What is Blockchain & Web3.0?
Technology is developing rapidly and new technologies are emerging for very different needs. In particular, unlimited data input and the rapid rise of artificial intelligence bring many solutions with them. Among the most curious technologies recently are blockchain and web 3.0.
Blockchain can be defined as an unbreakable, transparent, distributed digital record chain. It stands out as the most valuable chain architecture in the internet environment. In this chain system, each block defines the previous block as a reference thanks to the Hash function. In this way, a seamless chain system emerges. Thus, the term blockchain, also known as block chain, emerges. On this system, there is a web-based process where new records can always be added. With this system, you can get the opportunity to create cryptocurrency, financial records or contracts.
Web 3.0 can be described as an artificial intelligence-based web. In this technology, content control is removed from human control and enters into the control of artificial intelligence. In this system, software produces content specific to the user and a semantic web experience emerges. Although web 3.0 is not fully used right now, we are at the end of the web 2.0 system and in the transition process to the web 3.0 system.
What is Blockchain?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system.
It is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block on the chain contains a number of transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to each participant's ledger. A decentralized database managed by multiple participants is known as Distributed Ledger Technology.
Blockchain is a type of distributed ledger technology where transactions are recorded with an immutable cryptographic signature called a hash. If a block on a chain is changed, it can be immediately noticed. If hackers wanted to break a blockchain system, they would have to change every block on the chain in all distributed versions of the chain. Blockchains like Bitcoin and Ethereum are constantly growing as blocks are added to the chain, which makes the ledger more reliable.
How Does Blockchain Work?
Each time a transaction occurs, it is recorded as a block of data. These transactions show the movement of an asset, which can be tangible (a product) or intangible (intellectual). The data block can record the information you choose. It is possible to track many details such as who, what, when, where, how much, and even the instant status of a food shipment.
Each block connects to those before and after it. These blocks create a data chain as an asset moves from one place to another or ownership changes hands. Blocks confirm the exact time and order of transactions. Additionally, blocks are securely connected to each other to prevent any block from being changed or a block from being placed between two existing blocks.
Transactions are blocked together in an irreversible chain. Each additional block strengthens the verification of the previous block and therefore the entire blockchain. This makes the blockchain significantly immune to hacking. In this way, it eliminates the possibility of a malicious person entering the system. It also creates a ledger of transactions that you and other network members can trust.
What are the Advantages of Blockchain?
The blockchain system is a technology used by many businesses and commercial structures in recent years. It is preferred more and more every day thanks to its many advantages and functionalities.
Blockchain advantages can be listed as follows;
With Blockchain, as a member of a members-only network, you can get accurate and timely data. Also, your private blockchain records are only shared with network members you have given private access to. This provides more trust in the system.
Consensus on data accuracy is required from all network members. All verified transactions are permanently recorded and cannot be changed again. No one, not even a system administrator, can delete a transaction. For this reason, security measures are at the highest level.
Thanks to a distributed ledger shared among a network's members, time-consuming record reconciliations are eliminated. To speed up transactions, a set of rules called a smart contract can be stored on the blockchain and automatically executed. In this way, work efficiency and unnecessary workload are eliminated.
What is Web 3.0 (Web3)?
Web 3.0 (Web3) is the third generation of the evolution of web technologies. The web, also known as the World Wide Web, is the underlying layer that provides website and application services and reveals how the internet is used.
Web 3.0 is still evolving and being defined. Therefore, there is no universally accepted definition. However, it is a known fact that Web 3.0 will place a strong emphasis on decentralized applications and that blockchain-based technologies will be used extensively. Web 3.0 will also leverage artificial intelligence to help power smarter and more adaptable applications.
How Does Web 3.0 Work?
With Web 1.0 and Web 2.0 technologies, the HTML language defines the layout of web pages. HTML will continue to be a core layer with Web 3.0. However, how it connects to data sources and where those data sources are located may be slightly different from previous generations of the web.
Many websites and almost all applications in the Web 2.0 era use some kind of centralized database to present data and help enable functionality. With Web 3.0, instead of a centralized database, applications and services leverage a decentralized blockchain. The basic idea with Blockchain is a distributed consensus system instead of an arbitrary central authority.
A management ideal emerging within the Blockchain and Web 3.0 community is the concept of a decentralized autonomous organization. Instead of a centralized authority managing the operations of a platform, Web 3.0 technologies and communities with a decentralized autonomous structure achieve self-management that has been tried with a decentralized approach.
What are the Advantages of Web 3.0?
- There is Distributed Management: Unlike the first two generations of the web, where management and applications were largely centralized, Web 3.0 will have a decentralized structure. Applications and services will be used in a distributed approach where there is no central authority.
- It is Blockchain-Based: Blockchain is the system that enables the creation of decentralized applications and services. With Blockchain, data and connectivity between services are distributed in a different approach than a centralized database infrastructure. Blockchain can also provide an immutable ledger of transactions and activities. It can also help provide verifiable authenticity in a decentralized world.
- Cryptocurrency is Used: The use of cryptocurrency is an important feature of Web 3.0 services.
- AI-Powered: In general, more automation is an important feature of Web 3.0, and this automation is largely powered by artificial intelligence.
The concepts of Blockchain and Web 3.0 are intertwined. Those who want a more independent management system instead of a limited service usage in a central management prefer web 3.0 technology. This system also eliminates all negativities by using the blockchain system for security.
