The internet started with Web 1.0, consisting of websites with “Read Only” content – you could only use it to look up information. Web 2.0 was the next stage of the internet, where people could not only read but could also write to sites. Social media platforms are great examples of why some call this the “participative social web.” Many people are now calling blockchain technology Web 3.0., the “read, write, and execute” web.
For those unaware, a blockchain is a distributed, decentralized ledger that records transactions. It gets the name “blockchain” because it is a chain of blocks that contain data. Whenever a new transaction is entered, it is transmitted to a network of computers that all keep a copy of the same blockchain. These computers then verify that the transaction is legitimate by solving equations. Once a transaction is verified, it is added to a block with other transactions that have been verified around the same time. These blocks are created regularly after a set amount of time and are chained together in a way that verifies the transaction of the previous block.
Blockchain technology allows you to send monetary transactions over a peer-to-peer network with no third party needed. All traditional forms of online banking, whether with an established bank like HSBC or with an e-wallet like PayPal, require an intermediary to facilitate the transactions. In the above examples, these service providers are the ones that act as the intermediaries and make sure the transactions go through. The problem with this is that if these service providers come under attack or decide that they don’t want to complete the transaction as it doesn’t align with their new policy on acceptable use, there’s nothing you can do about it. Blockchain technology, specifically Bitcoin, allows you to get around this, enabling you to send transactions to another person without needing an intermediary.
One of the best things about blockchain technology is that data is stored in these blocks, which cannot be altered after the fact and are cryptographically signed, which makes them provably authentic. You cannot add a fake block to the network unless you have over 50% of the computer nodes running the blockchain, something that is close to impossible with well-established networks like Bitcoin and Ethereum. The immutable nature of data stored on the blockchain makes it perfect for industries all over the world that would benefit from publicly available, verified data. One of the biggest benefactors of this technology will be online casinos. Whether you’re in the UK, Saudi Arabia, or Australia, you will find people who question the legitimacy of online casinos. Since their inception, they’ve had to deal with unfounded accusations of cheating, but by verifying their results on the blockchain, they can publicly show that their games are fair and legitimate. Whether you’re looking to play online roulette, blackjack, or baccarat, there are casinos that can accommodate you. The best sites will be licensed by recognized gaming authorities and have built-in security measures that protect your data and your funds. If you’re looking for online casinos in Saudi Arabia, it’s important to read expert reviews that recommend the sites with the best banking methods, the biggest range of games, and the most helpful customer service. Some online casinos are even accepting cryptocurrency as a deposit option, so you can see that the industry is fully embracing blockchain technology.
Another major benefit of blockchain technology is that it is fully decentralized. There is no single source of its ledger that can be attacked or brought down, as it’s hosted by hundreds of thousands, if not millions, of computers all over the world. This makes blockchain technology incredibly resilient, as it can’t be brought down by a DDOS attack, large-scale power outages, or even government-mandated internet restrictions. Anyone in the world can participate in a blockchain, and this collaborative nature makes it so unique.
As more and more industries and companies get to grips with blockchain technology and incorporate it into their established business, we’ll start to see exactly how exciting it is. In the next decade or so, expect blockchain technology to become a significant part of the internet as the world shifts to Web 3.0.