Advancements are being made in the arena of blockchain at a very rapid pace. The idea of decentralization presented forward by this tech has grabbed the attention of a lot of people. Its staunch proponents even go as far as to say that it is the new internet. If blockchain is the new internet, one can only imagine the impact that it is going to have on our lives in the future. As per Bryan Myint, Managing Director at Republic Crypto, it might not be the case.
BlockPublisher recently got in touch with Bryan as he expressed his opinions regarding blockchain and it being the new internet. In a Q&A, he said:
- Which industries can benefit from blockchain?
Bryan: “Blockchain fundamentally solves the issue of trust. Industries that require a ton of trust between multiple parties are going to be exponentially disrupted over the next few decades. We’re going to see a fast disruption in areas that are digitally native (gaming & media) and see a slower disruption in financial & physical assets because of government regulation.”
- Is it the new internet?
Bryan: “Blockchain is not the new internet. It’s simply a building block on top of the Internet. Blockchain cannot exist without the Internet. It enables the coordination between multiple parties using game theory. Blockchain drastically increases the quality of data on the Internet by essentially acting as a filter to agree on the quality of the data.”
- How do you see it evolving in the future?
Bryan: “Blockchain is currently in the infancy stage. Everyone is trying to build products that already exist on the Internet and slap a blockchain label onto it. That won’t work because we’re already used to infinite gratification that can be generated in existing mobile & web applications. The future of blockchain will instead evolve into anyone becoming an investor in any piece of digital data – social media, games, and even memes.”
The blockchain world still seems to be pretty nascent. Issues like scalability are still floating around. Besides cryptocurrencies, advancements are being made in order to find its next killer use-case. Although it might not become the new internet, it sure seems that it will help provide the current internet framework with a lot of important updates. These updates might be linked to data, privacy, trust etc. One thing seems to be sure, blockchain is here stay. Let’s just see how things unfold as we move forward.