How blockchain technology could launch Web3
Se: The Crypto Mile: Episode 3 – How blockchain technology can launch web3
Blockchain technology has been described as the basis for web3, a decentralized internet of the future based on public blockchains that can disrupt older systems in government, finance and global logistics.
Episode 3 of The Crypto Mile looks at the pioneers who are running the utility business with a thorough discussion of how technology can disrupt social, economic and governmental society.
The blockchain promises to automate away the corruption of centralized authority and the inefficiency of “middlemen”.
But what if the coded protocols that govern the blockchain are controlled by malicious actors?
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At this week’s show, we spoke with the world’s most important experts and analysts in this burgeoning industry.
Go into The Crypto Mile and consider whether blockchain technology is the panacea for a ruined society or nothing but hype.
Cardano
Blockchains are transparent and publicly available to all. In the words of Cardanos (ADA-USD) Charles Hoskinson, they will allow public services to be digitized and distributed across the blockchain to create a new way of governance that is “radically transparent”.
A new concept has emerged called “digital government”, where systems for health, tax, legal, land and intellectual property are distributed on decentralized blockchains.
In a speech on episode 3 of The Crypto Mile, the founder of Cardano added that the blockchain “would provide less friction, less fraud, less waste and abuse and more openness and ultimately less consolidation of power”.
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Hoskinson highlighted the possibility that the blockchain could allow “all public tax revenue to be open source, and everyone can look at it and see exactly where the money goes.”
This is due to the publicly transparent nature of the blockchain, as it enables “the poorest and most vulnerable person in society equal access as the President of the United States, and it has never been the case in human history that this has been the case,” according to Hoskinson.
The blockchain promises to secure votes in democracies and corporate decisions, streamline scientific research and allow total traceability of products in supply chains, opening up the Internet of Things.
Hoskinson believes that the decentralization properties of blockchain technology can give humanity the chance to live in a global society free from the control of “one actor, who has full control over critical things and resources.”
He added: “So the point of cryptocurrencies and blockchain technologies is that they take the resources that should be a public good, and if they are digitizable, they get them into a situation where they are completely open and build businesses on top of them.
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“However, the underlying infrastructure is no longer under the control of a small group. If you have centralization, it is basically a person who decides these rules.
“Often this becomes anti-competitive and anti-consumer, and ends up harming people and exposing them to many market failures.”
Blockchain Foundation
Crypto Mile also heard from Cleve Mesidor, president-elect of the Obama administration and CEO of the Blockchain Foundation.
Mesidor described many of the advances in blockchain technology as coming from the black and Latino communities, because “the attraction of crypto from any individual is based on their relationship to money”.
She said that the power of cryptocurrencies deployed on the blockchain is its ability to beat those without a bank and help “people who have been locked out of traditional finance, where the banks have not earned them well.”
She described US President Joe Biden’s recent executive order on cryptocurrencies as hopeful for the crypto ecosystem as it “did not try to dispute whether the technology was good or bad, but looked at cryptocurrencies from the lens of innovation and competitiveness”.
IO Global
John O’Connor, head of African operations at IO Global, the development company behind Cardano, told The Crypto Mile that the technology is already being tested in Africa by the blockchain protocol Cardano to “onchain” and secure educational qualifications.
O’Connor said that property ownership on the blockchain allows “a general ledger that registers ownership of property, but does not look to a public department”.
Another area that blockchain technology could provide more long-term security was in education.
In Ethiopia, Cardano has a project with the education department. O’Connor described how the cryptocurrency platform provided “digital grade tracking for 5 million students, allowing students to prove their educational qualifications, even if the school or university they attended is no longer able to respond”.
Cardanos Vasil update
A recent blockchain update for Cardano was the “Vasil” upgrade, which is now distributed on the protocol’s test network to provide increased network capacity and enable faster and more efficient DApps (decentralized applications).
Cardano claims that the Vasil upgrade will also improve interoperability with other blockchains.
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The upgrade has been hailed as Cardano’s most important update since it introduced smart contracts two years ago.
Cardano now has over 5 million native tokens deployed on the platform, with over 1,000 projects building on it.
