Is blockchain really comparable to “the new internet”?

internet

Admir Tulic, Crypto Enthusiast and Investor answers this question brilliantly on Quora:

“Blockchain” is a big buzzword these days and with good reason. It has the potential to drastically change how the internet is structured and how we communicate and do business. This one to me looks particularly promising. I highly suggest reading the white paper if you have any interest in decentralized internet.

The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto.

“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”


The invention of Blockchain technology underlying bitcoin and ethereum has created a new type of internet and with it, a new web stack.

Like the early internet companies, blockchain assets and token based networks are (1) creating entirely new business models, (2) enabling new applications, (3) dis-intermediating current service providers and (4) lowering the cost of existing products and services.

Blockchain technology makes a database immutable. That’s it’s innovation. And when you have an immutable database, you get cool emergent features, such as the Bitcoin currency. Or another killer app that runs on blockchain technology would be the Ethereum Virtual Machine (EVM).

Currency is only the beginning of Blockchain technology innovation. There will be layers and layers of applications built on top of blockchain, so YES, I would say it is as huge and disruptive as Internet was back in the day.

 

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