Many of us accept the freedom that the Internet gives us. However, this is not the case in most parts of the world, even in many countries where we consider privacy and freedom of the Internet to be the norm. Indeed, according to Freedom House, “state intervention in the global digital field has contributed to the 11th consecutive year of the global decline of Internet freedom.” According to the report, global rules have shifted to state intervention in the digital field, with forty-eight of the seventy governments studying steps to further regulate the digital sector, often violating user privacy standards and even independent expression. Blockchain technology, in a properly regulated environment, can provide the solutions needed to ensure the future of the Internet, as well as positively affect users’ right to privacy and independence.
The Web 3.0 Revolution
The much talked about Web 3.0 revolution is inevitable. Made possible by blockchain, its decentralized nature will provide extraordinary freedom, privacy and innovation. This will further ensure that internet services and products serve people instead of big business. While some may not have heard of Web 3.0, its core concept is a new decentralized iteration of the World Wide Web based on blockchain technology.
Data is an essential part of how values are stored and removed on the Internet. In its current state, the Internet সংগ্রহ and the collection of users’ trackable digital activity — an indispensable product that allows companies to monetize users, users themselves never benefit financially. The problem is that data is difficult to commercialize on an individual basis but can be quite valuable in bulk. Hundreds of businesses have realized this policy and made billions of dollars selling consumer data.
With the advent of Web 3.0, we are moving closer to an Internet age where the primary focus is on ensuring user privacy and security. Decentralized information and data are at the heart of this new Internet paradigm. This movement is being driven by a revolution in the way we, collectively, understand and evaluate the Internet, and it is being facilitated by blockchain technology.
A blockchain foundation
The essence of blockchain technology is the ability to own and access information across a wide range of entities rather than centralizing intermediaries. Distributed governance allows us to ensure that individuals own their data and no one else. It also facilitates the emergence of new leadership structures that allow collaboration between broad actors without the need for centralized leadership, distributing ownership among its creators and users.
For those unfamiliar, the beauty of blockchain is the foundation of a transparent and unchanging system. Described as a variety of digital lasers, it facilitates transactions distributed across a complete network of computer systems and servers in the blockchain. Each block records transaction information, with which the corresponding transaction is added to the participant’s ledger. Multiple participant management, unchanging cryptographic signatures, and decentralized organization make the database unique.
Based on the inclusion of blockchain technology in Web 3.0 operations, it will create a new world wide web of decentralized, untrustworthy (Web 3.0 expels moderators), and unauthorized (anyone can join and never be banned) realities. It has become more complex in a world where authoritarian governments seek to prevent human rights activists and dissidents from accessing the web. The future of blockchain and web 3.0.
Another positive contribution of blockchain technology to the Internet of the future is how it facilitates digital ownership. Believe it or not, while a significant portion of the Internet is built on user-generated content, those who create content like social media posts do not own any of it. For example, YouTube says it can delete an account if it is not “commercially viable.” In the case of games played on Web 2.0, game makers can freely cancel purchases of in-game items linked to the account. Similarly, if someone decides to stop playing the game, the value of the in-game items is naturally completely lost.
Web 3.0 will allow direct ownership of digital resources. To show proof and validity, users can create a digital version with a unique ID and a digital certificate of authenticity. It allows artists to receive invoices and submit digital works to collectors while complying with the law. No one, including game designers, has the power to take away ownership. In addition, if someone chooses to quit the game, they can sell or trade in-game acquisitions in open free marketplaces to recover their value.
The importance of blockchain
None of these significant changes would be possible without the blockchain, as its unique features cannot be replaced by any of the alternatives available in today’s market. There is a reason why governments around the world are using blockchain to improve existing processes. Of course, in addition to the potential for blockchain to facilitate the safe and secure exchange of data between users, its unique features create a sense of trust between groups that other technologies have not been able to create.
In terms of trust, the real value of blockchain lies in the advantages of decentralization and transparency and immutability. Moreover, it can save us all money by eliminating blockchain intermediaries, creating efficient workflow processes in how transactions are handled.
Smartly control and hug
In the last two decades, we know the Internet has revolutionized everything in the world, including financial markets, culture and politics. Thanks to the tools available to developers through blockchain, the Web 3.0 revolution is closer than we could have imagined. Hundreds of apps are currently being created with the help of blockchain technology, which creates the necessary infrastructure for a more equitable Internet and allows people to gain and enjoy their own digital activities to the fullest. For the continued development of the blockchain, Western decision makers should be urged to adopt smart regulations and facilitate the inclusion of this game-changer in the daily life of their citizens.
Elif Nisa Polat is an economist at the World Bank, where he focuses on finance, competition and innovation in developing countries. His focus is advising corporations and government agencies on blockchain and other emerging technologies. Elif has completed his master’s degree in international relations at Leiden University and his second master’s degree in international relations and economics from Johns Hopkins SAIS.
F. Bullduk An experienced finance professional and a tokenics expert, it provides consulting services to companies that are converting to Web3. Prior to his focus on Web 3, Efe was the Regional Head of Rested Energy in Eastern Europe and the Mediterranean. He holds an MSc degree in Energy Finance from Sciences Po Paris, as well as a Blockchain and Finance Certificate from MIT and Harvard Business School.