Blockchain technology is one of the hottest emerging technologies right now. Its biggest use-case presented forward as of yet is seen in the form of cryptocurrencies. So how potent is this technology? How many industries can it revamp? Is it the new internet itself in terms of the impact or is it the technology that will give us the new version the currently existing internet.
Alisher Khassanov, an Industrial Engineer at Airalab, recently got in touch with BlockPublisher as he expressed his opinions regarding the blockchain technology. The following Q&A with Alisher presents forward some important nuances attached to the blockchain world.
- Which industries can benefit from blockchain?
Alisher: “The benefits can be found in almost any industry, especially those in which the quality of the product is extremely important for the customer, for example, the production of medicines and food (in particular, perishables). With the help of blockchain, manufacturers can prove the quality of their products through transparent supply chains, thus increasing their competitiveness in the market, and increasing the added value of their products by providing additional information on product origins.
In addition, any industry which aims to be automated is benefited from the blockchain technology. We at Airalab believe this is a great way to, at least, reduce the transaction costs. In a global sense, blockchains using additional protocols (for example, the Robonomics communication stack) is a universal way of communication between participants in economic relations. Blockchain allows you to give up trust in favor of real data protected by modern cryptography. Combined with the IoT technology where every important parameter is measured, this is a new opportunity for any business to shift to a service model.”
- Is it the new internet?
Alisher: “This is the third generation of the Internet, or web3. It’s decentralized and peer-to-peer. Cryptocurrencies have demonstrated how a decentralized monetary system can work in this new Internet. The blockchain industry shows the ability of institutions, including the real sector, to work in a decentralised manner. The other side of the coin is that benefits from the new technology at its early stage may not look very clear. Now, anyone who promotes web3 in the real sector feels like a seller of HTTP in the days before the modem Internet.”
- How do you see it evolving in the future?
Alisher: “Over the past few years, the blockchain industry has grown out of cryptocurrencies; platforms for real sector applications have emerged. There are payment systems, digital identity tools, solutions for voting and various calculations, monitoring of deliveries, IoT devices and robots. We think the blockchain industry in the real sector will adapt along with cloud technologies and service-oriented business models. This will expand web3 not only with infrastructure nodes and content from early adapters and developers, but also with what we have in web2. It will be enhanced by new features like digital counterparts of products with a complete production history. Content replenishment in web3 will attract users as well.”
Blockchain does seem to possess the potential to provide the entire world with a secure monetary framework through the internet and might even lead us to Web 3.0. But these are still early days for blockchain. A lot needs to be explored. A lot needs to be solved. One thing seems to be sure, this technology is here to stay.