20 Jul The Evolution of the Internet: Value
The emergence of the internet decades ago facilitated the exchange of information. Quick access to text, audio, video, and images changed how we consume information and revolutionized traditional industries such as journalism, print media, broadcast media and more.
The IoT enables an even greater access to the IoI through smart, connected devices. Go ahead, say “Hey Google, what’s the weather?” or “Hey Google, give me directions to the nearest Starbucks” and you’ll have instant access to the information without even having to touch a device. Smart home security systems, smart thermostats, and smart smoke detectors can tell you what’s happening at your home and business while you’re on the beach in Costa Rica. And this is just the beginning of the IoT. See more in our last post.
And so we come to the IoV which is primarily being made possible by the power of blockchain technology. As Don Tapscott says in his interview with I-CIO “The underlying technology of blockchains might actually represent a second era of the internet. For the last 40 years we’ve had the internet of information; now, with blockchains, we’re getting the internet of value.”
Just what is the Internet of Value? According to Ripple “Our vision is for value to be exchanged as quickly as information.” and “The Internet of Value will enable the exchange of any asset that is of value to someone, including stocks, votes, frequent flyer points, securities, intellectual property, music, scientific discoveries, and more.” To summarize, the blockchain enables the transfer of anything of value from one party to another almost instantly and without the need for a powerful intermediary.
This exchange of value can bypass the traditional intermediaries such as lawyers, accountants, bankers, governments, and others thanks to the immutable and irrefutable nature of the blockchain. That is to say that the data contained on the blockchain cannot be changed once it is stored. Because the data cannot be changed or tampered with the information is irrefutable. In this way, blockchain enables trust in a trustless environment as described by Bettina Warburg, Co-Founder of Animal Ventures.
fusedlogic labs, a wholly owned subsidiary of fusedlogic inc. deals exclusively with blockchain applications and providing solutions across a wide variety of industries. If you would like to learn more and to find out how blockchain could make an impact in your business, contact us here!