As cryptocurrency continues to be a hot topic, you may be wondering if your business can benefit from crypto like bitcoin.
But what if I told you the biggest opportunity for businesses of any kind is actually related to the technology that underlies bitcoin — blockchain. Blockchain, the public ledger that records all bitcoin transactions, is more than just a fad — it’s changing life as we know it.
Don’t believe me? Follow along to learn more about blockchain and how it works, who’s using it, and the future of the technology. Feel free to email, bookmark, or jump to the section that interests you most.
What is Blockchain?
Blockchain is a ledger system that uses an open, distributed record to keep track of transactions — transactions could mean cryptocurrencies, NFTs, medical information, voting or home records, and more.
These transactions get packaged into blocks — all of which get verified by other users in the system by completing math problems. Once a block gets verified, it cannot be altered and gets added to a chain of other permanent, previously verified blocks.
The records held within these blocks form a blockchain, and the blockchain’s users all keep track of this record. It’s basically a giant, shared ledger, but in practice, it’s much more exciting than that.
Let’s say the air fryer you bought last year isn’t all it’s cracked up to be and you hardly ever use it. You could use a third-party seller like eBay to sell it. These sellers act as the marketplace that connects you (the seller) to potential buyers — they make money by charging fees.
In this case, let’s pretend the buyer is from Germany. When you make a sale on eBay, the platform verifies the transaction with your bank and the purchaser’s bank. It also confirms your air fryer and the end buyer both exist. However, if you use blockchain technology to sell your air fryer, you can cut out all the middlemen while still maintaining a safe, speedy, and secure transaction — even internationally.
No eBay, no banks, no fees, and no exchange rate — it’s that easy.
History of Blockchain
Before we dive into exactly how blockchain makes this possible, let’s talk about the history of blockchain. In October 2008, the secretive founder of bitcoin Satoshi Nakamoto introduced the world to peer-to-peer electronic payments.
His cryptocurrency formed the world’s first blockchain. Because bitcoin’s software is open source — allowing anyone to see, reuse, and adapt the code behind it — it didn’t take long before users started modifying it for different purposes.
Early on, blockchain users mostly tried to make better versions of bitcoin. Litecoin, an alternative cryptocurrency developed by a former Google employee, aimed to provide faster transactions. Others, like the meme-inspired Dogecoin, were created for people turned off by bitcoin’s high price point.
Namecoin.org developed one of the first uses of blockchain for something other than cryptocurrencies. The technology uses blockchain to register .bit domain names as an alternative to the primary domain name management system.
Namecoin makes it extremely difficult for external players, like the government, to take control of websites. Because .bit domains get registered in a blockchain, they are nearly impossible to change without knowing the encryption key.
The next significant innovation came in 2013 when a small startup named Ethereum put out a paper outlining a way for developers to easily create entirely new blockchains without relying on bitcoin’s original code.
Two years later, Ethereum launched their new platform, allowing users to expand blockchain’s functionality beyond cryptocurrencies.
Currently, companies and individuals are exploring how to use blockchain technology in healthcare, energy, supply chain management, and many other industries —but more on that later.
How Does Blockchain Work?
There are different ways to set up a blockchain, Harvard Business Review laid out five principles that all blockchains have in common.
First, all blockchains use a distributed database — this means that every user in a blockchain can access the complete database, including its past transaction history.
This transparency allows users to verify any information they need and to complete transactions directly, without any intermediaries.
Secondly, any transactions or communications get conducted between peers. Each user stores records and sends information directly to all other parties in a blockchain.
Because of this technology, intermediaries and central storage institutions, like banks, are unnecessary. Users have all the information they need to vet other users, otherwise known as nodes.
Third, although blockchains are transparent, each user associated with a blockchain can remain anonymous. To protect users’ identities, each user has their own unique “30-plus-character alphanumeric address” that they use in place of a name. Users can choose to share their identity or remain anonymous with their blockchain address.
The alphanumeric addresses are also used to verify transactions. You may have heard the term “mining” associated with bitcoin. When someone “mines” bitcoin they aren’t digging around in the earth in search of a bitcoin filled hard drive … except for that one time.
Here’s how mining actually works: When someone wants to make a transaction and add a new record or “block” to the ledger, they first need to solve what is essentially a math problem.
Computers use their computing power to “mine” for the answer, which is vetted by the network of users. If the answer is correct, the new block is added to the ledger. A token, also known as a coin, is generated when this occurs —almost like a receipt to prove it happened.
Fourth, because blockchain uses a digital ledger, the entire transactional process can be automated using algorithms. For example, when you buy a house, you pay for a lot of other small costs like title registration, mortgage lenders, inspections, and legal fees.
There are all these other people involved to provide access, regulate, and administer a sale from one person to another. But a lot of this complexity disappears with blockchain.
You can record property data and even build in digital rules — called smart contracts — that, once fulfilled, allow the system to automatically transfer a property title or money for purchase.
Fifth, once a record gets created, it cannot change. When miners verify a transaction, that record is shared with every other party in the blockchain as part of the decentralized ledger.
Part of each verified transaction is also used to generate the math puzzle for the next block in the chain. This means each transaction gets linked to the ones that came before it and all those transactions get stored across multiple computers with no single point of failure.
Blockchains can also be public or private —both types of networks share the five characteristics listed here but have one major difference. A public blockchain is open to the general public and anyone can join, execute and verify transactions, and everyone maintains a copy of the decentralized ledger.
The bitcoin blockchain is currently one of the largest examples of a public blockchain network. In a private blockchain, participation is limited to users who receive an invitation to join the network and are granted permission to enter. Think of it like the early days of Facebook when users needed email addresses from certain schools.
Aside from the increased security offered by private blockchains, they are also much more cost efficient since much less computing power is required to verify transactions in a smaller network.
Still confused? I don’t blame you. Here are some talking points on how blockchain works for your next cocktail party.
Blockchains are completely transparent. Any user can view any transaction from now until the end of time.
All transactions get completed between individual users. Say goodbye to intermediaries.
Even though blockchains are transparent, a user’s identity doesn’t have to be. All users are assigned a public address to use in place of a name during transactions.
Because blockchains live online, we can use algorithms to automate future transactions — just like you automatically pay your Netflix subscription every month.
Once a block gets added to a blockchain, it’s there forever — no ifs, ands, or buts.
Got it? Let’s move on.
Benefits of Blockchain
You may be thinking, if blockchain is basically just another way to organize records, why are people so excited about it? Don’t worry! This is the part of the article where we talk about the benefits of blockchain and how it has the potential to change the world.
One of the largest benefits of blockchain is its ultra-secure network. Because data transmitted using blockchain is inherently encrypted, it’s much more secure than the standard username-password security system. However, the real security benefits come from blockchain’s network of users.
Decentralized data stored using blockchain makes it extremely difficult to hack into because no “single point of failure” exists. What does all this mean? Let’s say you have all your documents backed up on a single hard drive.
If that hard drive is lost, stolen, or destroyed, all of your documents are gone … forever. But if all your documents are saved on thousands of different hard drives, it’s unlikely that you’ll ever lose your data. That’s the power of blockchain security.
Under usual circumstances, to break into a blockchain, hackers would need to overwhelm over 50% of the network in less time than it takes to create a new block. The amount of computing power required to do this in most blockchain networks is tremendous.
Larger networks are much harder to hack because they are more decentralized and have more computers working to verify transactions.
That’s not to say hacks are impossible. Going as far back as 2017, data shows hackers have managed to steal around $2 billion worth of cryptocurrency as they vulnerabilities in the system. In addition to the 51% rule, the hacks can also occur if errors were made during the creation of the blockchain or if there was insufficient security during an exchange.
Fortunately, it’s easy to detect when a block has been tampered with thanks to hash functions. Hashes from one block are added to the data in the next block. Anyone who tries to alter a block will end up changing the hash completely, setting off a red flag and disabling the block completely.
Blockchain also offers anonymity. Without blockchain, systems use a variety of information like names, addresses, card numbers, and social security numbers to verify transactions. All this personal information is vulnerable to being stolen. In a blockchain, only the private key matters.
Each blockchain user has two keys: a public key and a private key. Their public key is derived from their private key using a mathematical formula and then combined with other information to form their public address for transactions.
Without the private key, it is impossible to verify transactions to the public address. This private key never gets shared with outsiders which means multiple complex formulas stand between a user’s private key and their public address.
You may be wondering if it’s possible to reverse the formula and uncover someone’s private key from their public key? The bad news is that it is possible. The good news is that the chances are very slim.
A private key number is between 1 and 2^256, meaning a hacker has to find the right number between 1 and quattuorvigintillion — a 78 digit number that is estimated to be bigger than the number of atoms in the universe.
Decentralization and Smart Contracts
The second benefit of blockchain comes from decentralization and smart contracts. Presently, smart contracts may represent the most powerful application for blockchain.
HubSpot’s former director of acquisition and resident blockchain expert Matthew Howells-Barby states: “One of the more immediate ways in which blockchain technology is going to impact SMBs is through smart contracts.
Smart contracts facilitate the creation of trustless digital contracts that can be used for all kinds of applications — something that has never been possible before without a third party being involved.
Imagine being able to create digital contracts with contractors that would automatically pay them once work has been completed to a satisfactory standard. This is one of the many applications that smart contracts offer.”
The transaction would be sent securely to the power company and verified using blockchain. No more late fees, no more stolen financial information — you would never have to think about scheduling a payment again.
Once again, as more and more transactions are automated using smart contracts, the need for middlemen and outside organizations will diminish. Because information gets distributed across the entire network, it’s extremely difficult for one group to seize control of it.
Governments and individuals in positions of power will no longer be able to shut down sources they wish to repress because the information will exist on many computers across the network.
Speed and Efficiency
Third, blockchain is fast and efficient. Manual data entry is tedious and prone to error. Think about it. How many typos do you typically make writing an email? Most organizations maintain multiple record systems for different tasks.
For example, an ice cream store may use one record to track the amount of ice cream and supplies they purchase, another to track hours their employees work, and another to track sales.
Reviewing separate records takes up a lot of time. With blockchain, all this information gets stored and verified as it gets generated.
Blockchain’s verification speed has vast benefits. For example, a simple stock purchase can take up to a week to verify using current methods. Several forms, organizations, and a ridiculous amount of acronyms are involved in the process.
With blockchain, there is no need for third-party verification because all the information needed to complete and verify the transaction gets included in the ledger. That means stock transfers can happen almost instantaneously instead of a full week later. Talk about some serious returns!
Applications of Blockchain
Okay, so we’ve talked about what blockchain is, how it works, and the benefits of using it, but is anyone actually using this technology? Like really using it — not just for trying to get bitcoin rich? The answer is an enthusiastic yes!
In simple terms, bitcoin is only one, tiny application supported by blockchain — there are endless possibilities for the technology. Let’s do a deeper dive on some other applications of blockchain.
Payments and Cryptocurrencies
Let’s just get this out of the way — cryptocurrencies are indeed one of the most popular blockchain applications. I know, I know, I said I was going to talk about other applications of blockchain. I promise I will, but it’s impossible to talk about blockchain without taking a look at the application it was originally built for — bitcoin.
Partially because it was the first one and partially because it has the largest network of users, bitcoin is the most valuable cryptocurrency in terms of market capitalization.
In fact, bitcoin has become so popular that stores, restaurants, and even bars are starting to accept it as payment. In larger cities like New York, you can live your life only paying in bitcoin, though it isn’t always the most practical approach.
Because bitcoins trade on an open market, investors like the Winklevoss twins were able to make bets on future price movements. Before you go investing in bitcoin, don’t forget that the cryptocurrency is also infamous for its massive price swings.
Other cryptocurrencies like Ripple, Litecoin, and Ethereum can also be used to send payments or for market speculation, but these cryptocurrencies have their quirks. Ripple is positioned to speed up international transactions and reduce transaction fees.
The four to five seconds it takes Ripple to settle a transaction is faster than any other cryptocurrency and significantly faster than the expensive, multi-day process currently in use by most banks. For this reason, companies like top banks have started experimenting with Ripple for international transactions.
Litecoin is also useful for payments but is focused more on the everyday stuff than on purchases across borders. According to its founder Charlie Lee, “Litecoin is targeted more towards payments, faster transactions, and lower fees.”
Then there’s Ethereum and its cryptocurrency Ether. The smart contracts built into Ethereum’s code allow for a wide range of deals to occur automatically once pre-negotiated terms get met. This is a major stepping stone for using blockchain in industries outside of FinTech.
These cryptocurrencies and, more importantly, the blockchain behind them will have a tremendous impact on trade. Faster verification times, reduction or removal of exchange fees, and elimination of errors will make domestic and international trade easier than ever before.
By implementing blockchain within their internal financing unit, IBM was able to free up $100 million previously tied up in disputes. Imagine how much more could get done by using blockchain for the trillions of dollars in transactions that occur every day in the U.S. financial system alone.
Outside the worlds of insurance and international trade, blockchain will also create massive changes in the way businesses and startups raise capital. Sites like Kickstarter, founded in 2009, democratized fundraising by allowing just about anyone to find financial backing from a broad audience instead of traditional sources like banks and venture capital funds.
There’s also a built-in insurance policy since payment only gets collected for projects that meet their funding goal. For this service and for connecting entrepreneurs to potential funders, Kickstarter charges a 5% fee. As of April 2022, the platform has raised over $6.5 billion in funds for various projects.
With blockchain, these fees get eliminated since a network allows for immediate verification and smart contracts allow transactions to take place only once a project is fully funded. Some artists and startups are already experimenting with blockchain crowdfunding in the form of ICOs or initial coin offerings.
The virtual coins function the same way as bitcoin, and investors purchase these coins like shares of stock to invest in the business that offers them. However, unlike in the stock market, purchasing these coins does not mean a user purchased ownership rights — this makes ICOs an extremely risky investment.
Property and Identity
There are few things more important than protecting your identity and property records. Birth, marriage, and death certificates allow you to claim a variety of different rights, including citizenship, employment rights, and voting rights. Pretty important stuff, right?
But in many countries, personal and government records still exist only on paper. During the 2010 earthquake in Haiti, most of the country’s paper land registry files were destroyed — so there’s no way to know who owns what. This has opened the door for corruption and further loss. In the future, blockchain will provide stability during uncertainty.
In addition to being a digital fail-safe for important documents, blockchain is also an extremely secure identity management system. Think about how often you provide personal or financial information over the internet. Once a week? Once a day? Two hours ago when you bought those new boots during your lunch break? Hey, no judgment – I’m just looking out for your financial security.
Being able to accurately verify your identity is essential to all online transactions, but the data you provide can be vulnerable to attacks. Blockchain’s decentralized ledger and unique user addresses make it difficult for hackers to obtain your sensitive information.
Thanks to smart contracts, many retailers are using blockchain to help simplify their supply chain processes. In early 2017, Maersk, one of the world’s largest container shipment operators, joined forces with IBM to create a digital blockchain-based supply chain system. The goal: To create a faster and more secure and cost-effective way to trade goods internationally.
IBM stated, “The costs associated with trade documentation processing and administration are estimated to be up to one-fifth the actual physical transportation costs. A single vessel can carry thousands of shipments, and on top of the costs to move the paperwork, the documentation to support it can be delayed, lost or misplaced, leading to further complications.” Talk about a logistical nightmare.
With blockchain, all parties involved in the supply chain can access any necessary documents and view transportation events in real time. All of the supply chain information is accurate and secure because no individual party can alter the blockchain without permission from others in the network. This transparency helps reduce shipment time, money, fraud, and errors — getting consumers the goods they need from around the world.
Healthcare – yeah, it’s complicated. It’s so complicated and confusing that I often find myself skipping the doctors just to avoid the massive amount of paperwork and stress that comes along with visiting the office. Don’t look at the screen like that – I know you’ve done it too.
Thankfully, blockchain is here to save the day or at least make these processes easier. Blockchain technology allows patients, insurers, and physicians to view and update medical records in a secure and timely fashion. This access to data can also help doctors recognize early indicators of disease or weakening health.
Blockchain can also help in other areas like reducing Medicare fraud, which has proven to be a costly issue. In 2021, the Department of Justice announced over 100 medical professionals were facing charges in connection to healthcare fraud schemes that cost about $1.4 billion in losses.
Blockchain even makes it possible to pay for procedures based on outcomes instead of predetermined rates. In fact, RoboMed Network other players in the healthcare market are already using blockchain to do this for thousands of patients.
Once energy enters into an electric grid, it’s impossible to tell if it was generated by a fossil fuel plant, nuclear power, or a renewable energy plant. To track the amount of energy coming from renewable sources, power plants use a complex, expensive system.
Cutting out intermediaries, reducing errors, and building a decentralized record for the sources of renewable energy with blockchain would remove many of these barriers — but it doesn’t end there.
In 2017, LO3 Energy began experimenting with a blockchain powered microgrid in Brooklyn that lets users sell their excess energy to their neighbors. Because it’s easier to distribute electricity locally than to send it over long distances, decentralized blockchain microgrids could help prevent power outages and maximize energy use from distributed producers.
Investing in Blockchain
Blockchain is a tough topic to grasp, and it’ll likely be many years before the technology is widely adopted. Small- and medium-sized businesses should wait for blockchain technology to mature before worrying about how to adopt it.
However, there are some ways they can start experimenting with blockchain applications. In this section, we’ll walk through how businesses can start investing in blockchain in a smart, deliberate way.
According to Harvard Business Review, there are two factors to consider when thinking about how quickly new technology will impact a business: novelty and complexity. Novelty represents users’ familiarity with the application. The more novel or unfamiliar the technology is, the longer it’ll take to become commonplace.
Complexity is the number of people needed to adopt an application for it to have impact. For example, a dating app is useless unless a lot of people create profiles. How annoying would it be to swipe left on Chad 17 times before coming across an intriguing profile?
These two criteria help inform executives of the roadblocks they might face and the effort needed to implement a specific blockchain application. Take a look at the chart above. Businesses that are looking for a low barrier to entry should consider implementing single-use cases of blockchain. Single-use cases have a low degree of novelty and complexity.
So what exactly is a single-use case?
Accepting bitcoin payments. HBR states, “… bitcoin is growing fast and increasingly important in contexts such as instant payments and foreign currency and asset trading, where the present financial system has limitations.”
Accepting cryptocurrencies as a form of payment makes it easier for customers all over the world to quickly and securely purchase your products.
If you start accepting bitcoin as alternative payment, your business could then start experimenting with a blockchain application that is increasingly novel but still has a low level of complexity — a private blockchain ledger to record all transactions.
Once you have a good handle on these more simple applications, consider using more complex blockchain applications like smart contracts. The possibilities for how blockchain can help improve business processes are endless — it’s just a matter of how much effort and money you want to invest in an application right away.
Conclusion: The Future of Blockchain
That was a lot. And it’s okay if you don’t understand all of the intricacies of blockchain or aren’t ready to start incorporating it into your business strategy just yet. It’ll take many years and buy-in from numerous different industries before blockchain becomes commonplace. And while we don’t recommend SMBs worry too much about blockchain just yet, it’s important to keep an eye on the emerging tech as larger enterprise businesses start developing more blockchain applications.
So the next time you find yourself sinking into a deep hole of depression because you didn’t scoop up bitcoin while the iron was hot, remember the most rewarding technology — blockchain — is still to reach its full potential.
Editor’s note: This post was originally published in September 2019 and has been updated for comprehensiveness.
For your team, screen recorders can be used for several reasons — from creating tutorials for your website to recording a recurring tech issue to sending your marketing team a quick note instead of an email.
Looking ahead to 2023 and beyond, businesses worldwide face lots of uncertainty.
One thing will remain constant throughout this period — customers expect excellent experiences when interacting with a brand. According to Acquia’s latest CX Report, businesses plan to prioritize customer retention over the next 12 months: 56% plan to improve customer experience, and 58% will focus more on customer service.
This should be a common goal. To weather a potential storm, businesses must keep customers by meeting and exceeding customer expectations.
Cynthia Ramsaran is director of custom content at Third Door Media, publishers of Search Engine Land and MarTech. A multi-channel storyteller with over two decades of editorial/content marketing experience, Cynthia’s expertise spans the marketing, technology, finance, manufacturing and gaming industries. She was a writer/producer for CNBC.com and produced thought leadership for KPMG. Cynthia hails from Queens, NY and earned her Bachelor’s and MBA from St. John’s University.
Are You Prepared for the Shift in Website Design with the Rise of Blockchain Technology?”
Let’s take a deep dive into the exciting future and world of web3 blockchain technology, and its impact on website design and development.
I’m going to provide you with real-world examples, and by the end you should have a clear and concise explanation of how decentralization, data management, and interactions will work in the future of websites.
I’ll be sharing what I’ve learned about the benefits of adopting these technologies, including increased security, website personalization, and user control.
If you want to stay ahead in the field of website design and understand the future of the industry then this article is a must-read.
The way we build websites now is changing!
The way websites are built now is inefficient and requires a huge knowledge base to build correctly. Most website platforms these days use some form of a WYSIWYG “WiziWig” style builder like WordPress, Squarespace, Shopify, and countless others.
It’s taken over 30 years for websites to be as good as they are today, this direction is for the long term thinker who wants to be on the cutting edge of the industry and build their brand in a space that is extremely new.
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You will need to learn the technology overtime and become proficient with the types of industries that are looking to build web3 websites and applications. There are already a few decentralized website and web app builders out there that are fully running on blockchain technology.
Decentralized Web App Builder Example: ICME
One example is a company called ICME that has “world’s first smart contract marketplace and web3 no-code suite.” Their modules even offer the ability to integrate with web2 applications that support API Post Requests.
Their entire code base is built on a blockchain technology called Internet Computer, which is why I’m actually invested in their Cryptocurrency known as ICP on exchanges. It allows you to do everything from building landing pages, websites, blog posts, online stores, Linktree type pages, Store NFT’s and more.
I do see some existing platforms like WordPress evolving into a fully decentralized Web3 platform, that would dramatically speed up market adoption as they have such a huge knowledge base and community of creators, it’s just a matter of time.
The exact evolution of website building tools is yet to be seen, but what’s certain is that web3 and blockchain technology will play a significant role in shaping the future of the web. The sooner you start to adopt and learn this technology the further ahead you will be when the time comes to switch from the internet we know it to what’s coming in the not too distant future.
Web3 Websites will be easier to build and customize with AI Tools.
The process of building websites in Web3 becomes much more intuitive and easy with the integration of artificial intelligence, with tools like OpenAI, you will simply give the program a prompt and give it a clear description of what you want your website to look like, say, do, and create.
This is where things will get fun for a designer and being able to let your creativity and artistic talent reach a level never seen before.
The need or demand for front end website programmers will change as less custom coding will be required, your website will be able to change visual elements and maybe more in the future with ai.
Web3 Websites are going to become very personalized experiences and brand centric.
Websites will collect data with consent(which is another point for later), that allows the user to have a completely customized user experience and interaction. Imagine a traditional website as a restaurant where the customers order their food from the menu and the kitchen staff prepares the dishes.
In this scenario, the restaurant manager is the central authority that controls the flow of information, the menu, and the preparation of the food. However, in a web3 and blockchain enabled website, this centralized authority is replaced by a decentralized network of customers, chefs, and kitchen staff.
With web3 and blockchain technology, website users can interact with the site in a more direct and efficient manner. Instead of relying on a central authority, users can participate in transactions and interactions on the website without intermediaries.
This eliminates the need for middlemen, making the process faster, more secure, and cost-effective.
For example, a user can easily and securely create their own profile, manage their data, and participate in transactions on the website. This level of user empowerment enables them to take control of their online presence and interactions, providing them with greater privacy and security.
The decentralization of website interactions through web3 and blockchain technology represents a shift towards a more user-centric and efficient web experience. It eliminates the need for intermediaries, providing users with greater control over their interactions, transactions, and data.
Web3 Data Management will become more secure.
Imagine now you are running a restaurant and you need to keep track of all the ingredients you have in stock, what dishes you serve, and the orders from your customers. In the traditional system, you would keep all this information in a single ledger book, written by hand.
However, with the integration of blockchain technology in your restaurant, this system of record-keeping becomes much more efficient and secure. Each ingredient becomes a unique item with its own blockchain record, and the orders from customers are recorded as transactions.
This decentralization of data management ensures that all the information is secure and can be easily accessed by any member of the team who needs it.
In the same way, decentralization will work for data management in website design and development. Instead of relying on a single central database to store all website data, this information can be spread out across multiple nodes on a blockchain network.
This means that website data is not stored in one central location, but is instead distributed across many different nodes, making it much more secure and resilient against hacking or other forms of data loss.
For example, user data such as personal information, preferences, and transactions can be stored in a secure and encrypted manner on a blockchain network like Internet Computer. This allows website owners to manage their data in a more secure and efficient way, giving users peace of mind that their information is protected.
The integration of blockchain technology in website design and development will lead to a more secure and efficient way of managing our website data.
Like William Mougayar said author of The Business Blockchain “In a world where data is currency, the blockchain offers a new model of trust and control.” By decentralizing our data management, website owners will know that all information is stored in a secure and transparent manner, promoting trust and confidence among users.
Say goodbye to hackers once websites are on Web3.
There were 22 billion breached records in 2021 alone, the biggest reason behind that is due to the nature of Centralized servers and website platforms. In Web3 security can be compared to a fortified castle, providing superior protection against outside threats and ensuring the safety of you and your clients or customers valuable information and data.
Using blockchain technology, website owners will be able to offer a greater degree of security to their users, protecting their data and transactions from malicious actors.
This will be particularly important in fields such as finance and healthcare, where the protection of sensitive information is of utmost importance and required by HIPAA and other regulatory agencies.
Just as a fortified castle protects its inhabitants from outside threats, web3 provides a layer of security to websites that is unparalleled by traditional web design.
The decentralized nature of web3 eliminates the need for a central point of control, making it much harder for hackers to penetrate. In addition, web3’s advanced encryption algorithms and blockchain technology provide a secure platform for website data and interactions.
In a traditional website, all data is stored in a central database, making it a prime target for cyber attacks. On the other hand, web3 stores data across a network of nodes, making it much harder for a single point of failure to occur. This eliminates the risk of large scale data breaches, as well as reducing the risk of individual data being compromised.
Finally, web3’s immutable ledger ensures that all website interactions are transparent and secure. This means that all transactions and changes made to the website can be tracked and verified, making it easier to detect and prevent any fraudulent activity. So if you want to protect your website and your clients website and their users from outside threats, web3 is going to be the way to go!
“Blockchain technology offers a level of security that was previously unachievable on the internet.” – Don Tapscott, blockchain expert and author of Blockchain Revolution
Automation will be effortless with Web3.
Blockchain Web Apps will have the ability to work together seamlessly, I see a future not too far off where ecosystems of dozens of programs are consolidated into one. Checking your social media posts, messages, your email, text messages, and website inquiries all in one place in just minutes.
Automation when done properly removes friction and resistance from any area of your business that is a lower revenue generating activity. Your time is the most valuable thing you have and using automation tools is how you buy back that time.
With web3, websites will be able to automate many processes, reducing the need for intermediaries and streamlining operations.
I want to give a few examples of ways we can Automate our websites with Web3. The first is dynamic pricing and inventory management: Web3 and blockchain technology will allow for automated and real-time pricing and inventory updates on our e-commerce websites, reducing manual labor and increasing efficiency so that you and your team can focus on higher revenue generating tasks.
The second is user authentication and verification: Web3 and blockchain technology will provide a secure and automated way to verify user identities, reducing the risk of fraud and making it easier for websites to manage user access and permissions.
I’ve already had to dramatically improve my knowledge around user verification after working with nearly a dozen blockchain brands since 2016.
There are already QR codes being used to login to websites like discord and other utilities like Crypto Wallets. The last example is content delivery and distribution, Web3 and blockchain technology allows for the automated content distribution, reducing the need for manual content updates and ensuring that the most up-to-date information is always available on your site.
This will free up time and resources for more creative and meaningful work, and will help to reduce costs for both users and website owners. This is good for any business owner that wants to lower their bottom line costs while raising their top line revenue simultaneously by leveraging time at the highest level of efficiency possible.
When it comes to Revenue Web3 will give you maximum monetization potential.
In the world of websites, monetization is the process of generating revenue from a website. Traditional website monetization methods include advertising, subscriptions, and e-commerce sales. However, with the advent of web3 and blockchain, the landscape of website monetization is about to change.
For example purposes let’s use a loyalty program analogy, a loyalty program is a rewards system offered by businesses to incentivize customers to continue using their services. Similarly, on web3, website monetization will offer new ways for website owners to monetize their content and incentivize users to continue visiting their site.
One example of how websites on web3 and blockchain can monetize their content is through tokenization. In this model, websites can issue tokens that represent ownership of certain content or access to premium features.
Users can then purchase these tokens and exchange them for access to the content or features they are interested in. This creates a new revenue stream for the website and offers users an incentive to visit and engage with the site.
Another way that web3 and blockchain can monetize content is through micropayments. In the traditional web, micropayments are difficult to execute due to high transaction fees and slow processing times. However, with the speed and low cost of transactions on the blockchain, micropayments become a viable option for websites to monetize their content.
This allows websites to offer users access to small amounts of content in exchange for a small payment, giving users a more affordable way to access quality content they are interested in.
One of the best examples I’ve seen so far is how Tom Bilyeu has used NFT’s as a way for people to get access to his content which ranges from events, to video games, tv shows, education and a ton more his nft’s are cleverly called the “Founder Keys.” There are lots of perks that brands are giving to early adopters that support the web3 movement and help us move closer to a better, safer, and more balanced internet.
Websites can also create loyalty program-like systems that incentivizes users to continue visiting and engaging with their site.
As the web3 and blockchain ecosystem continues to grow, we can expect to see an influx of new and creative monetization models emerge, providing websites with new opportunities to generate more revenue, and their users and visitors with new and exciting ways to access and engage with your content.
Decentralization puts Consent into action.
As a designer, the websites or graphics I create that started from an idea, a conversation, or something i’ve experienced are valuable and belong to me, knowing that there are AI design tools that can take my 15 years of experience, and use it to create an even better version in seconds and essentially for free?
That’s a big NO NO for the creators and artists, in fact there is a movement happening right now about consent and how these big platforms don’t have the consent to use their art as reference for AI design tools.
I stand behind being able to give consent if your work is going to be used without your permission, if movie and music piracy is a federal crime shouldn’t companies stealing a designer’s work without consent a crime too?
I think so, and that’s why I’m so excited about Web3 and Blockchain. Being able to create smart contracts and public records of your creative assets is a huge step forward for creators and designers around the world.
Imagine a world where your designs are stored on a decentralized platform, accessible only with your consent. You can choose who can view your work, who can use it, and how it can be used. No longer do you have to worry about your designs being stolen or used without your permission.
With web3 and Blockchain, your work is protected by the power of blockchain technology, ensuring that your designs remain yours.
In this new world, you can also monetize your work in new and innovative ways. For example, you could offer limited use licenses for your designs, allowing others to use them for a specified period of time. You could also offer exclusive access to your designs, giving a select group of people the ability to use them in a unique way.
By giving you the power to control how your work is used, shared, and monetized, web3 decentralization empowers you to take control of your career and build a future that reflects your vision and values. Decentralization is a game-changer for designers and creatives alike.
You get complete power of consent for your work to be used in any way, web3 decentralization empowers you to take control of your career and build a future that reflects your vision and values. So why not embrace this exciting new technology and start building your future today?
Interacting with Web3 Websites will be easier than ever.
Web3 website users will be able to customize a range of interactions on a website like content creation and sharing. Users will be able to create, share and consume content that aligns with their interests and preferences, without relying on centralized platforms.
Community building, users will have the ability to build and join communities that align with their interests and participate in decision-making processes, creating a more personalized and engaging online experience.
Interaction with E-commerce, users will be able to buy and sell goods and services directly with one another, without the need for traditional payment processors, creating a more transparent, secure, and affordable online marketplace.
Users will be able to access personalized services and experiences based on their data and preferences, creating a more user-centered online experience. A good example is a pizza shop website that keeps track of the last purchase you made and gives you the option to re order it at a discount price.
Web3 users will have the ability to customize a wide range of interactions on the website, from content creation and community building, to e-commerce and data privacy, creating a more user-centered, personalized and engaging online experience.
The adoption of web3 and blockchain technology is poised to bring about a revolution in the world of website design. From decentralization to automation and from security to monetization, these technologies offer new and innovative ways to interact with the web.
As a designer, it is crucial to keep up with these changes and be prepared for the new opportunities and challenges that come with them.
Web3 decentralization empowers creators by giving them control over how their work is used. Automation streamlines processes and saves time, while security measures are reinforced, giving website owners peace of mind. And with monetization options like a rewards program, website owners can explore new and innovative ways to earn revenue.
Overall, the future of website design is bright with the integration of web3, blockchain, and ai. Designers should embrace the power of these technologies to unlock new possibilities on the web and create better online experiences for everyone
“Unlock the power of web3 and blockchain to unleash your creative potential, embrace the future of website design, and build the digital world of tomorrow.” – Adrian Boysel