The internet is very unique in the fact that it has absolutely no central control, authority or administration. It has given people the chance to experience success unlike any other and they can also exchange various ideas too. If you look at recent years, you will see that even internet services and search engines have been provided by a number of small tech firms. On the face of it however, companies which include Facebook and even Google all claim to provide a free service, but in practice, they take data and sell it to others for a profit. Every time you ask a question on the search engines, the internet is taking that data and turning it into the financial systems that we see today. This has huge implications for the future, but Bitcoin set out to change this. If you want to find out how Bitcoin and blockchain could change the internet as we know it, then here’s what you need to know.
A user could easily ask for a one-time password for Facebook by simply clicking on the icon in their mobile phone. Facebook can then look up the digital signature on the blockchain and return the one-time passcode to their phone. Of course, the OTP would be encrypted, and this means that the encrypted data cannot be seen by anyone other than the recipient for whom it is intended. The user would then be able to login to the service by using their password and their OTP. This would eliminate the need to remember passwords in its entirety. This wouldn’t just apply to social media, but also online casino games and even applications.
People are often too reluctant to go to a polling station on voting days. An internet voting station could easily change this. You have digital currencies which include Zerocash and they are completely anonymous. The great thing about this is that they can be traced on the blockchain and this gives you all of the basic ingredients you need for a good voting system. Anyone who is able to examine the blockchain can then confirm that a token has been transferred without revealing anyone’s identities.
People might use search engines every single day, but this gives companies such as Google the chance to gather trends, create profiles or even sell valuable information. If internet companies were to use a digital currency to try and make micropayments then there would be less incentive for companies to sell any personal data. Even if someone performed well over 100 queries every day, they would only end up paying less than one cent, and this is a very small price to pay for your own privacy. This is all very interesting to say the least and it just goes to show that blockchain and even Bitcoin could have a huge impact on the future as well as showing that changes need to be made.
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