The ABCs of Blockchain and Web3

[Music] everyone my name is Dimitri fedotov and I am the head of DT foundation's oversight at adgm today we're going to explore two terms you've likely heard before blockchain and web 3 they might sound complex but by the end of this session you'll understand what what they are and why they matter in our digital world let's Dive Right In with a story about a small company called bright ideas code to make these Concepts simple imagine bright ideas Co has a shared digital log book this log book is special because everyone on the team can write in it but once something is recorded it's locked in place no one can erase or change it this shared log book is a lot like blockchain blockchain works like a series of pages called blocks in this digital log book each page gets filled with information and is stamped with a unique digital fingerprint known as a hash this fingerprint connects each page to the previous one forming a secure chain of entries hence the name blockchain the chain is tamper proof because if someone tries to alter an old entry the fingerprints won't match and everyone will notice the change immediately what's more everyone in the company has their own copy of the log book it's decentralized meaning no single person or entity controls it this makes blockchain secure transparent and trustworthy let's look at how this digital log book helps bright ideas COPE in real life one digital payments the business wallet bright ideas Co uses Bitcoin which operates on blockchain it's like having a secure digital wallet that everyone can see but only the the company can access payments are quick transparent and don't involve traditional Banks two supply chain transparency the company's detective the company often orders equipment using blockchain they can track each item from the supplier to their office just like having a detective that records every step this way they always know where when their new tools will arrive three smart contracts the digital assistant bright ideas code signs agreements with clients using smart contracts once the client's payment is received the project starts automatically without any need for manual approval or paperwork everything runs smoothly according to the rules set in the contract think of web3 as the upgraded version of the internet built on the same principles as our digital log book in the early days the internet web one was like a static Library you could only read information then came web 2 the internet we use today where you can post photos comment on videos and shop online but here's the problem big Tech compan companies started collecting all the data using it for their own profit web 3 changes this by being decentralized like our log book it gives control back to the users instead of big companies owning your data you own it and you interact directly with others using secure decentralized apps or DS here's how web3 can make a difference for a business like bright ideas code decentralized social media the content Hub bright ideas coed shares creative content online in web 3 they use a decentralized platform where they own their posts and photos no company can delete their content or use their data without permission decentralized Finance defy the company treasury instead of relying on traditional Banks bright ideas compa uses defi tools to manage their funds they can earn interest Access Loans and make investments directly with more transparency and fewer fees digital art and nfts the creative showcase the company's designers create digital artwork for clients in web 3 they can sell unique pieces as nfds non-fungible tokens these digital assets are verified on blockchain proving ownership and authenticity making them [Music] valuable so here's the easiest way to understand it blockchain is like a shared digital notebook for right ideas code it's made up of pages blocks that are linked together forming a secure chain everyone on the team has a copy so no one can secretly change what's written this makes it a trustworthy way to record anything important payments contracts or deliveries web 3 is the next version of the internet that uses this shared notebook idea think of it as a new kind of online world where you're in control in today's internet web 2 big companies own your data data they decide how it's used but with web 3 you own your data and can choose what happens to it for a business like bride ideas cope this means they can connect directly with clients share content freely and manage their money safely all without relying on big tech companies in short blockchain is the secure Record Keeper and web 3 is the new internet that gives you ownership and control thanks for following along I hope this gave you a clear simple picture of how blockchain and web 3 are shaping the future of our digital lives [Music]