Created on September 28, 2018 1:29 pm
We started with the dot-com era of the internet and now we are entering into a new era with Blockchain. Today the most debated question is “Is Blockchain the new Internet”, and here are my views to support the answer as “Big Yes”. The blockchain had now taken the mainstream industry across a different line of business ranging from Banking, Insurance to even the data storage business which people believe that its more of centralized work. In my opinion, a decentralized way of the business and Blockchain are leading that initiative from the front. Let us see how THREE MAJOR BLOCKCHAIN INITIATIVES are digitally transforming today’s global economy.
I. Ethereum – The Cryptocurrency Gaining Momentum
Vitalik Buterin created Ethereum in 2013 and formally announced it in the North American Bitcoin Conference in January 2014 as not only another cryptocurrency but also an effort to code, run and execute Smart contracts as a decentralized platform. Ethereum is going to change the world’s economy based on transactions. Ethereum smart contract helps to eliminate the failures, speed up the process and reduce the unnecessary middleman cost.
So imagine that instead of buying a product from a platform like Amazon, you buy it directly from the vendor and initiate a contract with him/ her to buy the product. The contract includes the transfer of value and the history of the past transactions which are effectively handled by Bitcoin in the name of Digital Money. However Ethereum in simple words, it not only help and play the role of Digital currency but also plays a new role in executing “Smart Contracts” which is a revolutionary in the industry.
II. Blockstack – A New Internet For Decentralized
Blockchain startup Blockstack has built a ‘new decentralized internet’ addressing the privacy and security concerns in the current internet. Today the websites DNS which registers the address domain are managed by centralized trusted parties but the birth of Blockstack BNS ( Blockchain Name Service) will decentralize the existing DNS and HTTP with the help of blockchain to integrate with existing cloud storage networks. The BNS directory is stored in a distributed ledger called the Virtualchain.
Instead of Google, Facebook, Twitter or LinkedIn owning your data, imagine a world in which you control the data about yourself and reveal only what is minimally necessary when required. With Blockstack, users control their data and apps run on their devices. There are no middlemen, no passwords, no massive data silos to breach, and no services tracking us around the internet. The applications on Blockstack are server-less and decentralized.
We will discuss in detail about Blockstack in our forthcoming blogs. Meanwhile, if you are interested in knowing more about Blockstack, please refer https://blockstack.org/
III. Sia – Decentralized Cloud Backend
In simple words, Sia is the Uber of Data storage. Sia is a decentralized data storage platform which helps the individual to rent their underutilized hard drive capacity to the general public with the help of Sia blockchain technology. This helps a user to get the storage at very low cost while comparing with Dropbox, Google cloud, Box or any other data storage solution.
For example, Sia coin pays users to rent out their extra hard drive space. The users are in turn paid back in Sia tokens right now the mode is cheaper and shows a lot of long-term potentials. Sia uses the Reed-Solomon redundancy to ensure the security of data. For more information on Sia please refer https://sia.tech/
Conclusion
The Ethereum, Blockstack and Sia are proving themselves on how Blockchain is changing the internet and becoming the new era of business. Blockchain optimizes the processes that run our economy and provides practical solutions to global business challenges and offers a roadmap to incorporate Blockchain in business. Blockchain has a great potential to take over where the internet has fallen short.
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