New Business Models
by Daniel Bennett on March 26
Again and again large companies in the digital age have consolidated created, processed, and owned and acquired- applications on their own large systems.
Centralised companies have begotten centralised computer architectures that have, in turn, centralized technological and economic power.
There are red lights: With single points of control, companies themselves are vulnerable to catastrophic crashes, fraud, and security breaches. In 2015, many large companies with these centralised systems were hacked eBay, JP Morgan Chase, Uber, Home Depot, the U.S. Office of Personnel Management. Systems of different parts of a company still have big challenges communicating with one another, let alone systems outside of the firm.
For us the users, it means that we’ve never really had control. Others define our services with their implicit values and goals that may conflict with our own. As we generate reams of valuable data, others own it and are building vast fortunes – the greatest in history – while most of us receive recieve little benefit or compensation. Worst of all, central powers are using our data to create mirror images of each of us and may use these to sell us stuff or to spy on us.
Along comes blockchain technology. Anyone can upload a program onto this platform and leave it to self-execute with a strong cryptoeconomical guarantee that the program will continue to perform securely as it was intended. This platform is public, not inside an organisation, and it continues a growing set of resources such as digital money to incent and reward certain behaviour.
We’re moving onto a new era in the digital revolution where we can program and share software that’s distributed. Just as the blockchain protocol is distributed, a distributed application or DApp runs across many computing devices rather than on a single server. This is because all the computing resources that are running blockchain constitute a computer.
He Saïd “It’s also a multitiser- anyone who ever uses it is automatically signed in.” Because Ethereum is distributed and built to the highest standards of cryptosecurity, “all code, processing, and storage exists within its own capsulated space and no one can ever mess with that data.” He Saïd and argued that critical rules are built into the computer, comparing it to virtual silicon.
I have just Saïd that.
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