In South America, farmers are using blockchain technology to reduce instances of food fraud, and event ticket companies are using NFT tickets to improve the fan experience. increase.
As the decentralized ecosystem evolves, it is important to develop a set of practices that guide the development of blockchain applications, platforms and protocols.
With millions of blockchain users around the world, progressive frameworks can make a big difference in how countries leverage this new technology paradigm and drive innovation. I would like to talk about the challenges and opportunities of stepping into the Web 3.0 era.
The Protocol Offers Exciting Challenges and Opportunities
Unregulated use cases are wishful thinking, assuming that in a tightly interconnected world without borders, the potential of blockchain applications can be exploited without being exploited for money laundering.
This is why when the Indian government proposed a collective international approach at a World Economic Forum meeting, “the type of technology that blockchain involves is too large for a single country to address its challenges. Enough, we must have a similar mindset, ”the world noted.
The challenge is to actually apply them at the international level, given the different legal frameworks in each country. Forming a Blockchain Alliance for organizations and countries to work together to regulate blockchain applications would be a good step in this direction.
What are the main ecosystem goals for Web 3.0?
Unlike the two pre-internet eras, there is rarely an opportunity to collectively define goals for this new era. Web 3.0 era goals can be grouped into four broad categories:
- Ensure all users have access to secure information
Users should be able to safely use and move assets between exchanges, DeFi protocols, and NFT marketplaces. Many blockchain communities have solved this problem by using soul-based token applications to verify a user’s identity without revealing any personal information.
- Provide equal opportunities for all through fair competition
The blockchain ecosystem is built on openness by default. Blockchain protocols developed across countries, different organizations, and individuals can therefore potentially be made available to anyone looking to improve them through a global knowledge and code-sharing platform.
For example, Estonia could open source its blockchain “e-Residency” application to ensure a fair and secure vote for other countries to build and customize. This has proven to be a game changer for Estonians who can safely prove their nationality and identity from anywhere in the world.
- Protect privacy by preventing any form of surveillance of personal data
One of the biggest challenges of the Web 2.0 era is the misuse of personal data. A deeper global understanding that enables blockchain-based governance systems allows users to control their data and organizations to ensure trust.
- Promoting a strong foundation for the economy and governance
A globally accepted GAAP goes a long way in helping all stakeholders to be transparent about their financial health, the amount of legal collateral they have and the prevention of money laundering.
Blockchain offers the world a tremendous opportunity to bridge the gap between digital and real-world governance within and across national borders. A clear picture of the challenges, an understanding of the goals, and a consensus will help usher in the next era of the Internet.
As more and more users adopt blockchain technology, A new generation of creators, thinkers and innovators.
Written by Mzaalo (Xfinite) CEO
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