The internet has transformed the way we consume content, with a significant portion of it being user-generated. However, control over this content is concentrated in the hands of a few large corporations. The rise of Web3 aims to address this problem by utilizing a fast, cheap, and scalable blockchain to give control back to content creators.
User-generated content not only includes social media posts but also private data records that we often input into website databases. This includes insurance claims, change-of-address applications, KYC applications, vehicle registrations, online shopping records, and more. It also extends to records created in the workplace, as companies increasingly rely on cloud-hosted services for HR, management, invoicing, and other everyday functions.
Dr. Alessio Pagani, the Director of Research at nChain, presented his talk on blockchain as part of the Web3 Revolution at the 8th International Conference on Cloud Computing and Internet of Things (CCIOT) in Japan. The conference focused on IoT and Cloud Computing, and Dr. Pagani was invited to introduce blockchain concepts to an audience that may not be familiar with them.
The Web3 Revolution aims to decentralize information and make content available to anyone online, while organizing and storing it using peer-to-peer (P2P) technologies. Blockchain, especially when integrated with IPv6 features, is the best solution for organizing data in this manner. Any addition or alteration to an online record is timestamped and verifiable through blockchain transactions.
Blockchain can also enable selective disclosure of data, allowing owners to control who has access to what information. Zero-knowledge proofs ensure the integrity of records without revealing their contents. Additionally, blockchain can handle verifiable digital identity records for humans and devices, all while facilitating financial transactions and automating manual processes.
However, for a more private and secure internet to exist, it requires a blockchain network that is fast, cheap to use, and capable of handling global data loads. The BSV blockchain, based on Satoshi Nakamoto’s original Bitcoin protocol, is the only network that has proven to provide these features. It has maintained privacy and security while processing an ever-increasing amount of data, thanks to its use of the Proof-of-Work technique.
The Web3 Revolution is an essential step towards empowering content creators and decentralizing control over online content. By leveraging the capabilities of blockchain technology, we can create a more user-centric internet that prioritizes confidentiality, integrity, and availability. The BSV blockchain serves as a foundational infrastructure for this revolution, providing the necessary speed, scalability, and security.