Tipswalet. What is internet 2.0 and what is it like? – The sophistication of technology is currently one that is very helpful to humans. One of the most noticed is the internet. So far, most people only imagine that the internet is a link between one device to another. However, along with the development of technology, the internet has experienced a lot of progress, including Internet 2.0.
Not many people know, what is the internet 2.0. This is because most of these people are still not aware of the enormous potential of the internet. Most of them already feel enough just to be able to access facebook, twitter, Instagram, etc. In fact, the tremendous benefits can be achieved with this latest internet technology. What is meant by internet 2.0? Let’s look at the material details quoted from entrepreneur.com.
What Is Internet 2.0
If you type “internet 2.0” on the internet, then most of what appears is “web 2.0” is this the same thing? No, internet 2.0 is very different from web 2.0. Basically, web 2.0 is a website page referring to sites that involve more than one user, such as social media, youtube, etc. For more details, we have published articles about web 2.0 with the title: Meanings, Functions, and Lists of Web 2.0 To Build Backlinks.
Whereas internet 2.0, is a future technology that will help people in managing financial problems. Internet 2.0 itself is often associated with the term Blockchain which is a means to obtain, trade or transfer Bitcoin. In short, it will create intermediaries – any institution, company or government body that regulates transactions between two people or parties and stores their information – either obsolete or change it.
How does the Internet 2.0 Blockchain system work?
The Blockchain is basically an open-source ledger or database or database that records every transaction in one block, which is connected to another block. Think of it like a giant honeycomb that runs on every device in the world.
Why is Internet 2.0, because it is not the same as the Internet which is generally known today. This is because the Blockchain or internet 2.0 system allows you to share and store something of value. Still quoted from the same source, Don Tapscott, one of the most influential management thinkers in the world and co-author of the latest book “One of the World’s Most Effective Management Thinkers and Co-author of His Recent Book” Blockchain Revolution: How the Technology Behind Bitcoin is Money Changing, Business The technology behind bitcoin ”
The Blockchain is basically an open-source decentralized or distributed ledger or database that records every transaction in one block, which is associated with another block. Think of it like a giant honeycomb running on every device in the world. Why it is Internet 2.0 is because unlike the Internet, which is basically about sharing information in the form of content, blockchain allows you to share and store anything of value as Don Tapscott – one of the world’s most influential management thinkers and co-author of his recent book “Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business and the World” – says be it money, any kind of intellectual property like a new technology, work of art, research work, and even votes.
Privacy is messed up
What makes the blockchain so annoying is that the data for each transaction, every comment, every click, website visit, and Google search that we produce remains under our control. However, this data will be stored in blocks, secured through cryptography and time stamps, and can be traced. This does not happen as long as all information has been stored and used by intermediaries to cash it. This means we have no control over what is ours. The main examples of this are search engines like Google, social media platforms such as Facebook, banks, governments, e-commerce businesses, technology companies or any intermediary.
Those who get information about you through search data or cache on your device and use it for advertising and promotion. Our trace data on the internet is used by them to make money or track our expenses. In fact, with this, we are monitored by the government. In short, our privacy is very chaotic.
The blockchain in this situation brings the concept of peer-to-peer to an entirely new level. For example, if I have to pay for the product I bought from someone, I just need to pass on my information to the bank to pay for it. I can allow other parties to directly take the money from my blockchain by giving me access as much as the price I have to pay through a validation step such as a one-time password.
No country can manage the Internet 2.0 Blockchain
“Like the Internet or Wikipedia, blockchain is not owned by any company or government. You will not depend on Google and Facebook, because the world has your data. What if no one owns or stores that data – this is what blockchain can do,” said Kunal Nandwani. He is the Founder and CEO, uTrade Solutions. Based in Chandigarh, a new company offering trading software, around mid-2016 launched a blockchain solution, uClear, for clearing real-time contracts on financial markets. Any exchange or trading market can delete and finish trading after execution via private blockchain. uTrade also launched its blockchain arm, HashCove, in April last year to build and design an end-to-end solution on the blockchain. Nandwani is also an angel investor in Chandigarh Angel Network.
The Internet 2.0 Blockchain Facilitates us in transactions
“Know Your Customer (KYC)” is one case that uses blockchain and is being worked on by Trade. “If I have to buy a new cellphone number, insurance policy or open a bank account, I have to give all my details to the company. What if I put all the required documents on the KYC blockchain platform and allow the bank to access my details, “Nandwani added. This will save time and effort for verification every time you buy something that needs verification.
Financial services are where the biggest impact of blockchain will occur. This is because the bank that is the place to store customer information will no longer be needed. However, he offered the opportunity to re-imagine the business model for a banking infrastructure, transactions, and settlement.
Last year, ICICI Bank was the first to conduct a blockchain experiment as a pilot project to “exchange and authenticate messages of original money transfer transactions and international trade documents related to purchase orders, invoices, shipping, and insurance, among others,” the bank said last year. From a few days, the blockchain simplifies it to a few minutes.
Internet 2.0 Blockchain development for other fields
Last year, one of the major companies called Mahindra Group also announced jointly developing a blockchain solution with IBM. The cooperation is to reprocess the supply-to-manufacturing financial business. It is happening where each party in the process will renew their part of the process.
“This new solution aims to enable more suppliers to access credit, with the aim of encouraging more financial inclusion throughout the supply chain,” said the IBM release. TCS and Infosys also launched solutions around it.
Similarly, for health care, all records can be stored on the internet 2.0 blockchain for accessibility in a decentralized manner. Later, there are no intermediaries like Practo who have that information. In real estate too, property sellers can accept payments and transfer documents via the blockchain.
“The adoption of Blockchain will be large scale. Therefore, new companies will benefit from serving in various industries. They will clearly see savings of 30-40 percent after the blockchain is implemented, “said Rajesh Mirjankar. He is the Managing Director and CEO, InfrasoftTech.
Federation that regulates Internet 2.0 blockchain
At present, there are no laws governing the blockchain. This technology is new; therefore regulators are expected to make several guidelines once there is a visible impact. “It’s like the Internet where everyone first shows confidence and then comes to the banking sector. If on the contrary, everyone will be afraid. That’s what happened with the blockchain, “said Subash George Manuel, Founder, Bee One and CryptoCarbon. Manuel is an international lawyer and blockchain legal consultant.
The Blockchain gradually challenges the lack of awareness and knowledge about mitigation. At present, there is no consortium or association for blockchain in many countries. But Arifa Khan, a London-based blockchain researcher and CEO of Zero Field Labs who conducted a global conference and workshop on the blockchain. She spoke with the RBI to establish a federation that regulates Blockchain, especially in India. For information, India is one of the largest bitcoin users in the world.
High-Level Conference on Blockchain
“Awareness is a big problem because people have to know whether there will be an exchange between the privacy and the different benefits offered by the blockchain or whether it is all an advantage. Also, many people don’t understand the blockchain as a concept, “Khan said, who last month hosted the first blockchain summit in India. He added, “I plan with banks and financial institutions and discuss with the RBI for this. It takes time for the board to appear. ”
People might expect Google next from the world to emerge from the blockchain. It is possible, even because it will take at least five years to be adopted and improved. It sounds implausible, we might never need any currency or intermediary in the next 50 years.
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