Developments are being made at a very rapid pace in the arena of blockchain. As cryptocurrencies are gaining attention in the world of finance, people are trying to figure out use-cases of this revolutionary technology in areas other than finance. The prospects provided by blockchain in the form of decentralization, trust, transparency, and immutability make it one of the hottest emerging technologies in the world right now.
With advancements being made at a very rapid pace, the impact that blockchain is likely going to make seems tremendous. A lot of capital is already flowing into this space. The proponents and enthusiasts of this technology even go as far as to call it ‘the new internet‘. So is it the new internet? If it is, one can only imagine the impact that this technology is going to have on our future lives.
BlockPublisher recently got in touch the Chairman and Chief Executive Officer of DLT Labs, Loudon Owen, as he expressed his thoughts regarding this tech. In reply to the question regarding whether it is the new internet, Loudon said:
The level of innovation and transformation of blockchain is much larger than the internet. The internet will continue to serve its many masters, but the information is all locked up in one place, then selectively shared, often without knowledge of who and where the access is provided. If Big Data [to] turns off access to information, it stops flowing. Moses wrote on stone tablets. We write on digital tablets, which is kind of the same thing; just a little faster and easier on your back. Leveraging blockchain, the information being shared is actually…shared, not served. And there is a record of the access and related approval. Finally, there will be a world of information creation, access and sharing that will impress the average neanderthal.
In the modern day, the internet is rife with issues and problems linked to information and data. Huge centralized platforms that are seen these days are often accused of leaking the user data, as seen in the case of Facebook. Besides, centralized data centers are also prone to getting hacked.
Using blockchain, significant improvements can be made regarding the aspect of information handling in the currently existing internet framework. Since data and information of a user carry extreme value in the modern day, it will be very much interesting to see how blockchain impacts our lives as we move the future.