I was recently asked to provide the answers to 3 questions for a potential new client. As it's pertinent to us and anyone taking a look into these technologies, I thought I'd share here…
1. What is the relationship between DLTs and blockchain?
It’s my understanding that Distributed Ledger Technologies are the umbrella technology, and blockchain is a (major) application of said tech. Very similar in protocols with blockchain being a DLT in real world action. So a blockchain is a DLT, but a DLT is not necessarily a blockchain, but can be.
Blockchain is what has allowed Bitcoin (and subsequent cryptos) to be created and developed. This will be key going forward, and will be a central part of Web 3.0 and the ‘Metaverse’. The decentralized and immutable nature of this technology is what sets it apart.
2. Do you believe that it’s important for the general public to learn about these technologies? Explain.
Hell yeah! Other than the world being on the verge of financial collapse, we are entering into a time of a massive technological shift. Not least increased AI and automation. Although this area can be a bit complicated and currently for the techies, it’s necessary for the world we’re moving into.
It will require people like us to help share the knowledge and developments in the most accessible way. It’s the internet on acid - some will come willingly but most will arrive eventually in one way or another. We are combining our physical, digital and biological worlds (h/t @taskmaster4450), so will be surrounded by it… an adapt or die situation.
3. What is one real-world application of DLTs or blockchain that you think has enormous potential, and why?
Tokenization. Splitting something up into parts allowing anyone to get involved / have ownership and the ability to add a financial component or incentive at every turn is a game changer. This can be applied to social media, business, people, property and more.
A specific example is an app called @actifit which counts your steps/activity and you earn various tokens based on that which feeds into a wider community (and more tokens potentially). The tokens can be swapped for FIAT currency, ‘powered up’ for more influence or used directly for purchases.
DeFi (decentralized finance) will also be huge (already getting there, having received the baton from FinTech) but it all ties together.
To sum up…
These were just a few ideas off the top of my head that I fired off. It was supposed to be between 200 and 400 words, so there is obviously a lot that could be elaborated on and added.
This post could act as a bit of a prod to those who are new to this scene and entice to delve a little deeper. Anyone else would have their own interpretation (as would I I'm sure if doing it again), so would be fascinating to see.
How would you answer these 3 questions? Let me/us know in the comments! (or feel free to write your own post)
~ Adam
@adambarratt
Some links to me and my work @ www.AdamBarratt.com
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