How can Blockchain Technology change the world wide web?
The impact of blockchain technology in terms of offering enhanced safety, privacy, and protection of data can prove to be a gamechanger for the internet domain.
Introduction
Blockchain technology is red hot nowadays. It allows organizations to transact, record, and share data in an absolutely safe and secure manner. The computers, which are part of the blockchain network, are linked peer-to-peer and once the transaction is recorded, nobody in the ecosystem can tamper with the data. This immutable nature makes blockchain technology a preferred choice among businesses across industries and has the potential game-changer impact for the World Wide Web.
Blockchain and World Wide Web
The three primary characteristics of blockchain technology, i.e., decentralization, distribution, and immutability make it immensely beneficial for the internet domain. The influence of the World Wide Web can be enhanced multiple times using open ledger technology. This is because there is an underlying similarity in the purpose both these innovations strive to achieve for users — to democratize access to information. Like the internet, blockchain technology also aims to empower the common man by offering safe, secure, and tamper-proof information. We list below some of the important areas where the confluence of blockchain and the world wide web can do wonders for the entire ecosystem of information technology:
1) Breaking the monopoly of Internet Behemoths
By sharing the information across several computers, blockchain can effectively break the monopoly of centralized servers and IT behemoths who operate them. This is particularly relevant to empower the users and keep them from the exploitation of big corporates. There are multiple instances of renowned internet companies exploiting their dominance and sharing the personal data of users for making profits. The use of blockchain technology can effectively reduce this by providing users with more control over their data and information. Also, by making the data available to each and every stakeholder who is part of the network, blockchain can further help to make cyberspace a safe, secure, and scam-free place.
2) Personal Control
As opposed to the current system of domain hosting, the application of blockchain can allow for the individual control of URLs to their holders. The development of an interplanetary file system (IPFS) is currently in the process and once it completes, we’ll have a completely decentralized site indexing system in place. IPFS will use the personal system of owners to host and power the networks and uses will receive financial rewards for allowing others to use the free space of their hard drives. This will ensure that the spirit of decentralization and users’ empowerment is implemented in its true sense.
3) Enhanced Privacy
With instances of information theft on the internet increasing by the day, blockchain can prove effective in preserving the sanctity of the data by keeping it from the reach of hackers. Once the data is stored on blockchain using the private keys, it becomes absolutely immune to hacking attempts. Unlike the many famous websites where the database of users is always susceptible to hackers, blockchain-stored data enjoys an unprecedented level of safety and security.
4) Cost-Effective Technology
Whether in the physical or virtual space, middlemen add a substantial cost to the total fee of the financial transaction. This is particularly important in the case of finance as intermediaries in the banking industry drive up the cost factor significantly. Blockchain technology, by its inherent virtue of disintermediation, cut out any third party and allows for a substantial reduction in the total transaction cost. Further, the technology ensures the immutability of the data, thereby bringing an extra layer of safety and security to the world wide web.
5) Swift Speed of Transactions
The speed of transactions is quite a concern for most users and even dealing that happen on the internet are often fall short of expectations. For example, if you send money to your cousin abroad, it usually takes a couple of days (or even weeks) to credit the account of the beneficiary. However, the same transaction can be completed in a matter of seconds in case blockchain technology is used for the work. The speed of a blockchain is measured in transactions per second (tps) and can prove immensely beneficial in settling transactions rapidly and securely. There is no involvement of intermediary either which means that along with the speed the cost factor will also become a whole lot affordable — indeed a win-win situation for all stakeholders involved in the financial ecosystem.
Conclusion
The fast-unfolding speed of blockchain integration with the world wide web is only the tip of the iceberg. Beneath it lies the plethora of possibilities and the best part is that this integration is beneficial for the entire ecosystem comprising of users, companies, suppliers, and regulators among others. Yes, there are conflicting interests too in the picture, especially the centralized lobbies and global IT players who are unwilling to cede their dominance but the larger section of the internet community including users, developers, and IT organizations consider blockchain as a credible alternative to achieve more autonomy, control, and privacy. No doubt, the fourth industrial revolution has brought this struggle out in the open but the way blockchain is receiving responses from all quarters, it is just a matter of time before it completely transforms the face of modern-day internet technology.
