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Blockchain will be bigger than the internet

by Kene Ezeaputa about a month ago in blockchain

Analyzing the future of blockchain

Blockchain will be bigger than the internet
Photo by André François McKenzie on Unsplash

What is blockchain technology

The blockchain is a specific type of database

One key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together in groups, also known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.”

Blockchains don't necessarily have to be decentralized, but when they are they are viewed as more secure became if one node is tampered with the other nodes can reject/correct it. This way, no one node within the network can alter information held within it, making the blockchain more secure than a traditional database where one weak point can compromise the whole system.

Blockchain Impacts

Ownership X Assets- A blockchain is a great tool for authentication because of its immutability and how it records every transaction.

Blockchain is starting to be implemented into ticketing, real estate, high fashion, and art. The faster you can identify ownership and authenticity the faster you can transact while keeping fees low. This is detailed more in my article about the coming financial renaissance, - the synapse is assets ownership will not be a thing for just the upper class, stocks will be tradeable, real estate will be close to as liquid as a car, the middle class will own artwork, land, etc.

Future of Blockchain

Security x Cloud storage - hacking has been on the rise for the last couple of years as offense outpaces defense, just this week T-Mobile was hacked exposing 50 million people. Centralized databases have flaws that decentralized blockchains don't. Most people store their photos/files on the cloud through big tech(icloud,dropbox, google cloud, etc.) sometimes paying a monthly fee for extra storage. A blockchain that is improving on data storage with security is Filecoin (Filecoin is a decentralized storage system that aims to “store humanity’s most important information.”) To learn more click here.

Media- With blockchain, musicians can receive more of the royalty payments that would traditionally be taken by record labels, On average, Spotify pays out $0.003 - $0.005 per stream. When music goes to the blockchain and artists become the disturbers the earning potential 10x's. Tik-Tok is already moving in this direction, partnering with Audius a crypto-based streaming platform. I expect video and photo content to eventually move this way.(Read more here).

Audius-crypto based streaming

Payment processing- Remittances are the private savings of workers and families that are spent in the home country for food, clothing, and other expenditures, and which drive the home economy. For many developing nations, remittances from citizens working abroad provide an important source of much-needed funds. Globally, sending remittances costs an average of 6.38 percent of the amount sent, with countries with less infrastructure seeing 20% at times. This is 50-100x what some stable coins and cryptocurrencies can do. To many Americans, remittances are a foreign concept, but for many in the developing world, they depend on them to make a livelihood. Countries like Tajikistan have 42% of their GDP as remittances, Somalia has 35% of their GDP as remittances, if the money that was being sent to these countries was sent via blockchain we could see an uplifting of many "3rd world countries".

https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin

The same is possible for small business, that pay to have credit cards processed. If small business for more profitable it will lift the middle class.

Sources: Visa USA Interchange Reimbursement Fees published on July 17, 2020, Mastercard 2019-2020 U.S. Region Interchange Program and Rates, Wells Fargo Merchant Services Payment Network Pass-Through Fee Schedule, and Wells Fargo Payment Network Qualification Matrix effective Oct. 16, 2020

Understanding the internets impact

The internet ushered in the information age, which created the likes of Netflix, Amazon, Facebook, and Google among others. It allowed data that could take days to get to its destination to arrive in seconds. It increased the quality of life by disturbing information that would have been inaccessible, lowered the cost of products, and brought net new services like streaming and cloud to the masses.

What went wrong with the internet

Individuals don't own their data, the same services everyone fell in love with (Facebook, Google, etc.) have taken the liberty of dictating what we see on our feedback via their algorithms. The winner has created winner take-out environments that have hurt competitors for example if you don't sell on amazon you are at a significant disadvantage, same goes for video streaming if you are not on YouTube where do you watch content. This is not to bash the internet but to show that pros come with cons.

Monopoly Money: How to Break Up the Biggest Companies in Tech

Internet X Blockchain

Blockchain will surely enhance privacy and security while providing new income for individuals. Something to worry about is the moderation of content as it moves from centralized sites like Instagram and YouTube to decentralized sites with no moderators. But maybe we will see new moderation techniques like a reputation system that relies on the community to enforce guidelines. A lot is in the air right now but we're just in the early innings.

Read to understand what the future of the internet .

https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b

Big picture

When I say that blockchain will be bigger than the internet I don't mean that blockchain will replace the internet, I believe that blockchain will take all the value the internet has created in its existence and multiple it by 10. I've personally seen how blockchain has already started transforming the way we do things. right now there's a new driver update play to earn where everything you buy in the game you own the ability to resell and get a profit. We.ve never seen a business model like this before because we did not have NFTS also known as non-fungible tokens digital goods that can’t be replicated. I've seen creators pushing their social tokens that provide access to their video page outside of YouTube or Spotify. I've seen real estate listed on blockchain and a bunch of other exciting innovations that push the boundary, so I encourage all readers to continue to explore the innovation in the space.

Creating an crypto economy

How to monetize

It is not possible to capture all the opportunity that is occurring as the answer web 3.0 look for opportunities are packaging up different utilities into a singular service what time Netflix brought thousands of movies one website or how Amazon has millions of products underwater website off my head I can think up windows to cryptocurrency exchange which has the exchange recompile crapped out a wallet along with NFT's home please also allows you to buy to pay with crypto. another good example is Humbl blockchain company pioneering tickets as NFTs, the tokenization of assets (real estate, land, etc.), and financial services for investors to have exposer to the net new asset class (Crypto actively traded funds). The same goes for Cryptocurrencies, what I’m researching now is Cardona, Solana, Internet computer protocol, DigiByte, filecoin, and the future of Ethereum.

Thank you for your time and the opportunity

Kene Ezeaputa

To learn more:

Blockchain 2035

The Future of Blockchain

blockchain

Kene Ezeaputa

Student of the game, love learning , open to new ideas

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Read next: The Wild West Crypto Show Celebrates Continuing Trend Towards Bitcoin Adoption

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