Blockchain technologies are still receiving a lot of attention. Looking back it was really an untamed journey on the crypto rollercoaster. Altcoins experienced huge growth, as well as attention, says Gaurav Mohindra. Part of this can be attributed to Bitcoin’s wild journey of all-time highs, massive investor speculation, followed by enormous amendments. In fact, Bitcoin has already surged in early 2019 is trading over $5000 for the first time in 2019.
Despite the practical use cases of Bitcoin, one of its most beneficial attributes was introducing crypto-currency and Blockchain to the world. Whether or not one understood its utility, it most certainly attracted investment dollars and general attention.
Web 3.0 – The New Internet
Cryptocurrencies exist on Blockchain and some consider it a new form of Internet. Actually, the Blockchain technology will power Web 3.0 which some people refer to as the new Internet. For most the people this is an unfamiliar term. Here’s some particulars:
There are many definitions of Web 3.0. PC Mag calls it connective intelligence. Connective intelligence refers to the next generation of data, applications, and concepts where a trusted dealer like a bank or tech corporation in the center is not required to ensure solitude and most importantly security.
Digital currency is one highly discussed use case for Blockchain technology, but there are many applications where it can be equally powerful. Gaurav Mohindra has identified these industries most likely to be impacted by Blockchain:
- Healthcare (Medical Records)
- Real estate/Automobile transfers (Title Transfer)
- Politics/Government (Voting)
- Education (Transcripts, records and diplomas)
Until now, the focus has been mainly on cryptocurrencies, but soon, the platform and efficacy tokens will become the spotlight. Both of these components are essential as they help describe the next invention of the Internet.
The leading Blockchain podium is going to be the major building block for the latest Internet and as the present battle goes, Ethereum is winning. Ethereum is an open-source blockchain-based platform and OS having a scripting functionality. A token, referred to as Ether, is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a versatile applicability that will be attractive to a many industries.
Wrapping Up
As above said, it is going to be a very interesting year. Decentralized apps will continue to flood into the market says Gaurav Mohindra. And we all can see the platform for the internet of the upcoming solidifies itself within the market. There are numerous industries that can be positively impacted by Blockchain. The healthcare industry, often an early technology adopter, can leverage blockchain for medical record management. Similarly, real estate and automobile transactions can benefit from transferring title through a secure unique modality.
Look out for value creating enterprises who innovatively build out effective solutions.
