In this segment, we’ll address some of the buzzwords you hear when talking about emerging technologies from artificial intelligence and blockchain to self-sovereign identity and the Internet-of-things, technology creates a world of new possibilities and continues to shape the world around us - education is for everyone.
To provide a glimpse into the world of emerging technology, we describe the development of the Internet from Web 1.0 to Web 3.0, provide an introduction to different types of emerging technologies, and highlight some of the fascinating use cases being explored with blockchain.
From Internet 1.0 to 3.0
The birth of the Internet sparked a revolution in the way people interact with each other. As much as we enjoy celebrating those human connections, however, the reality of the Internet is a bit more complex.
Rather than connecting people, it would be more accurate to say that the Internet connections machines with the goal of serving people.
The distinction is important because it helps illustrate the development of the Internet from Web 1.0 to Web 3.0:
Web 1.0 consisted of static web pages displaying things like links, text, and images.
Web 2.0 is defined by user-generated content. This marks the transition from pages that primarily display content posted by the creator of the website to interactive pages allowing users to upload and share their own content.
Web 3.0 refers to the latest evolution of the Internet and can be described as an effort to develop a decentralized Internet. Instead of making users depend on a website to share content, Web 3.0 aims to give users the ability to own and share their own content.
Growing problems with data breaches, identity theft, and vote manipulation over the last decade have exposed some of the fundamental flaws in the architecture of Web 1.0.
Many of the issues being tackled by the individuals developing Web 3.0 stem from not having incorporated an identity layer into Web 1.0, which is the focus of many of those working on self-sovereign identity.
Speaking of self-sovereign identity, here’s our next section profiling the fields that help define ‘emerging technology.’
The Future of Technology
What is self-sovereign identity? Great question!
Here’s a quick rundown on the most popular emerging technologies:
Artificial intelligence and machine learning (AI/ML)
Artificial intelligence and machine learning often get used interchangeably but here’s the difference: machine learning refers to the process of “teaching” a computer while artificial intelligence refers to the decisions made as a result of that process. The usage of artificial intelligence and neural networks to build crypto trading models is a growing area of interest along with the many applications of machine learning when it comes to trading, security and analysis of large datasets, especially applications within Blockchain and DLT technologies.
Distributed ledger technology (DLT)
Distributed ledger technology is the manifestation of triple-entry accounting and encompasses blockchains as well as directed acyclic graphs and other implementations.
DLT provides digital scarcity and enables competing participants to exchange value and information in a trusted environment.
Internet-of-things (IoT) describes efforts to develop systems that enable devices to act and communicate without input from humans.
IoT systems often leverage other emerging technologies like AI, ML, and DLT to automate different tasks.
Self-sovereign identity (SSI)
Self-sovereign identity is both a movement and a class of technologies that give people control over their digital identities by providing decentralized protocols for identity and access management (IAM).
Blockchain Technology Use Cases
Now that we have a better understanding of different emerging technologies, here are some of the applications that make use of blockchain and distributed ledger technologies:
Digital currencies have been around in video games for longer than cryptocurrency has been in existence, making games a perfect arena for experimentation.
Games like CryptoKitties and Gods Unchained use non-fungible tokens (NFTs) to give players ownership of their gaming assets and decentralized gambling applications can leverage cryptocurrency to create censorship-resistant games and facilitate micropayments.
From all of the different areas medical professionals can specialize in, to the various interactions between healthcare providers, insurance agencies, and payment processors, the healthcare industry consists of a highly-regulated, complex variety of moving parts.
Applications leveraging blockchain technology are currently being developed to provide more robust systems for identity and access management, communication, and processing claims.
When paired with blockchain and distributed ledger technologies, IoT becomes more powerful thanks to the integration of smart contracts.
With smart contracts, IoT systems can automate the exchange of value as well as information in a decentralized manner and enable cost-effective micropayments between devices.
Companies that work with supply chains are piloting applications with the goal of generating greater transparency and accountability among the entities involved.
Prediction markets enable users to gamble or invest in the outcome of future events.
Prediction markets have traditionally focused on the outcome of events in a specific field like politics or entertainment but thanks to blockchain, the decentralization of prediction markets enable anyone to create a market on pretty much anything they can imagine.
Follow along as we add to our Binance.US Education 101 Series: Your Guide to Crypto Literacy
#1 Demystifying Digital Dollars
#2 Evolution of the Internet
#3 Finance, Rhymes with …
#4 Back that Asset Class Up
#5 What are Cryptocurrencies?
#6 Defining Decentralized Finance
#7 Cryptoeconomics Explained
#8 Intro to Consensus Algorithms
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