Tue. Mar 19th, 2019

What is the Scope of Decentralization in the Coming Years

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Humans of Blockchain 

Decentralization in itself is a world apart from Blockchain Technology. However, this new Distributed Ledger Technology (aka Blockchain) does help with making this word (Decentralization) into a reality. 

 

First off lets start with the Definition of Decentralization:

Google defines this word as –the transfer of authority from central to local government.

That might be the case for a central authority in itself, the government. But that is not the case for the people/ general population regarding issues other than governance. There is not a single type of data in the age we are living today, everything is ruled by different types of data. Now it can be your financial data (bank statements, balance), social data (pictures, personal information), intellectual data (IP rights, ideas), identity data, and the list goes on an on as the world is going digital as you read, where every new segment is ruled by the type of data it governs. 

The worst part here is that all these types of data are being controlled/ owned by central authorities. Now you say “my pictures on my social media account are mine“, sorry to burst your bubble right there but they are not. You sign privacy terms and conditions which allow your social media company to use your pictures for their benefit.

Like Mr. Suril Desai quoted in a recent interview in our featured Humans of Blockchain Interview Series – 

At the same time you have things like Facebook, where you accept the terms which is a big lie on the internet. “I Accept” agreements are contracts which you don’t have an intention to sign but you still do which makes it an invalid contract.

 

Decentralization is taking, rather ripping

the control off of these designated centralized

entities and hand it back to the

people who actually own it.

 

 

 

How is Blockchain connected to this new ecosystem? 

First of all Blockchain is not Bitcoin. Blockchain is a new Distributed Ledger Technology (DLT) which aims to secure the data being published online. 20 years ago the Internet came into our lives and disrupted institutional companies handling data offline, and published that data online. Was the Internet only for publishing Data? No. Every online business today is working on the Internet and making exponential financial gains through that. Coming back to the technology at hand, Blockchain with its distributed ledgers aims to secure data on its ledgers by providing the control to the data creator through a proof consensus mechanism such as PoW, PoS, etc. 

 

 

The original question still remains “What is the scope of Decentralization in the Coming Years?”

Decentralization as an ecosystem is already happening. The Dark Web, Torrenting, Digital Tokens (Cryptocurrencies) are all decentralized utilities working at the moment, made by the people, for the people. If we look closely at these three utilities, we see that two of them have already been implemented on the Internet using a person’s internet protocol address as a node for distribution of data and the third utility has been developed on DLT (Blockchain) to decentraliza the financial data usage/ ownership. 

The future is dependent on alot of factors including central decisions for regulation, governance and decisions (This might be the biggest irony here). Decentralization is something that the people need and require today, but the sad truth is that they do not know that they do. When the realization hits, adoption for new decentralized utilities will take place as the first step towards a fully decentralized future.

The main “problem creators” here would be the centralized entities facing disruption. They will try their best to stop decentralization as that will disrupt the power that they hold.

 

NOTE – The above given article is an opinion. People are free to judge/ use this as to their own understanding.

 

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What do you think?