Let’s look at the growth of Blockchain because it’s amazing how blockchain technology is generating deeper and greater significance in the real world , as it evolves of 1.0 through 4.0. It was first introduced to be a technology known as distributed ledger( DLT) to record accounting transactions of cryptocurrencies. Blockchain has developed a significant method to become the primary technology that is behind the emergence of new possibilities like decentralized economies NFTs and Web 3.0 Metaverse, numerous other.
Blockchain is seen as an important and revolutionary technology by techno-futurists who are determined to change the world to the good. Blockchain technology is gaining momentum across a variety of sectors and sectors, more research and development, as well as investment efforts are focusing on creating the Blockchain community and ecosystem. There are over 100 blockchains with private permissions as well as more than 50 Layer 1 Blockchain protocols. At the end of 2026 the blockchain market is predicted to be worth $68 billion.
Since Blockchain grows and is increasing in importance, a discussion about Blockchain advancement is essential for companies and startups because it aids them in understanding their own journey to digital transformation and see where they stand in the Blockchain-enabled future. Have they started yet or are they just taking a lead or experimenting on the back of Blockchain technological advancements?
Blockchain 1.0 – Cryptocurrencies
We all know that it all began with Bitcoin. The Blockchain’s initial application was designed to record transactions in bitcoins’ financials. Blockchain has already proven its position as the facilitator of an “Internet of Money” through the power of cryptocurrency. Through its transparency in the process, accountability, immutability, in addition to security Blockchain has quickly led to the growth of more cryptocurrency and we now have over 2,000 crypto currencies available.
The growth and expansion of cryptocurrency into the mainstream market has been the trend and we are aware of the changes taking place. In the end, a lot of business and individuals have started accepting and making use of crypto-powered digital payment methods, and there’s no way to go back. The days of cash are closing in and our financial systems will be increasingly dependent to digital money in the coming years. According to experts the future we’re moving towards is a blend of stable coins, cryptocurrencies Central bank digital currency as well as other payment systems for digital transactions.
Blockchain 2.0 – Smart Contracts
With Blockchain 2.0 was born the age of smart contracts, which helped Blockchain to surpass its initial function of powering cryptocurrency. Smart contracts provided businesses with the ability to automatize their cross-organizational contract. Because autonomous computer programs are based on Blockchain smart contracts, they are able to execute themselves when certain conditions are met, removing the need for intermediaries. The smart contract has gained wide popularity due to their tamperproof nature and can lower the cost of verification, exceptions arbitrage, and fraud security, as well as allowing automated execution without permission. Smart contracts also allow transparent data recordingthat can be easily verified and gives both parties with equal power over their transactions.
The extremely popular Ethereum is a second generation blockchain. To enhance the capabilities that smart contracts provide, Ethereum is the go-to Blockchain for companies across different industries, particularly logistics, supply chain and payment across borders. Similar to Bitcoin, Ethereum also adapts the consensus method known as Proof-of-Work which requires the usage of powerful mining equipment and the use of large amounts of resources. This led to the need to create more eco-friendly and less resource-intensive blockchains which the 3rd generation blockchains attempted to fill. However, for the vast majority of them, Ethereum remains the most ideal blockchain, since they try to emulate Ethereum’s programming capabilities.
While it is a second-gen Blockchain Ethereum is always in the forefront, stepping its offerings to extend the functions of Blockchain across different sectors. Ethereum is the leader for everything from smart contacts to DApps, asset tokenization to DAOs and NFTs to DeFi.
Blockchain 3.0 – DApps
Blockchain 3.0 has been all about the growth of DApps. With a user interface that is front-facing which connects to the backend smart contracts, hosted on storages that are decentralized and dApps, dApps are able to handle a range of blockchain applications like DeFi platforms as well as Crypto loan platforms. P2P lending, NFT marketplaces and more. What Ethereum began in development of dApps and DeFi discovered new dimensions thanks to the advent of the third-generation, decentralized development-focused blockchains such as Cardano, Solana, IOTA, Nano, XDC and numerous others. These new players focused on enhancing the adaptation of Blockchains at the general level , by addressing the weaknesses or weaknesses in the previous generation blockchains. Based on new consensus mechanisms such as Proof of Stake, Proof of History and many more Blockchain protocols of the 3rd generation focused on areas such as Speed and Security, as well as scaling, Interoperability and Environment friendliness.
To provide benefits such as transparency as well as scalability, flexibility, and security, the global dApp market is anticipated to grow with a CAGR of 51 percent between 2019 and USD 368.25 billion in 2027. The dApp market has seen applications across various verticals such as Finance, Gaming, Lottery, Social media and Crypto transactions.
Blockchain 4.0 What’s inside?
Third generation Blockchains is growing and consolidating their market share. Is it therefore too early to start discussing Blockchain 4.0? It’s not because Blockchain is rapidly advancing. It has passed the stage of exploration and discovery, Blockchain technology is now in the process of expansion and implementation. Although Blockchain 3.0 was focused on addressing the shortcomings of the second generation of blockchains, Blockchain 4.0 is focused on creating new innovations with Blockchain. We can expect rapid developments in the field of Blockchain as enterprises across diverse sectors are embracing Blockchain more quickly.
Blockchain 4.0 is expected to speed to Blockchain as a commercially-friendly environment to create and run more efficient and popular applications that are decentralized. The speed, user experience, and accessibility to a wider and more common people are the primary issues in Blockchain 4.0.
Blockchain 4.0 Applications
We can break down the blockchain 4.0 applications to three distinct verticals: Web 3.0, Metaverse and Industry 4.0
Web 3.0
The Internet is continuously evolving and we are currently nearing the next generation of internet services that will be powered by technological advancements such as IoT, Blockchain, and Artificial Intelligence. Web 3.0, is focused on having decentralization at its heart, and Blockchain plays an important role in its growth.
Web 2.0 has been revolutionary in the sense that it has opened new avenues for social interaction. To take advantage of these possibilities users have put all our personal information into central systems, thereby compromising privacy and opening us to the typical cyber threats. Internet 2.0 platforms are controlled by central authorities who set the rules for transactions, while also retaining the user’s data.
Metaverse
The dream plans of tech giants such as Facebook, Nvidia, and numerous others, Metaverses are the next thing to be experienced within the next few years.
We are linked to virtual worlds via various points of interaction like social engagement gaming, work with others, and networking among other things. Metaverse makes these experiences more vibrant and real. Modern AI, IoT, AR & VR, Cloud computing and Blockchain technologies will be brought into play to create the virtual reality areas of Metaverse in which users can interact with a computer-generated world as well as other users in immersive experiences.
The more we talk about metaverses, the more fascinating it will seem to us, particularly if we think of it as games, art exhibits of a large size and concerts and virtual workplace board rooms and more. First, let’s explore how blockchain technology can aid in Metaverse development.
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