By Vikram Tanna

In South America, farmers are using blockchain technology to reduce cases of food fraud, while event ticketing companies are leveraging NFT tickets to improve fan experiences. There has been a flurry of creative blockchain applications all over the world.

As the decentralized ecosystem evolves, it is crucial to formulate a set of practices that will guide the development of blockchain applications, platforms, and protocols.

With millions of blockchain users around the world, a progressive framework can make all the difference in how countries take advantage of this new technology paradigm and drive innovation. I want to discuss some of the difficulties and opportunities as we move into the web 3.0 era.

Protocols provide exciting challenges and opportunities

In a borderless and closely interconnected world, to assume that the potential of Blockchain applications can be harnessed without being misused for money laundering and unregulated use cases is wishful thinking.

That is why when the Indian government proposed a collective international approach at the World Economic Forum conference, saying: “The kind of technology that blockchain is associated with, the decision made by a single country will be insufficient to deal with its challenges. We have to have a similar mentality”, the world realized.

The challenge is to apply them in practice at the international level, given the different legal frameworks within each country. Formulating a blockchain alliance for organizations and countries to collaborate and regulate blockchain applications would be a good step in this direction.

What should be the key objectives of the ecosystem for web 3.0?

Unlike the previous two eras of the Internet, we have a rare opportunity to collectively define goals for this new era. We can see the goals of the web 3.0 era in four broad categories:

1. Make sure all users have access to secure information

Users should be able to safely use and move their assets across exchanges, DeFi protocols, and NFT markets. Many blockchain communities are solving this problem by using soul-based token applications to verify user identity without revealing their personal information.

2. Provide equal opportunities for all through fair competition.

Blockchain ecosystems are based on the default openness. Therefore, blockchain protocols developed in countries, different organizations, and individuals could be made available to anyone seeking to improve them through a global platform of knowledge and shared code.

For example, Estonia could open up its “e-Residency” blockchain application to ensure fair and secure voting for other countries to develop and customize. This has proven to be a game changer for Estonians who can securely prove their nationality and identity from anywhere in the world.

3. Protect privacy by preventing any form of surveillance of personal data

One of the biggest challenges in the web 2.0 era has been the abuse of personal data. Developing a global understanding that enables blockchain-based governance systems will provide users with control over their data and organizations assurance of authenticity.

4. Facilitate a solid economic and governance foundation

A globally accepted GAAP would go a long way to ensuring that all stakeholders are transparent about their financial health, the amount of fiduciary collateral present, and the prevention of money laundering.

Conclution

Blockchain provides the world with a golden opportunity to help bridge the gap between digital and real world governance within the state and across borders. Having a clear vision of the challenges, understanding and agreement on the goals will help us herald the next era of the Internet.

As more users adopt blockchain technology, we will witness the rise of a new generation of creators, thinkers and innovators.

The author is CEO, Mzaalo (Xfinite)

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