Whether you love or hate Blockchain and Cryptocurrencies, you can’t deny they have both made an impact on the Web and Technology landscape in the past few years. The term WEB 3.0 has been around recently which i will briefly touch upon, however i would like to recap a small list with what was fundamentally wrong with WEB2.0 in my honest opinion.
In legacy systems, the ‘business logic’ or ‘processing programs’ and ‘data’ is tightly controlled by a central entity like Google, Facebook, Apple, Microsoft. So who actually controls the Internet, here is a sample stats in 2013 which is a bit outdated but you get what i mean:
These large companies will have the most money, they owned all the data and since they are rich they can afford to hire the best talent money can pay for in order to create the best algorithms. They have built the most sophisticated systems and hold the the most computing power. So you sort of wonder how the hell is anyone or even any countries government is supposed to compete with them.
The rise of these Technologies companies has gone hand-in-hand with the growth of global income disparity. The Digital network have hardwired a winners takes all economy. Lets take an example of the Music industry as an example. The internet has liberated the distribution of music but has turned musicians into an underpaid underclass who can no longer rely on royalties as the basis old sustainable middle-class income.
Whilst the likes of Facebook, Google, Apple, Amazon are digital oligarchs where they have created platforms for us to use and freely share data. We are giving these companies the permission to pilfer and the whatever they like with our data. So you don’t actually own your data. Your data is being used by the Machine Learning algorithms to spy, advertise to you and overall make a profit from you. The free chat services such as Whats’app, Alexa, Google Homes,, Zalo, Viber, Tango, Skype, WeChat are fine examples.
Government Data Collection
Edward Snowden told the world about PRISM (NSA collected private data’s from big Technology companies) and now living in exile somewhere in Russia. The recent Facebook privacy controversy, where the runaway Artificial Intelligence optimised your attention resulting vote scandal that took place in 2016 with Russia collusion. This resulted in Mark Zuckerberg testifying in front of Congress, shows us that the privacy we thought we had was never really there! You actually have no say in the governance of these massive systems, some are which are more powerful than some countries.
These are only a few high profile items to name from a long list. I can go on but well you get the idea…
WEB 3.0 and the Blockchain Revolution
The birth of Blockchain technology spawned a movement to disrupt the entire tech industry. Blockchain crypto, technologist or enthusiasts are calling it the Web 3.0 Making all traditional business models defunct. This is because, in short, the technology will facilitate the decentralization of the World Wide Web, thereby equalizing control and ownership back from the grasp of profit hungry corporations earlier mentioned. Below is a sample of the transition from WEB 2.0 to WEB 3.0 and the birth of the Blockchain revolution.
So Blockchain technology that can help and shape the democracy and decentralization for the worlds online community.
Data stored by anyone in Blockchain Database is tamper proof. It is immutable and kept forever. This provides individuals and Enterprises an ecosystem which is trustless. In scenarios the Blockchain based trust is preferred in modern systems than to trust the banks, Property Brokers, Insurance Agents or Middleman. Blockchain now has the capacity to decouple the “Business logics or programs” from “data” using the “Smart Contracts”. Enabling both ‘Data” and Smart Contracts” to be portable. Meaning NO SINGLE ORGANISATION can make your data hostage!
Welcome to WEB 3.0 the dawn of Decentralisation and the birth of the Blockchain revolution.