Blockchain 3.0 is an upgrade of blockchain and distributed ledger technologies targeted at fixing its fundamental issues with the aim of global and other industry-specific adoption.
Blockchain 3.0: Fixing the Flaws
It is no doubt cryptocurrencies have brought immense popularity to blockchain and distributed ledger technologies in general. Since the inception of Bitcoin in 2009, blockchain developers have been looking into other uses cases of blockchain technology in other industries besides the finance sector. They have been considerably successful in this quest. Today, blockchain and distributed ledger technology(DLT) is being adopted by the healthcare sectors for record-keeping, logistics, and transportation sector for monitoring purposes and voting systems to develop transparent governance models.
Bitcoin was the initial use case of Blockchain 1.0 aimed at challenging the existing monetary/financial system by proposing a decentralized payment solution. However, the scalability issues of the digital currency became evident as it takes as long as 10 minutes for transactions to be validated due to the consensus protocol of the bitcoin blockchain.
Blockchain 2.0 focused on improving the use-case of blockchain tech as a payment solution alongside the introduction of smart contracts and decentralized applications. Ethereum blockchain being the most popular of these projects, blockchain 2.0 still focuses on the finance sector alongside some known flaws.
Blockchain 3.0, however, takes a holistic approach to the use cases of DLTs and aims to push the widespread adoption of blockchain technology across various business sectors and industries. Developers aim to build a project that enhances privacy and security from the ground up and addresses known scalability issues, cost, and interoperability of the technology.
So, what does the fourth generation of blockchain seek to achieve?
Blockchain 4.0 is what web 2.0 is to the internet. It promises to improve on all the features of previous generations and offer blockchain to consumers and business sectors. Businesses can build secure, decentralized, and tamper-proof blockchain-based applications without requiring a lot of blockchain development experience.