The future of the internet with Blockchain

The internet we have today is neither the internet we will have in the future nor the internet we have designed for what we currently expect it to do. About 40 years ago the internet was created as a communication device and has a result it has some fundamentals weaknesses.

First of all, it was not built for security. The design decision of TCP/IP protocol were made when computer hardware was significantly more expensive than it is today. Everything was built on performance, not on security.

The internet was not built for providing digital identity. To access an online service, we identify ourselves through our name, or email, or Facebook account and we authenticate with our password. But today identity theft is one of the main cause of fraud.

It is controlled by a relatively small number of very large networks and players and we are beginning to see the potential unraveling of some of the expectations that were there when the internet was launched. Facebook and Google now have direct influence over nearly 75% of all the network traffic, thanks to the vast number of Apps and services they own.

As the internet was designed to be a communication platform, today we see these weaknesses are becoming extremely threatening as everyday we read news about cybersecurity issues, hacks and breakdowns, digital identity frauds.

These things mean that it is time to figure out what the next internet will be in the next 40 years. If we were to design it today, we would design it with these lessons in mind.

The blockchain technology is today the best way to address the fundamental weaknesses in the internet. By providing models for open protocols, communication, scalability, decentralized governance and payment models, blockchain can significantly change the way the Internet is today. If we have to start building the future of the web, blockchain could offer the tools to overcome the major disadvantages of the internet today.

While the current state of the blockchain looks very promising, it is also true that the current technology is not yet very mature. Most of the applications that we have seen so far are focused on a specific industry (usually finance or gaming). When the discussion about scalability, interoperability and governance will be clarified, blockchain would be ready to unveil its full potential.

The future of the internet with Blockchain was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.