Blockchain network technology is triggering a revolution that has the potential to be massive in many aspects of our society. It began in the financial industry with the introduction of Bitcoin and cryptocurrencies, but it does not end there. Recently, revolutionary solutions based on this technology have begun to emerge in marketing, the arts, sports, and a variety of other fields. The ability of enterprises founded on the Blockchain network to be decentralized is an intriguing aspect. But what exactly does that imply?
For the sake of simplicity, consider PointPay, the world’s first “ownerless” and decentralized bank. It was designed to run on the Blockchain using smart contracts. This implies that it does not have a corporate structure like a private corporation, but rather “n” owners distributed throughout the world who possess their tokens, assets that allow the individual to have a stake in that firm, similar to shares in a company. on the stock market Anyone can purchase these tokens and trade them on exchanges (brokers) at any time. Furthermore, another feature of decentralization is that the network is distributed and runs on computers all over the world.
Similar projects are beginning to emerge in the marketing space, such as Basic Attention Token, a browser designed under this decentralized paradigm and through which users are compensated for the adverts they consent to watch. The incentive is made possible by the distribution of its own cryptocurrency, BAT. It is important to note that under this model, marketers pay directly to consumers who are touched by advertising rather of spending money with online media businesses that sell and operate these sorts of adverts on the internet.
Many cryptocurrency exchanges are being created in this decentralized model to evade the regulations that some countries are trying to apply in this cryptocurrency market. Exchanges like Uniswap and PancakeSwap operate without having to follow the rules of a centralized exchange like Binance, for example. Earnings from fees and transactions add value to their tokens (UNI and CAKE, respectively) and, with that, their holders end up profiting. These decentralized crypto networks encourage participants to work towards a common goal: network growth and token appreciation.
In the coming decades, decentralized technologies will be superior to those of the dominant centralized companies we know today. In addition to decentralization, these networks cause disintermediation and go against the interests not only of governments, but of some large private conglomerates.
Because of this disruptive potential, these innovations are already having many impacts and changing the way we interact with the internet, the economy and society as a whole. Whether this will allow for a more just and less “concentrated” world of power, we still don’t know. But it is a fact that a great revolution has already begun.
