The blockchain industry has grown exponentially over the past few years, but most of the growth has been on the cryptocurrency and digital asset front.
However, there have been a few key innovations in the technology side of blockchain. The launch of bitcoin was a significant milestone for the industry in 2008 when Satoshi Nakamoto released the first-ever white paper behind the cryptocurrency. Arguably, almost as significant, was the mainstream introduction of smart contracts along with the emergence of Ethereum.
These two protocols have allowed for a much better understanding of the capabilities of this technology. Various firms have experimented with bitcoin and used Ethereum to prove a use-case in their industry.
These range from improving efficiencies in supply chains, trading, and settlement of financial instruments, storing/retrieving electronic health records to managing cybersecurity in top-secret government programs & other areas of defence.
Despite all the hype, the industry lacks a product that would be widely accepted as a commercially viable and practical solution that would lead to the mass adoption of blockchain technology. Most blockchain protocols have scalability issues that would prevent and discourage the use of this technology.
However, due to the immense potential implications of the technology in businesses and everyday life, several companies are working to create new solutions that would help reduce the enormous power consumption problem prevalent in the most popular blockchain protocols in the market.
Red Skies aims to deliver this solution to businesses through a new lean architecture and highly secure consensus mechanism, which enables deployment of blockchain at a fraction of the cost of first-generation blockchains like Bitcoin and Ethereum.
Moore’s law & the case for blockchain
Moore’s Law made famous by Intel co-founder Gordon Moore, who observed that transistors were shrinking at a speed which allowed twice as many to fit onto a chip every year, and then later, he adjusted the pace to doubling every two years. This Law has been proven correct and continues to be an important topic in the technology sector as it has vast implications for businesses. Blockchain is expected to grow and mature exponentially as technological advancements in supporting technologies pave the way for adoption.
The internet allowed for this to happen by creating an environment where information could flow freely. This promoted collaboration, innovation and ultimately stimulated progress on all fronts. Some of the most prominent and powerful examples of the effects of the internet on businesses are made visible through the growth of e-commerce and online stores.
Blockchain and DLT technologies show the same promising signs as the early days of the internet and adoption will be driven by technological innovations, maturity and growth of the blockchain ecosystem.
Blockchain technology could enable businesses to finally adapt to the digital age by providing an open, decentralized, secure and collaborative environment where the flow of information and value is uninhibited by the institutional, governmental and social systems of today.
Add the ability to automate specific processes through the implementation of smart contracts and we have a much more compelling argument for the usefulness of this technology when added to the current capabilities of the internet.
A brief explanation of web 3.0
The new web 3.0 stack is a model representation of the current web 2.0 stack after integrating new technologies such as artificial intelligence, internet-of-things, natural language processing, computer vision and blockchain.
It demonstrates how businesses and individuals can interact with each other, once enhanced by meaningful intelligence and data, based on current and historical trends and observations. Machine learning, artificial intelligence and blockchain are considered enabling technologies that can help businesses and individuals have more meaningful yet controlled interactions through the web. They achieve this through automation of recurring and contractual parts of interactions while preserving privacy, security and anonymity. Logic-based artificial intelligence like robo-advisers has started to grow both in sophistication and popularity.
or businesses, this means that processes that currently require auditing and intermediaries can be automated, shared and worked upon by multiple parties, this allows for greater efficiency through the entire value chain. See the illustration below for the capabilities of web 3.0.
IoT enables businesses to sense through connected sensors, AI, ML and NLP enable the ability to process and analyse data, while blockchain and smart contracts can allow digital entities to remember and respond to changes in the environment. These technologies put together can help businesses transform and adapt to today’s rapidly evolving marketplace.