Blockchain Momentum - Part 1 of 2

, Yoshinori Oe, Blockchain

Overview

    A blockchain provides an immutable record of transactions performed across a network without the need to rely on an intermediary, such as a central bank.     It is a concept that brings together economics and digital technologies in a way that was never before conceived. Blockchain enables not just new means by which to deliver financial services and support cryptocurrencies, but can also reshape and redefine government, legal services, accounting, insurance, supply chains, and energy distribution.

(Source : World Economic Forum)

Historical Diagram to a blockchain technology

    A long time ago people used to exchange goods by hand, then people used to exchange valuable coins like gold, after that people started to exchange fiat currency.
Nowadays people have started exchanging cryptocurrency and it is most likely that in the near future people will be exchanging individual credit by blockchain technology.

Diagram

blockchain diagram

(More Explanation)

blockchain diagram explanation

Three main characteristics with one technical point of view

  1. Decentralization
  2. Trustless
  3. P2P Digital Value Exchange
  4. (Blockchain is the distributed NoSQL Database that is “Create” and “Read” only in CRUD)

Three main Disadvantages

  1. Slow Transaction Speed
  2. No organization that reflect the law
  3. Quantum Computer Breaking

There are two persons who have presented about Blockchain and WEB basic concepts.
*with multi-language subtitles (about 30 mins.)

Blockchain Concept

don ted talk

How the blockchain is changing money and business - Don Tapscott on June, 2016
(Source : TED Conferences, LLC.)

Don Tapscott is the chairman of Blockchain Research Institute.

Key Phrases

  • “Internet of Information” to “Internet of Value”
  • Digital Asset by Trust Protocol
  • Global Distributed Ledger

Definitions of each generation

  • Blockchain 1.0 : Currency
  • Blockchain 2.0 : FinTech (Smart Contract)
  • Blockchain 3.0 : DApps

WEB Concept

tim ted talk

The next Web of open, linked data - Tim Berners-Lee on February, 2009
(Source : TED Conferences, LLC.)

Tim Berners-Lee is the director of W3C.

Key Phrases

  • Data (Raw Data) is very important
  • Wikipedia and DBpedia
  • Linked Data is that people produce a little bit data and connecting it together

Definitions of each generation

  • WEB 1.0 : Static Web which Focused on Company
  • WEB 2.0 : Read-Write Web which Focused on Community
  • WEB 3.0 : Semantic Web which Focused on Individuals
  • WEB 4.0 : Mobile Web which Focused on Things
  • WEB 5.0 : Open Emotional Web which Focused on Activity (Contribution)

(Source : Flat World Business)

Now we can recognize that the concept of WEB5.0 can be realized by Blockchain technology,
but we are on the way of WEB2.0 without using blockchain technology mainly.

How big momentum the blockchain technology is

    A lot of organizations and governments are discussing and utilizing blockchain technology

blockchain momentum

  • World Economic Forum : The organization to improve the state of the world
  • e-Estonia : The country which constructs the government system by Blockchain technology
  • Epicenter : The Podcast which provided about over 200 episodes including Vitalik Buterin who is co-founder of Ethereum
  • W3C Discussion : Some university professors and some companies’ experts have discussed about Blockchain technology in MIT
  • BINANCE : Cryptocurrency exchange company which is growing faster than Google and Facebook
  • CERN : The organization discuss utilization of blockchain in quantum computing

(To be continued to explain blockchain history, technical aspect, and problem in detail)