What bosses need to know about blockchain

If you work in a decision-making position, in any sector close to new technologies or even finance, you have surely heard of terms like DeFi, blockchain, smart contract, etc. Since blockchain technology has allowed the emergence of cryptocurrencies or even NFTs, the digital world is starting a new revolution. This is called Web 3.0. This revolution is hotly debated among today’s business leaders, digital engineers, investors, and more. After reading this article, you will have some insights that will allow you to better understand this universe and consider a new approach for your business or your investments…

Is blockchain the future of the Internet and digital?

In the early days of the Internet, it would have been difficult to conceive of the current model of online shopping marketplaces, social networks, etc. And therefore, it is even more difficult to imagine the future of the Internet and the blockchain? Will this technology revolutionize our digital world and materialize the advent of Web 3.0? This is a question with an impossible answer. Of course, we can only guess. Some believe blockchain is the future of our society. That it will revolutionize the way we interact or consume. Others think it’s just a fad. But, even temporary, it is certain of one thing, it is a technology with which it is necessary to work today. It is much more advantageous to board the ship as long as it is still docked.

Some blockchain basics

There is one thing that is certain. The earlier business leaders and executives become familiar with blockchain technology, the more they can participate in shaping tomorrow’s society with Web 3.0. It is all the more important to get involved in it right from the start, since you can become a major player in a future economy. The first basis of the blockchain is decentralization. Thus, it is the reverse of the current financial sector. When you want to conduct a financial transaction, whether between individuals, businesses or both, you do so using an intermediary, in most cases a bank. Blockchain eliminates the need for a third party as an intermediary to ensure trust through its consensus mechanisms. Ethereum, for example, revolutionized the blockchain ecosystem with the introduction of smart contracts (the famous smart contracts), contracts written in code that automatically execute once all parties agree to them.

The advantage of blockchain: transparency and security

Through the use of smart contracts and tokens, like bitcoin (BTC) to incentivize users, a blockchain creates a decentralized network. This operates on a number of nodes that can belong to any individual. Blockchain stores collections of information in blocks. Each block with transactional information references to the previously populated block, creating a chain of data blocks. This constitutes a record of transactions and information that is immutable, ensuring transparency and security.

Blockchain in the Web 3.0 world

What are the practical implications of blockchain? Many tech experts consider it the foundation of Web 3.0, the next evolution of the Internet. While Web 2.0, the Internet we know today, includes interactive platforms owned by companies such as Google and Meta, technology leaders envision Web 3.0 as a decentralized version of the Internet. A version where users can exchange information or other units of value without the need for companies as intermediaries.

Blockchain can therefore have real potential for the entrepreneurs and leaders of tomorrow. Its real added value is that it allows everyone to free themselves from the classic and traditional codes of today’s society. A freer and more independent Internet, for many business leaders or investors who will be able to do without intermediaries. In a world constantly changed by different technologies, the transition to Web 3.0 is a real step forward for companies. With an ever-new approach to our ways of consuming, relating and serving, made possible by the evolution of digital technologies, a transition to Web 3.0 seems inevitable.

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Gregory Morat avatar

Gregory Morat

Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.

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