Blockchain technologies transforming society

Blockchains, according to evangelists, have the power to upend established business structures and solve the security, ownership and data privacy issues that have dogged the Web2.0 era, as reported by Sequoia.

Some skeptics don’t think blockchain has any applications beyond theory. Any kind of digital object, including software, files, code and media, can be copied indefinitely online. Since the beginning of the internet, piracy has been a problem. It quickly becomes difficult for the owner to track this, let alone demand attribution, limit its use, or reap the benefits of the value creation further down the line. Companies aim to regulate the distribution and use of software and data through copyright laws, digital rights management systems, paywalls and hosted solutions, the report says.

According to the Sequoia report, in digital art, like other art forms, curators and the art establishment, the blockchain advantage is that ownership is non-transferable, while supply is verifiable and limited.

Meanwhile, the introduction of social media allowed people to become creators on free platforms that offered to connect them to the rest of the world. In return for their data, a scarce resource was soon dubbed “the new oil.”

Furthermore, bitcoin requires faith from the user, since despite the enormous amounts of electricity required to create it, the string of bits has no real value. In this regard, Bitcoin has at least partially bridged the gap. Unfortunately, it is still unstable, partly as a result of the use of influence and the fact that general acceptance is still lacking.

Web2.0 companies accepted this reality and created software intended to be widely distributed. Over the past two decades, the rise of smartphones, affordable bandwidth, and cloud services that reduce storage costs have paved the way for this freemium distribution strategy.

When it comes to private sector data, the blockchain advantage is that meaningful and accurate data can be held without the need for data brokers thanks to efficient data tracking back to the source.

Over the past few years, Web3.0 has brought some of the most inventive and technically skilled people on the internet.

(With input from Sequoia)

Also Read: Dorsey’s Block Slows Hiring, Investment As Bitcoin Plunges Earnings

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