When people easily send and receive information over the Internet people enter the age of Internet of Information; when they can easily process transactions and send value over the Internet and program value and execute transactions by smart contracts, they will enter the age of Internet of Values.
With time, ecommerce will process more and more transaction and transfer value on blockchains and entire ecommerce economies will be programmed with smart contracts in blockchains. As a consequence, people’s cooperation relations and human society will surely be greatly transformed.
Accenture’s report (2016) predicts that after an early exploration, blockchains will continue to grow between 2018 and 2024, when banks and ecommerce organizations begin to witness the benefits of early blockchain adopters, new government rules will also be gradually established, various new services and business models will begin to appear, and the original ecommerce business models will gradually be abandoned. After 2025, the application of blockchain will gradually mature, and the use of blockchain will become the mainstream, and at the same time it will be well integrated into the supply chain systems and into capital markets. The World Economic Forum’s Whitepaper “Realizing the Potential of Blockchain” (2017) boldly predicts that 10% of world GDP will be transacted on the blockchain network by 2027. It can be predicted, just as the early stage of the Internet of Information, that with the development of blockchain applications, the Internet of Values will gradually take shape.
Current internet of values problems to solve
INTEROPERABILITY
eCommerce is today a highly centralized economy, this means that most values exist in centralized organizations, data centers, and in different blockchains. The Internet of Values requires a seamless way for these assets to also circulate within a blockchain without requiring the entire data sets to be migrated to a distributed network and into one common blockchain.
SCALABILITY
The second issue confronting IoA is scalability. The Internet of Values needs to be able to handle different areas of ecommerce, such as marketplaces, shipping, fulfillment, logistics, supply chain, payment gateways, inventory management, and government regulations. All these sectors hold a piece of data relevant to an economic transaction within ecommerce that must circulate freely within the internet of values blockchain and which will require some sort of processing or computing in order for the transaction to be successful. Multiply this by millions of transactions and you can imagine the issue of scalability becoming a bottleneck.
To solve these, we need to leverage the computational power of nodes through intelligent algorithms (POW & POS) in the blockchain network in order to perform parallel computational tasks, this requires the implementation of some sort of parallel event firing mechanism capable of grouping and sorting computational transactional requests by consensus type in order to maximize performance, and to deliver special regards to the computational nodes within the network to perform such computations.
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