What Is Blockchain And Will It Replace The Internet?

Centralised society

Usually everything on the internet and in real life is controlled by some company. And you have to trust that company with all of your sensitive details, such as your banking details. And, of course, trust that they will deliver whatever you paid for. AND there will be middlemen charging fees, for example, connecting the customer with the seller. This is insane! A high level of skepticism is needed when using the internet. Since it’s so centralised. Too much is based on trusting someone you don’t know and paying people who didn’t do much in delivering the product to you.

So how’s Blockchain different from the Internet?

Well, unlike the internet, the stuff you build on the blockchain isn’t owned by one entity (centralised). There isn’t one company calling all of the shots. Instead, the blockchain does it. Well kinda. The blockchain itself can only verify that everything on there is correct. I won’t get into how it verifies it. That would mean a lot of nerdy and complicated words. But someone made a system that does it (Proof Of Work, that's how bitcoin verifies its transactions). But basically, the blockchain is a trust machine. Once you put something on there, it can’t be altered or tampered with. Since the blockchain is decentralised. Where does it ‘live’? It works thanks to a peer-to-peer system. So it ‘lives’ on all of the machines that participate in it. But what if you actually need a middleman like Amazon who can connect buyers and sellers? Then you can use a Smart Contract that is built on the blockchain.

*ETH stands for Etherium which is a currency on the blockchain

Will the internet be replaced?

Finally, the question of this article, will blockchain replace the internet? Shortly said, no. There are many flaws in this technology. One of the biggest is that once the data is on the blockchain, it can't be changed or deleted. So imagine that you will never be able to fix bugs in your software, never be able to make any updates. Although people are looking into how to get past this problem, and all of the other ones, I don’t think it can replace the internet, or at least not in the near future.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Felix Tikkanen

Felix Tikkanen

44 Followers

A 17-year-old teenager trying to become the best version possible. I write about blockchain/crypto and self-improvement.