The Internet and blockchain technology are both revolutionary innovations that have changed the way we live and work. While they are not connected, there are some major parallels and distinctions that are worth exploring.
The Similarities: Internet vs. Blockchain
The Internet and blockchain are comparable in that they both allow for decentralized communication and cooperation. The Internet enables individuals from all over the world to connect and interact with one another without the need for a centralized authority. Similarly, blockchain technology enables decentralized and trustless transactions that do not require the use of a central middleman.
“The Internet is becoming the town square for the global village of tomorrow.”
– Bill Gates
Another resemblance is that both the Internet and blockchain are built on open-source technology that anyone can access, use, and enhance. This has resulted in a massive ecosystem of exploration and creativity, with new use cases and applications being discovered on a daily basis.
The Differences: Internet X Blockchain
Yet, there are several significant distinctions between the Internet and blockchain technology. One of the primary distinctions is that the Internet is essentially a platform for communication and information exchange, whereas blockchain is largely a platform for transaction and value transfer. The Internet is based on the Transmission Control Protocol (TCP) and the Internet Protocol (IP), which enable information to be sent, whereas blockchain is based on a distributed ledger, which allows value to be transferred.
“Everything will be tokenized and connected by a blockchain one day.”
– Fred Ehrsam
Another significant distinction is that the Internet is largely a permissionless platform, which means that anybody may access and utilise it without needing permission. In contrast, blockchain is largely a permissioned platform, which means that access to the network and the capacity to engage in transactions is confined to those who have been granted permission.
Moreover, the Internet is built on a client-server design, in which the client requests data from a central server. Still, Blockchain is built on peer-to-peer network architecture, in which all nodes in the network store the same information and authenticate transactions.
To summarise, both the Internet and blockchain technology are tremendous innovations that have had a huge influence on how we live and work. They have certain essential commonalities, such as their decentralized nature and open-source technology, but they also differ significantly in terms of their major use cases and underlying architecture. Although the Internet has transformed how we interact and exchange information, blockchain technology has the potential to transform how we move value and conduct transactions.