Blockchain Technology Aims To Expand

the Role OfDigital Transactions On The Internet

Despite the transformative impact the internet has had on society, a
significant portion of economic transactions continues to rely on centralized
intermediaries, often dictating the terms of trade. These intermediaries
encompass entities such as banks, insurance companies, and various
economic agents that facilitate transactions between service providers and
end users. However, their involvement comes at a price and raises
noteworthy concerns.

Firstly, the presence of intermediaries can grant them substantial market
power, which may potentially be exploited to the detriment of participants.
Secondly, there exists the risk of a lack of enduring commitment and the
emergence of conflicts of interest within these intermediaries. Lastly, the
majority of existing intermediaries operate on proprietary platforms,
imposing barriers to interoperability and thereby creating isolated “walled
gardens.” An illustrative example of this is Apple’s stringent control over the
installation of mobile phone applications on its operating system.

Enter blockchain technology, a relatively recent innovation that holds the
promise of mitigating these structural issues. In essence, a blockchain
serves as a ledger where transactions are meticulously organized and
recorded, mirroring the function of an accounting ledger. The applications
of blockchain technology are multifaceted, spanning various domains.

While the number of blockchain initiatives has steadily grown over the past
decade, the bulk of transactional activity remains concentrated in the
largest blockchain networks, such as Bitcoin and Ethereum, albeit with
some recent fluctuations.

In a matter of a few years, blockchain technology has evolved from its
origins in Bitcoin to usher in a new economic paradigm known as Web 3.0.
Within this framework, decentralized applications leverage smart contracts,
enabling users to securely and anonymously engage with one another and
exchange value, all without relying on a centralized intermediary platform.

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