Blockchain a New Web 3.0

Blockchain provides the ability to authenticate digital information.

Smart Contract

Distributed registers allow you to code simple contracts that will be executed when certain conditions are met. Ethereum is an open source blockchain project that was built specifically to implement this feature. However, in the early stages, Ethereum can use the usefulness of the blocks in a truly changing world scale.

At the modern level of technology development, smart contracts can be programmed to perform simple functions. For example, a derivative can be paid when a financial instrument corresponds to a certain benchmark using blockchain and Bitcoin technology to automate the payment.

Economy of exchange

With companies such as Uber and AirBnB, the exchange economy has already proved its effectiveness. Currently, however, users who want to welcome the travel-sharing service have to rely on an intermediary like Uber. Including peer-to-peer payments, the blockchain opens the door for direct interaction between the parties – a truly decentralized economy.

On an earlier example, OpenBazaar uses a block-chain to create a peer-to-peer eBay. Download the application to your computing device, and you can make deals with OpenBazzar providers without paying transactions. The notion of “no rules” protocol means that personal reputation will be even more important for business interactions than it is currently on eBay.

Crowdfunding

Crowdfunding initiatives, such as Kickstarter and Gofundme, do preliminary work for the growing peer-to-peer economy. The popularity of these sites suggests that people want to have a direct relationship to product development. Blockchain show interest in the next level, potentially creating venture capital funds from sources with the crowd.

In 2016, one such experiment, the DAO (decentralized autonomous organization), based on the Etherium, raised an astonishing 200 million US dollars in just two months. Participants purchased “DAO tokens”, which allowed them to vote for intellectual venture investment investment (the voting right was proportional to the amount of DAO they held). The subsequent hacking of the project’s resources proved that the project was launched without due diligence, with catastrophic consequences. Regardless, the DAO experiment assumes that the blockboy can enter into a “new paradigm of economic cooperation.”

Control

By providing the results in a fully transparent and public way, distributed database technology can provide complete transparency of elections or any other poll. Etheric intellectual contracts help automate the process.

The application, Boardroom, allows you to make organizational decisions on a blockchain. In practice, this means that the management of the company becomes fully transparent and verifiable when managing digital assets, shares or information.

Supply chain audit

Consumers increasingly want to know that the ethical requirements that companies have for their products are real. Distributed books provide an easy way to confirm that the prehistory of the things we buy are genuine. Transparency includes a time stamp of date and location based on chains on ethical diamonds, for example, which corresponds to the product number.

British Provenance offers a supply chain audit for a range of consumer products. Using the “Efirium” block, the “Provenance” pilot project ensures that fish sold in Japanese land-based restaurants were steadily collected by its suppliers in Indonesia.

File Storage

Decentralization of file storage on the Internet gives clear advantages. Distributing data across the entire network protects files from hacking or loss.

The interplanetary file system (IPFS) makes it easy to understand how a distributed network can work. Just as bittorrent moves data over the Internet, IPFS gets rid of the need for centralized client-server relationships (ie, the current network). The Internet, consisting of fully decentralized websites, has the potential to speed up file transfer and streaming. Such an improvement is not only convenient. This is a necessary update for currently overloaded content delivery systems on the Internet.

Forecasting markets

It is proved that the crowdsourcing of forecasts on the probability of an event has a high degree of accuracy. The assimilation of opinions abolishes unexplained prejudices that distort judgment. Forecast markets, which are paid according to the results of events, are already active. Blocked chains are a technology of “wisdom of the crowd”, which, undoubtedly, will find other applications in the coming years.

 


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