Joseph Lubin, the Founder of Consensys firm has recently opined that in terms of popularity, Blockchain will easily surpass the Internet of today also known as Web 2.0 because of its user-friendliness and transparency. The co-founder of Ethereum even considers the engagement of Blockchain will serve as one of the major technological breakthroughs after the Internet.

In order to make his point sound clear, he stated the major difference between the two technologies. According to him, Web 2.0 prioritizes content and technology providers over public treating them as mere products. It leads the public to access as much information as shared by the technology provider. Indirectly, it results in loss of trust and transparency within the system. Moreover, the service providers use the public to get their personal details in order to sell their information and services with a higher charge.

On the other hand, Blockchain gives equal preference to every participant, be it service provider or beneficiaries, says Lubin. As the information is stored in several blocks in a single time frame without any centralized party, users get able to avail a tamper-free, reliable and cost-effective environment for themselves. Adding further Lubin said that the technology is focused on providing complete control of data to the users which definitely address the increasing data theft issues on the present scenario.

Though there have been a lot of speculations surfacing lately regarding the possible future application of blockchain, as per Lubin, it is too early to predict the same as the technology is still in its nascent stage and needs further exploration in future. He also commented that the complete implementation of the technology may take a lot more time than Web 2.0 took owing to its complexities. However, he is sure that the engagement of Blockchain will serve as the most efficient technological breakthrough after the Internet.