Why Blockchain will be a key factor for the Web

One the main concepts when dealing with human relations is accord and consensus. This will be the subject of a tech related post such as this one. We will talk about the Blockchain protocol.

Blockchain is a hyped word on the internet and that’s why when we talk about it, we often identify the term with Bitcoin, money and payment methods.

But Blockchain is much more than that. It allows us to transfer value between people and let us saying that a payment has been made: I can certainly say that I received something of value from you, you can say you made up your debt.

No one can doubt a correct relation of give and take has occurred. But how can we do that? The first thing we should consider is the concept of trust, everyone gives a certain value to a Bitcoin or Ripple, and agree to exchange it against something that can be valuable for the counterpart in particular, for both, for the market in general.

If something is valuable for everyone, it could also be for me, unless there is a decrease of optimism and confidence in it. There must be the certainty that that thing will hold a certain value for the future, and can be exchanged for something else of the same price in terms of what? Value of course!

What we value.

But what is that we value the most on life? It could be anything, from finance, assets, products and their distribution and tracing (supply chain), identity verification, politics and governance.

There must be a common purpose and intent, we have to realize our dreams as a people and as humanity. To do that we have to make sure that everyone is making his stake. Everyone should be contributing to make our project better and richer.

We have to certify that everyone does that, a ledger or some paper that certifies our effort and good will. In this field Blockchain comes into play with algorithms and cryptography. We need a mechanism that forces everyone to play it right.

Some kind of safe, some wallet, some means of information and communication. Yes because, this time, in the era of read and write (interactive) Web, it’s all decentralized and peer-to-peer. In a ledger such as a Blockchain every transaction is registered in something like a distributed database. A database which everyone has access to.

Benefits for the economy, benefits for human kind

What are the advantages for such a democratic institution which is hard to break with computational power, or finding bugs in the codebase?

Privacy, fairness, speed of transactions, cost effectiveness, scalability. Everyone will be able to pay car insurance one mile at the time, watch and pay for a movie not only on demand, but a kilobyte at the time.

If you are an Italian reader, it will be worthwhile to take a look at this book from Gianluca Chiap and his mates of abitcompany. I read that to write this article. It is absolutely not a paid endorsement. It’s on the other hand a simple recognition of a great job who did these guys.

Do take a look. For the other readers, please suggest some English source or book in the comments here below.

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