Friday, August 11, 2017

Is Blockchain The Web 3.0 That We Are Waiting For?

During my recent trip to Europe, I chanced upon an interesting article in the in-flight magazine (Business Life) of British Airways. The article is entitled "Blockchain Frenzy", I managed to complete the whole article during the flight (it is not that long anyway) and the technology is intriguing enough for me to explore further with the book (Blockchain Revolution) which is cited in the article.

The more I read about Blockchain, the more I find it amazing and has potential to be the next wave of revolutionary technology that has potential to truly dis-intermediate any financial or business transactions. 

Following is the definition of Blockchain by Don and Alex Tapscott, authors of Blockchain Revolution:

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

It is Web 3.0!

If internet is the backbone of the eCommerce, which dis-intermediate many businesses in many industries, blockchain will be the backbone of the Master Contracts which will dis-intermediate the online providers. For example, with Blockchain technology, it is powerful enough to bypass the like of Uber, Paypal or Airbnb from the transactions. It is a straight through transaction between two willing parties.

So what does it means?

It means any financial or business transaction can be done quicker (in the tune of minutes or seconds) and cheaper (or even free). Of course, Blockchain technology is still at its infancy and most of the time we will link it to cryptocurrency like bitcoin etc.., but it is much much more than that.

Give it 3 to 5 years, I foresee it will have a massive impact in our everyday life, just like what internet or social media did to us now!  

The next thing I will do is to complete the book and dig further on this seemingly too good to be true technology.. when eCommerce is just starting out years ago, there are many skeptics too.

Cheers!

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