By Juan Rio Salvador LinkedIn | Twitter |Rioxa Consulting
I believe that the future will be decentralised. Blockchain has the potential to decentralised and disrupt many industries. I have covered in previous articles, decentralized finance (DeFi) as an alternative to traditional banking. In addition to DeFi, there are many other industries leveraging blockchain technology; remote education, music, supply chain management, internet of things (IOT), gaming, private law, healthcare, etc.
Blockchain ,Web 3.0 and Our Right to Privacy
Blockchain, a distributed ledger technology (DLT), is the foundation for Web 3.0. The main advantage of a blockchain is that it supports decentralized ledgers maintained by anonymous consensus.
Right to Respect for Private and Family Life, Home and Correspondence
Internet, which started thirty years ago, is one of the most important technologies ever created. However, it is not effective for our current needs and the management of personal data and privacy.
Regulators and governments are questioning what exactly companies are doing with our data. The EU requires to apply General Data Protection Regulation (GDPR) to strengthen data privacy and security. However, personal data breaches are a daily occurrence. GDPR is set to strengthen protections for personal data and our right to privacy across the EU. The European Convention on Human Rights states, “Everyone has the right to respect for his private and family life, his home and his correspondence.”
The internet is based on stand-alone computers, data is centrally stored and managed on servers. This creates high cost, points of failure, inefficiencies and lack of transparency. Decentralization using blockchain would shift the ownership and privacy of personal data from Big Tech platforms to the users.
Facebook, Apple, Amazon, Netflix, and Google (FAANG) know what we search, like and dislike, who we interact with, etc. They have the capability, resources and algorithms to extract our data and information to maximize advertising-based business models. Mark Zuckerberg, Facebook CEO, Twitter’s Jack Dorsey and Google’s Sundar Pichai have been summoned before the US Senate about safety of online data and the power used by their social media companies.
Internet Evolution Over the Past Thirty Years and How We Got Here
Internet gives access to global information and communication at the touch of our finger(s). This has created and maintained massive growth. However, the millions of daily users and their habits have changed and evolved over time.
As of January 2021, according to Statista.com, Northern Europe had the highest internet access: 96 % of the population. The global average rate was 59.5 %, an increase of 7.3 % on last year. Global internet use is over 4 billion, Asia is the largest region with over 2.5 billion internet users but a penetration rate of 68 %.
Internet is now moving towards a decentralized web known as Web 3.0. The previous generations were centralized:
Web 1.0, the 1st generation of the web, the primary focus was to build the web infrastructure, make it accessible and commercial. There were search engines and read only websites; static and simple. Basic e-commerce sites like eBay and Amazon were set up.
Web 2.0, the 2nd generation, is quicker, with improved bandwidth and global social interaction. It supports on line collaboration and new services on smartphones. Information sharing, and participation by users is real-time with social networks like Facebook, Twitter, etc. It has created a proliferation of blogging, video podcasting, and multiplayer games.
Web 3.0, the third generation, makes websites and applications very interactive and is defined by artificial intelligence. Open-source browsers like Brave provide faster, private, and more secure browsing than Chrome, Internet Explorer, and Safari. Web 3.0 uses machine-based understanding of data, this machine intelligence facilitates interactions between people and websites, and also between software platforms.
Web 3.0, is a three-dimensional internet where we can combine the digital web; 3D graphics, headsets, smart glasses, wearables, and sensors with the physical world. User interfaces with 3D graphics are being used by online games, e-commerce galleries, museum / city guides, etc. This space gives us a vision of the real-world using avatars, and also creates virtual reality (VR) and augmented reality (AR).
Blockchain Technology is Decentralizing the Internet
Blockchain is revolutionizing the internet by changing the ownership and power of private data to the users. It will be up to us to share information with who and how we consider appropriate. The potential of blockchain is enormous as it will be a foundational protocol for Web 3.0 which will overtake the current Web 2.0 in the coming years.
Decentralization to manage and store data will facilitate the transition from large central servers owned by companies to a decentralized peer-to-peer network (P2P). These P2P transactions between peers, without intermediaries, will be similar to what already happens with cryptocurrencies.
The transformation from Web 2.0 to Web 3.0 will take time but we need to start preparing for it. Blockchain will encrypt data transferred through the network keeping it more secure and with the ability to use cryptocurrencies to make payments
In my opinion, blockchain will make Web 3.0 more transparent, highly user centric and will give users online privacy.
Benefits of Web 3.0 for Individuals and Business.
Web 3.0 will help to close the gap between the digital and physical worlds. It will expand the capability to see physical objects in the digital world and vice versa.
I took a course with the Massachusetts Institute of Technology (MIT) in artificial intelligence (AI), when covering the business strategy part, I got a sense of urgency and a vision for the future. I believe that the key question posed by digitalization is how jobs will change, and how businesses will thrive as a result of new technologies. Are you scared or excited? I can feel both the thrill and the fear:
- Internet of Things (IoT): Web 3.0, on smart networks such as 5G and devices like phones or watches, will support how we command connected devices including doors, lights, cars, drones, smart fridges, robots, etc.
- Artificial intelligence/machine learning (AI/ML): machine learning and artificial intelligence algorithms interact with content in a manner more similar to humans. We are already chatting with bots that act as customer service front end. AI will analyse and learn to offer user-centric interactions.
- Augmented and virtual reality (AR/VR): virtual reality provides an immersion experience replacing our vision and augmented reality adds digital elements to it. The combination of both will enhance the experience for internet users.
- Blockchain payment capabilities: blockchain will eliminate the need for intermediaries such as brokers, banks, agencies, etc. to perform transactions such as cryptocurrencies transfers, real estate registrations, and more.
- Spatial Web: Web 3.0 will shift how we see both the digital and physical world. It will give us a new unified reality. We will be interacting and transferring digital content/information from screens into the physical space back and forth. Our digital and physical lives will become one.
Web 3.0, with protocols based on distributed ledger technology / blockchain, will drive significant competitive advantage and opportunities to scale businesses. However, like with Decentralised Finance (DeFi), it will take a while for individuals and companies to embrace a truly decentralized internet.
Why Miami, Tesla and Institutional Investors Are Driving Bitcoin to Mainstream Adoption – By Juan Rio Salvador, LinkedIn |Rioxa Consulting I believe that 2021 may be the inflection point for blockchain an… https://t.co/fdvovY1jKH
— Irish Tech News (@Irish_TechNews) February 16, 2021
Author bio LinkedIn | Twitter |Rioxa Consulting
Juan Rio Salvador is a global business transformation leader and risk management expert. He has over twenty years of real-world management experience in financial services and innovation in Europe and the USA.
He founded Rioxa Consulting to empower people to thrive in life and in business by inspiring them. Juan is passionate about leadership & business strategy, the future of work, continuous improvements, blockchain, RPA and artificial intelligence (A.I.).
He is an energetic international speaker invited at forums and conferences in Frankfurt, Budapest, London, Madrid, Barcelona, etc. He recently published “How to Build a Thriving Busines, The Proven Formula for Growing Your Business Post Covid-19”.