- The meaning of Blockchain and the misconception surrounding it
- Web3 and how it can change resign the internet
- Blockchain and the hype surrounding it. Is blockchain worth implementing
Web3. Digital currency. Tokens that are not fungible. Those are the words that many people associate with the term blockchain.
These are the areas where this nascent technology has gained the most traction in recent years, but blockchain as a technical concept may be utilized in a variety of ways, and it has applications in the workplace, particularly in supply chain management.
VP, and Principal Analyst of Forrester’s, Martha Bennet explained that there are two types or versions of Blockchains known as the permissioned and the permissionless, otherwise known as the public Blockchain. When individuals discuss enterprise blockchains, they are referring to permissioned blockchains.
Bennett believes it is a common misperception that blockchains are inherently more secure. she further explained that Blockchain will only preserve the data that has been fed to it. If any of the data is contaminated, then all the goods associated with the data will be considered tampered, she added.
Web3 and its growing Dominance
Aside from supply chain, one of the most commonly mentioned blockchain use cases is Web3, which is a redesign of the internet that would make it decentralized and blockchain-based.
The Web3 Foundation is a non-profit organization that is leading this endeavor. Its ambitions for Web3 are an internet where:
Users own their data.
Digital transactions are safe.
Decentralized information and value exchanges occur online.
Gartner, another analyst organization, thinks that Web3 will not exceed Web 2.0 (the present web) before the end of the decade.
“Web3 innovations will take the internet into new realms and give rise to applications that were not previously possible,” said Avivah Litan, distinguished vice president analyst at Gartner. “However, Web 2.0 continues to have advantages in terms of scale, customer service, and customer protection.” Potential Web3 dangers include a lack of customer safeguards, new security threats, and a return to centralized authority, therefore businesses should strengthen governance and risk management before replacing Web 2.0 services.”
Are blockchain and Web3 overhyped?
Stack Overflow recently ran a survey to determine whether new technologies survived the hype cycle, as defined by Gartner. Many new technologies can generate excitement in the industry, but not all will be widely adopted.
They rated technology from experimental to proven, and from positive to negative impact.
Blockchain technology scored 4.8 out of 10 on a scale of zero (experimental) to ten (proven). It scored a score of 5.3 on a scale of 0 (negative impact) to 10 (positive impact).
Another Foundry survey echoes these beliefs. It was discovered that close to 51% of people have shown no interest whatsoever in implementing Blockchain technology in their organization.
Interest has not increased in comparison to past years when the study was performed. In 2020, 39% of respondents claimed they were exploring the technology, which had declined to 34% by 2021. Only 25% of respondents in this year’s survey were exploring it.
One of the most serious criticisms leveled at blockchain technology is its negative influence on the environment. People were using their computers to the limit, especially during the Bitcoin mining mania, which drove up their electricity bills. The mining revenues may have covered the increased power cost, but what about the mining’s environmental impact? If Blockchain can find a safe way around the environment impact issue, it can create a lot of help going forward. Even if it may not be 100% secure right now but it’ll eventually find its way.