How blockchain technology is becoming the future of the Internet

The Internet started with Web 1.0, consisting of websites with “read-only” content – ​​you could only use it to look up information. Web 2.0 was the next phase of the internet, where people could not only read, but also write to websites. Social media platforms are good examples of why some call this “the participatory social web”. Many people are now calling blockchain technology Web 3.0., the “read, write and execute” web.

For the uninitiated, a blockchain is a distributed, decentralized ledger that records transactions. It is named “blockchain” because it is a chain of blocks containing data. Every time a new transaction is entered, it is transmitted to a network of computers that all have a copy of the same blockchain. These computers then verify that the transaction is legitimate by solving equations. When a transaction is verified, it is added to a block of other transactions that have been verified around the same time. These blocks are created regularly after a certain time and are linked together in a way that confirms the transaction of the previous block.

Blockchain technology allows you to send monetary transactions over a peer-to-peer network without the need for a third party. All traditional forms of online banking, whether with an established bank such as HSBC or with an e-wallet such as PayPal, require an intermediary to facilitate the transactions. In the examples above, these service providers are the ones who act as middlemen and ensure that the transactions go through. The problem with this is that if these service providers are attacked or decide they don’t want to complete the transaction because it doesn’t comply with their new acceptable use policy, there’s nothing you can do about it. Blockchain technology, specifically Bitcoin, allows you to get around this, allowing you to send transactions to another person without needing an intermediary.

One of the best things about blockchain technology is that data is stored in these blocks, which cannot be changed afterwards and are cryptographically signed, making them provably authentic. You cannot add a fake block to the network unless you have over 50% of the computing nodes running the blockchain, which is close to impossible with well-established networks like Bitcoin and Ethereum. The immutable nature of data stored on the blockchain makes it perfect for industries worldwide that want to benefit from publicly available, verified data. One of the biggest benefactors of this technology will be online casinos. Whether you are in the UK, Saudi Arabia or Australia, you will find people questioning the legitimacy of online casinos. Since their inception, they have had to deal with unfounded accusations of cheating, but by verifying their results on the blockchain, they can publicly demonstrate that their games are fair and legitimate. Whether you are looking to play online roulette, blackjack or baccarat, there are casinos that can accommodate you. The best sites will be licensed by reputable gaming authorities and have built-in security measures to protect your data and your money. If you are looking for online casinos in Saudi Arabia, it is important to read expert reviews that recommend the sites with the best banking methods, the largest selection of games and the most helpful customer service. Some online casinos even accept cryptocurrency as a deposit option, so you can see that the industry is fully embracing blockchain technology.

Another major advantage of blockchain technology is that it is completely decentralized. There is no single source of the ledger that can be attacked or brought down, as it hosts hundreds of thousands, if not millions, of computers worldwide. This makes blockchain technology incredibly resilient, as it cannot be brought down by a DDOS attack, large-scale power outages, or even government-imposed internet restrictions. Anyone in the world can participate in a blockchain, and this collaborative nature makes it so unique.

As more and more industries and companies embrace blockchain technology and incorporate it into their established operations, we will begin to see exactly how exciting it is. Over the next decade or so, expect blockchain technology to become a significant part of the internet as the world transitions to Web 3.0.