#83 Web3 and the new data economy
The Internet has been in mass use for almost 30 years and current techonologies and architectures are still strongly and almost invariably based on the concept of centralized storing and managing data on a server and sending or retrieving it to the clients. Every time we interact over the Internet, copies of our data are sent to the service provider’s servers and clients. Each time we lose control of our data.
More and more devices are connected to the Internet, such as cars, televisions, refrigerators, watches and mobile phones. In the current model, data is stored e.g. on memory cards, hard drives or in the cloud. All in all, we cannot trust how our data is managed and where or how it is used. There can be hundreds of complete copies of our data. This problem does not only concern personal data and privacy, but also creates inefficiencies, e.g. data and document processing and in various functions such as the supply chain of goods and services.
Ten years after the massive proliferation of the Internet and the Web (Web1), around the mid-2000s, the Internet became more programmable and mature. It can be called the rise of Web2, which brought us e.g. social media (ie. Facebook and Youtube), cloud data platforms (i.e. Microsoft Azure, AWS and Snowflake) and and application store and eCommerce platforms. People and producers of goods and services and consumers came close to each other.
Blockchain redefines the way data is stored and managed. It provides a unique way to collectively manage data, and thus a large-scale distributed solution, for the first time on the Internet.
Decentralization and distributed peer-to-peer (P2P) technologies in particular, and in particular the blockchain and cryptocurrencies, would seem to be the driving force behind the next generation Internet, the so-called Web3.
Blockchain redefines the way data is stored and managed. It provides a unique way to collectively manage data, and thus a large-scale distributed solution, for the first time on the Internet. It allows us to send and manage data in a copy-protected and secured manner or enter into intelligent smart contract, without centralized intermediaries and platforms.
As we know, the spread of the blockchain began with the birth of Bitcoin. We have just seen only the first steps in terms of blockchains and token economy in generally. Blockchains enable the current Internet-based management layer, which allows network users to resolve contracts and share data reliably, secured and with better data democracy.
Data platform and marketplace vendors particular now need to turn their eyes to the decentralized models and web3 and token data economy. This is not nonsense and hyping, data marketplaces are already moving to a model based on distributed and blockchain technology, an excellent example of which is the Ocean protocol.