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In this episode of Web3TV, we’re with Kevin Chen, President of the Cloud Tech Group and we’re going to find out what is blockchain.
What is blockchain?
Kevin has been in the industry for a quite a while and has a strong belief in blockchain technology. If he had to sum it up in one sentence it would simply be that a blockchain is just an open ledger.
The difference between current internet technology to a blockchain is that all these ledgers that we use in our day-to-day life are closed. The information has to be authorized by people that the records are correct.
In the blockchain, everyone shares in access to one system which is available and transparent to all users. Everyone has a chance to be involved and have the authority to write information on a blockchain, and so it is an open ledger system,
How does the blockchain fit into Web3?
Without a blockchain, there’s no Web3. To understand this, it is important to first understand the difference between Web1, Web2 and Web3.
In Web1, the internet in its infancy enabled a website containing content on a particular topic to be read by someone who was interested in that topic.
Web2 extended communication between the website owner and user by allowing the user to comment and provide their thoughts on a topic. This has seen the rise in particular of social media sites. Hundreds of millions of users all around the world have created a social profile on sites such as Facebook, Twitter, Instagram and Tiktok, and in the process have shared a lot of personal data about themselves such as age, interests and online search behaviour.
The issue with this is that these companies then extract significant value from knowing this information about their users, benefit from all of the content being posted on their platforms without compensating the users.
Web3 is looking to solve these problems by bringing back power to the individual, allowing each person to own their data and choose who they want to share it with for whatever value they want to extract.
What is the link between blockchain technology, the Metaverse and Artificial Intelligence (AI)?
Blockchain technology becomes very interesting when you combine it with a duplicate reality which can provide an extension of the real world and also AI. It can be a very good experimental field for technology development.
For example, let’s say you want to test a nuclear plant in the real world, but there are lots of costs to build risks and environment hazards to navigate. However, in this vision of Web3, you can set up all the parameters using the metaverse as the real world and you could play out a worse case scenario, such as a nuclear explosion with no loss of life and a fraction of the cost. You can assess in the virtual world.
Then you can also take a look at what some of the bigger companies are doing with concepts such as the metaverse.
Facebook have changed their name to Meta. Their version for the metaverse they are going to build is an extension and mirror of real world, because people can create their own different personality, have a different appearance on the internet and to talk to their friends in person. So that’s from a social media company, that’s their prediction of metaverse.
On the another hand, you have IBM and HUA, hardware building companies right. They think the best use of the metaverse is to carry our experiments, their research and operations to save a lot of cost.
The third version is gaming companies who see the metaverse as a completely different world, so people can have a whole different experience and reality.
So why is blockchain technology important in the metaverse?
If big companies control the metaverse in the absence of blockchain technology, they can control what happens with little oversight or transparency. They can set up their own country with any sort of propaganda.
Blockchain technology is like border protection. It allows transparency of actions of everyone who is participating in the metaverse with heavily encrypted technology protecting user data and privacy.
How can blockchain improve individual sovereignty and freedom?
To understand how blockchain can improve individual sovereignty and freedom, Kevin discusses political science, explaining that this concept of nationality is relatively new. Before this concept of nationality, people could travel freely around the world and all types of people knew each other and it wasn;t strange. This started to change after the French Revolution.
The problem with national identity is people take sides, with many of the world’s issues caused by politicians trying to establish their own power. People need governance, they need law and order, but it is borders and nationality that are taking away from an individual’s sovereignty.
At its heart, blockchain technology is about removing these borders so people all around the world can transact and interact freely with each other.
It’s only the politicians that creates fears, someone’s goingnnava us so, but if we don’t have border, nor has border there’s nothing to evade all we need, is police force right, just to keep the law and order right and that in that jurisdiction?
How Does Blockchain Help Protect The Value Of Bitcoin?
Bitcoin ownership records are kept on blockchain and verified by a number of bitcoin mining computers around the world. Theoretically, if someone owner more than 50% of the bitcoin mining computers, they have the ability to change the ledger and transfer everyone’s bitcoin to their wallet.
However there is a reason no-one is trying to exploit the system like this. Why? Because once you invest that much money to have fifty one percent of the bitcoin miner and then you change the ledger, what happens is people will be like you can have it. What will then happen is that everyone else will look at the block prior to the manipulation and re-start from there.
Why do people need to know about blockchain right now?
People don’t need to know about blockchain, but if you’re not happy with your life and are seeking opportunities where you own your data, you own your identity, you want better returns from the money you put in the bank, you want to have better engagement with your favorite companies or are sick of doing meaningless tasks, you need to know about blockchain.
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