Blockchain is the New Internet

Brock Pierce: Entire Internet is Broken

Blochain Will Replace the Internet as We Know It

On today’s first day of the Dubai Future Blockchain Summit there were many panels and one that got most interest from the audience was an opening panel about Blockchain being the new internet. Enterpreneur and philantrophist Brock Pierce said, that blockchain is generic therm for enabling and describing technologies that makes all of this possible. “Blockchain by its nature allows you to extract information from systems I like to describe internet as the data transport protocol.Blockchain is the New Internet

The problem is that the entire internet is broken. It’s an insecure data transfer protocol because, when the internet was first being architected, the cryptography need to secure the internet was known, though the computer processing capability in that time didn’t exist. By the time processing capability started to exist and secure the internet, too much of everything was built, foundations had been laid and the foundations were faulty. Blockchain means secure data protocol and it will replace entire internet along with the other protocols by incorporating security layer” said Pierce. Last month Pierce promised to donate $1 billion into a decentralized autonomous community run on a blockchain. Governed by a constitution, the community will be registered as a charitable organization whose participants will receive voting rights to allocate its money. It is set to launch June 1, based on a new blockchain called EOS.IO that Pierce helped launch.

Alex Tapscott, Co-founder of the Blockhain research Institute and Co-author of the ‘Blockchain Revolution’ said that he considers the blockchain a new internet. “It’s the evolution of the internet. First we had an internet that enabled us to share and get informations. The second era is enabled by blockchain where internet gets its value. It’s the technology that allows us to move value, sort value and create value rather than through network using third agent as banks, governments, agents, media representatives etc. Will the technology be able to scale? How will incumbents react, and how will governments and regulators treat it? There are implementation challenges to overcome and rework the way the internet operates, and create value that we couldn’t have foreseen.”

Blockchain for More Safer, Affordable, and Widely Accessible Transport

On the sidelines of the Future Blockchain Summit, MOBI, the Mobility Open Blockchain Initiative, announced its formation to explore blockchain for use in a new digital mobility ecosystem that could make transportation “more safer, affordable, and widely accessible.” MOBI is  working with companies accounting for over 70 percent of global vehicle production in terms of the market share. MOBI and partners, including, Renault, ZF, BMW, Bosch, Ford, General Motors and others seek to foster an ecosystem where businesses and consumers have security and sovereignty over their driving data, manage ride-share and car-share transactions, and store vehicle identity and usage information.Blockchain is the New Internet

The Future Blockchain Summit will feature the world’s first Global Leaders Exchange programme, in partnership with global consultancy, PwC. Closed-door invite-only sessions convening senior government blockchain champions and C-level industry enablers will result in a white paper that provides guidelines for global blockchain adoption.

The Summit will also have the Grand Finale and Award Presentation of the Smart Dubai Blockchain Challenge, one of the leading global blockchain startup challenges, on the second day of the event, May 3. This challenge has seen blockchain startups from across 85 cities for a chance to meet government leaders, world investors, network with VIPs and connect with potential customers. Three winners will be chosen to receive first, second, and third place money prizes of $20,000, $15,000 and $10,000.

Teuta Franjkovic

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