Whether you are for it or not, internet technology is bound to change. Progress on 5G technology is promising, and soon you will be left to wonder is 100 Mbps fast internet connection? Of course, compared to 5G technology, it is not. However, with the future of internet technology, there are two main possible evolutions.
Some see 5G technology as the way forward. But others believe that Blockchain technology is going to be web 3.0. So which one will it be? Will 5G win the race, or will blockchain technology pave the way for our future?
What is Blockchain Technology?
Blockchain technology might seem like a completely new concept. But it has been working perfectly, since its launch in 2009. Interestingly, the developers of the technology have still not come forward with their identities.
Blockchain technology was introduced in 2009, with Bitcoin. The creators of the world’s first cryptocurrency are also responsible for the creation of blockchain technology. It was a completely new concept at the time. The idea of a completely secure data transfer protocol was not seen before.
While the idea was developed to make bitcoin secure, we are finding other potential uses for the technology. By allowing data to be distributed between computer systems in a network. But not letting it be copied or changed by anyone else, a new kind of internet can be formed.
Is it in Use Right Now?
Blockchain is still relatively new technology which is still being implemented in different fields. So far, experts are failing to see any drawbacks of the technology. The main feature of the technology, the security and the incorruptibility of data has many uses.
- Financial Services
- Smart Property
- Smart Contracts
- Government Applications
- Identity Security
#1. Financial Services
One of the most necessary uses of the internet today is financial services. Ever heard anyone saying “Money makes the world go round”? It’s true. Last year’s online retail sales figures are over $ 2.8 trillion. And that’s just retail. If you think about all the transactions that happen on Wall Street alone. Now imagine all over the world.
Every day billions of transactions take place online. Because of this, cybercrime is on the rise. But using blockchain technology to secure the transactions means that cybercriminals can’t get their hands on it. Secure online transactions are something we have been working towards for decades. And with the implementation of blockchain technology, it is becoming a reality.
#2. Smart Property
Blockchain technology, in its simplest form, is an incorruptible ledger. That means if we were to store records, say property deeds, they would stay secure. Imagine its uses in things like patent rights. The records of a patent would be accessible with all users, but changeable by none.
Additionally, things like IoT devices can also benefit from the technology. Today more of our things are connected to the internet. Including our cars. And where there is an internet connection, there is a threat of cybercrime. Would you like your car being controlled by someone else? Of course not. The security of blockchain technology is greatly improving our IoT device security.
#3. Smart Contracts
Smart contracts are self-executing digital contracts that employ the IFTTT code. What that essentially means is that the terms of a contract can be automatically implemented. Once the terms of the contract have been fulfilled. This can provide great advantages in sectors like property law, crowdfunding agreements, and many others.
For example, blockchain and smart contracts can create a decentralized database of music rights. The ledger can ensure the transparent release of artist royalties. This helps minimize the oversight of ownership rights. A common problem in the digital music industry today.
#4. Government Applications
The security offered by blockchain technology is monumental when it comes to things like elections. Imagine a voting system where the results are instantaneous and 100 percent incorruptible. Without blockchain technology, votes are susceptible to cybercrime. Hackers can gain access to the system and rig it to manipulate votes.
But with blockchain technology, the votes can be immediately encrypted and distributed. When the encrypted ledger is shared with thousands of computer systems, they all have the same information. Which means it becomes next to impossible for cybercriminals to change any details on the ledger.
#5. Identity Security
One of the most general forms of internet fraud is identity theft. But blockchain technology can remedy that. Things like Github, the first digital passport, is evidence of the fact. Using encrypted public and private keys, you can make sure that your personal information is safe.
It is obvious that blockchain technology has numerous applications. It is improving the way we use the internet. While things like Spectrum internet offers us more in terms of security, it still is leaps behind blockchain technology. Blockchain technology is going to be at the forefront of the next internet wave. One that is focused more on security and transparency.
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