Once perceived as an open, permissionless age of information and communication, Internet has evolved into a network pervaded by pockets of centralized and closed systems to capture value - often with overlooked and adverse consequences. Here's how Blockchain is changing all of that.
Mr. Zac Cheah
Internet usage and its different aspects have insinuated a lot of conversation globally where centralized service providers control over personal/regional Internet access and data storage are seen as a problem in many areas of the world. Surfing the Internet is not as private as once perceived it would be, and large service providers dominate everything from content, personal data usage as well as the sharing economy.
Internet, once perceived as an open, permissionless age of information and communication, has evolved into a network pervaded by pockets of centralized and closed systems to capture value - often with overlooked and adverse consequences. However, that is slowly changing with the advent of Blockchain technology. Blockchain invokes privacy and decentralization.
Need for a Blockchain Ecosystem
By establishing channels of communication with blockchain technology, one has vested responsibility to a vast, distributed network taken care of by cryptograph and controlled by no one to ensure that messages are sent securely. This means individuals and businesses, not centralized intermediaries have control over how their information is shared and with whom.
A blockchain ecosystem can strike the balance of how the internet is currently run, returning powers and rights to consumers. The implementation of a decentralized network shifts the internet from a system where dominant interests control and filter communication to one in which all participants contribute to distribute information and have equal rights to do so.
Evolution of Decentralized apps
Blockchain has a wide range of applications and almost any field can benefit from having such a technology at its disposal. Developing applications on blockchain is certainly something that is new and cutting edge – in fact, there is a new word to describe the type of applications that are powered by blockchain. These are called Decentralized Applications or DApps.
Decentralization offers wide benefits for conducting business especially in a world where the applications for doing business and exchanging services are decentralized. Decentralized applications, by contrast, are controlled by no single entity. They allow consumers, businesses and other content creators to connect directly, cutting out the middlemen and changing the terms on which business is done across industries. At present many apps extract value not just from generous commission structures but also from users’ data or by imposing terms on content creators’ copyright. Decentralized applications grant this power entirely to users.
India stands sixth on the list of patents and trends in the blockchain space. Blockchain has found its way into the Indian Fintech ecosystem and is making its presence felt in profound ways. Many said RBI’s decision marked the end of blockchain in India, a technology that is being widely adopted everywhere. But, nothing could have been further from the truth. Uncharacteristically enough, state governments began to champion blockchain use cases beyond crypto. Today, blockchain is in focus with the advent of decentralised applications (dapps) and networks.
Future of Decentralization
Decentralization has given birth to a next-generation internet service framework which has the ability to improve the existing internet and blockchain architecture, combining the benefits of both worlds and using the most commonly-used technical solutions.
Revelations of government surveillance, third-party data impropriety, and a renewed vigor in privacy and decentralization, initiatives are pushing forward towards a more permissionless and decentralized Internet.
It enables swift migration of businesses onto the blockchain service network, and allows each developer and user to have absolute control over their own data, thus effectively removing barriers between two parties.
Lately, one has witnessed a lot of innovation leading from the blockchain technology and it is only expected to grow. Blockchain powered phones have already seen the light of day wherein the consumers control the data, allowing them to make phone calls, send messages, share files and browse the internet in ways that are entirely encrypted and secure and independent of centralized carriers.
Other companies have sought to capitalize on growing consumer preference for privacy, blockchain-based and cryptographically secure communication through the release of so-called blockchain phones, which primarily employ secure blockchain wallets promising users the chance to hold cryptocurrencies in their mobile devices securely. The blockchain powered phones stand as a unique example for using distributed ledger technology to extend the uses and benefits of blockchain to telephony, messaging and digital communication of all kinds.The author is the CEO of Pundi X which develops blockchain-powered devices.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.