Blockchain technology is being deemed as the next ‘big thing’ after the internet hit the main circuit. There are many startups that are developing blockchain applications well-funded by venture capitalists and they will surely go public in the days to come. Major ventures in blockchain will lead to acquisitions and merger activity almost similar to the activities that happened when tech companies cropped up in the early 2000s and mid-1990s.
The current period is heady similar to the way it was when the internet was introduced. The current embryonic blockchain environment matches the excitement and anticipation that followed the launch of the internet, then in its initial stage. One of the reasons why the prediction about blockchain being the next big thing might come true is because along with this new technology, a radically different World Wide Web will also come to the fore. This new web will be accompanied by lots of twists and turns and thus will make a major impact on the finance and investments markets.
Essentially, blockchain technology is for the masses and also for the individuals. The technology bestows a power to communicate, execute transactions directly and store records either to an individual or an individual company that uses it. This is a major difference between internet and blockchain as the latter challenges the monopoly of middleman companies that have influenced the internet for earning tremendous profits, reported MD Magazine.
The domination of Google, Microsoft, Facebook, Twitter, Apple, eBay, Amazon, and Uber on the internet is quite evident. Berners-Lee who was behind the original coding of the internet is highly disappointed with this abuse or use of the internet and hence is coming up with a solid platform to create a web that works on democratic values. According to The Telegraph, currently, blockchain technology is at a stage where the internet was in 1994. It was the year when Café Cyberia, the first internet café in the world was opened in London’s Whitfield Street ultimately leading to mass-scale adoption.
The rise of blockchain technology will challenge the dominance of corporate internet behemoths and will return the power and authority to the individuals. With Berners-Lee trying to develop Web 3.0 the goal of decentralization is not very far and blockchain may eventually take over the original web by offering internet applications with viable alternatives to those that are available currently on a centralized platform.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]