Currently, centralized ecommerce has become more and more concentrated in the hands of few people, thus creating a “single point of failure”. This means that a large amount of resources including power, capital, talents and data is being monopolized by these few ecommerce organizations.
THE RISE OF THE BLOCKCHAIN
Up to this moment, we have lived in a world ruled by centralized systems controlled by a handful of individuals. These centralized systems have evolved and greatly contributed to the development of mankind. However, the model under which these centralized systems operate has reached its upper limits as it is no-longer enough to continue to patch it up with new expensive technology and pass alone the cost to consumers along the way.
Perhaps the answer is to find a way to better align the existing centralized ecommerce economy with a more efficient distributed market economy. This is a great undertaking, but our civilization deserves it and now expects it.
In such efforts, the distributed ledger technology represented by the blockchain may play an extremely important role in solving the trust problem of mankind. For the first time in human history, there exists a “machine of trust”. Blockchain represents a complete solution to the limiting issue of “Trust”, that is, to deliver trust to communities we need to establish various large distributed ledgers through various consensus mechanisms to solve conflicts in various human cooperation. Not only that, since ledgers are based on peer- to-peer networks, it makes peer-to-peer transactions and value transfers, automatic, irrefutable, and immutable contracts.
Thanks to blockchain, strangers not only can trade without first having to stablish a relationship of trust, but they can also automate their transactions through smart contracts.
Blockchain is the trust technology that will power the second internet revolution wave, the Internet of Values.
While most existing technologies mainly promote the progress of “productivity”, blockchains is reforming the way people cooperate. It is bringing about one of the greatest transformations to humanity, a new social model, a trust based global village driven by blockchains.
The Internet of Values - IoA
Blockchain technology brings us from the age of the Internet of Information (IoI) also known as the first internet wave, to the age of the Internet of Values (IoV), which can be regarded as the second generation of Internet.
Because of the Internet of Information, the world has undergone tremendous changes. As a result of the Internet of Values, human society is bound to once again usher in enormous social changes. This is because the Internet of Values based on blockchain technology has the characteristics of digitization, intelligence, decentralization and inclusiveness.
Digitization and intelligence, which can bring efficiency to the Internet of Values are features that the Internet of Information already has, but are now being applied to the Internet of Values. A more essential characteristic is decentralization, which will help to completely solve the problem brought about by centralized organizations. The Internet of Values is also more inclusive and more prawned to cooperation.
eComX.org is a non-government organization based on the USA & Switzerland.
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