A framework to unlock the potential of Web3.0
By Vikram Tanna
In South America, farmers are using blockchain technology to reduce instances of food fraud, while event ticketing companies are using NFT tickets to elevate fan experiences. There has been a wave of creative blockchain applications around the world.
As the decentralized ecosystem evolves, it is critical to formulate a set of practices that will guide the development of blockchain applications, platforms, and protocols.
With millions of blockchain users worldwide, a progressive framework can make all the difference in how countries harness this new technology paradigm and drive innovation. I will discuss some of the difficulties and opportunities as we enter the web 3.0 era.
Protocols provide exciting challenges and opportunities
In a borderless and tightly connected world, it is wishful thinking to assume that Blockchain applications’ potential can be exploited without being misused for money laundering, and unregulated use cases.
This is why when the Indian government proposed a collective international approach at the World Economic Forum conference, saying: “The type of technology blockchain is associated with, the decision taken by a single country will be insufficient to deal with the challenges. We need to have a similar mindset,” the world took notice.
The challenge is to apply them in practice at an international level, given the different legal frameworks in each country. Formulating a blockchain alliance for organizations and countries to collaborate and regulate blockchain applications would be a good step in this direction.
What should be the main ecosystem goals for web 3.0?
Unlike the previous two eras of the internet, we have a rare opportunity to collectively define goals for this new age. We can look at the goals of the web 3.0 era under four broad categories:
- Ensure that all users have access to secure information
Users should be able to spend and move their assets securely across exchanges, DeFi protocols and NFT marketplaces. Many blockchain communities solve this problem by using applications of soul-based tokens to verify the user’s identity without revealing their personal information.
- Provide equal opportunities for all through fair competition
Blockchain ecosystems are built on standard transparency. Therefore, blockchain protocols developed across countries, different organizations and individuals can be made available to anyone who wants to improve them through a global knowledge and code sharing platform.
For example, Estonia can open source its use of blockchain “e-Residency” to ensure fair and secure voting for other countries to build on and adapt. This has proven to be a game changer for Estonians who can prove their nationality and identity securely from anywhere in the world.
- Protect privacy by preventing any form of monitoring of personal data
One of the biggest challenges in the web 2.0 era has been the misuse of personal data. Developing a global understanding that enables blockchain-based governance systems will give users control over their data and organizational assurance of authenticity.
- Facilitate a solid foundation for finances and management
A globally accepted GAAP will go a long way in ensuring that all stakeholders are transparent about their financial health, how much fiat collateral is present and money laundering prevention.
Conclusion
Blockchain gives the world a golden chance to help bridge the gap between digital and real governance within the state and across borders. Having a clear view of the challenges, understanding and agreement on the goals will help us herald the next age of the Internet.
As more users adopt blockchain technology, we will witness the emergence of a new generation of creators, thinkers and innovators.
The author is CEO, Mzaalo (Xfinite)
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