebook.
Dieing out customer level programs may also get better through Blockchain. Brands can distribute and track more versatile points with the help of blockchain tech, which further empowers customers to use their rewards on everything ranging from hotels to spas.
Read most Is Facebook turning to Blockchain?
Decentralization can be the Future
Blockchain follows decentralization principles and uses crowd-sourcing to gain tasks and does not depend on central authority. Till now, experts do not consider it a paradigm shift. We have moved from centralization to decentralization, though this has happened long before blockchain gained pace.
For example, Uber and Lyft have successfully transformed the entire transportation industry by empowering taxis and created a system that couples supply with demand.
Airbnb has taken advantage of blockchain for property rentals, while Instagram is using it to uplift the influencer world.
Similarly, YouTube has implemented it in in the non-professional entertainment world. A number of YouTube stars make big money with just a camera and a personality.
Netflix, Inc. has done this in the professional entertainment world. Check the original content the company produces, which does not usually feature any Hollywood star.
Shopify Inc. has boomed the e-commerce industry with it. Now, start-up internet entrepreneurs can sell anything, anywhere.
IoT and blockchain are inseparable. Their convergence can potentially benefit businesses on many grounds, for example, security, speed, and value. Security concerns do not linger anymore because of the distribution of information across the ledger.
One of the major advantages of private blockchains is that they allow businesses to choose the best features of decentralised lists. If managed correctly, blockchain can transform the way we use the IoT.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.