According to a report from Forbes, it was reported that the internet is capturing everything in one’s life, and the electronic devices we use in our day-to-day life are to blame. Data on flash drives inserted into USB ports may be read and sent by the smart television, which maintains track of what you view. Cable and satellite televisions can monitor what you’re watching, and firms may use that information to tailor adverts to specific audiences.

All of our activities like- location, internet surfing, etc are being tracked via smartphones and laptops. The websites you’ve visited can be accessed by your Internet service provider (ISP). Even though the company’s privacy policy prohibits it, a hostile technical staff may have the ability to view customer data without the consumer’s knowledge!

Ransomware assaults and extortion efforts against significant U.S. organizations have increased dramatically in recent months, with demands for Bitcoin in return for not disclosing customer data or fully damaging technological infrastructures.

The reason these big tech companies are monitoring our data is because of our data. The Internet of Things isn’t about earning money off of smart device sales. It’s all about keeping track of and monitoring everything you do so they can collect data. The more data a firm has about its customers, the better it will be able to make informed judgments about marketing, advertising, online content, and consumer purchasing habits.

As internet users, we feel like we have no power over our own data. These big tech companies have taken away our privacy from us. There has to be a better way to do things, and blockchain appears to be the key to changing how people use the internet in the future.

Blockchain Technology Facilitates Decentralization

The notion and basis on which the decentralization of the internet is envisaged to be executed is something much more than blockchain technology. It provides users with everything they want: security, transparency, and dependability.

Cryptocurrencies like Bitcoin, Ether, etc are running on blockchain as this technology relies on encrypted and hashed blocks. However, it appears that it may eventually play a bigger role than only powering digital currencies. Blockchain is only one element – support element of decentralization initiatives to transform the internet’s future.

The blockchain system is a public distributed ledger in which all transactions are timestamped, records are irreversible, and data is encrypted individually. Everything you do use blockchain technology is recorded, authenticated, and, most importantly, cannot be tampered with. It might be the answer to the growing need for openness that the internet now lacks.

What Role Does Blockchain Play in Decentralization?

Instead of storing our data in a centralized network the blockchain and decentralization will help us store our data in different places. This distributed storage system will prevent data from being wiped or users from being denied access by the centralized network.

Security is in the hands of the user with blockchain. The use of public and private keys allows the user to create his own authentication method, which ensures more privacy. It does away with the need to save usernames and passwords centrally, leaving you to worry if the system may access your data and spy on you. Payments will be made directly through digital currencies, which is one of the major innovations in a blockchain system.

While the desire to be more virtuous and ethical has led to the decentralization of the internet, it is not a perfect answer. The system contains flaws that will be tough to close. Censorship, for example, will be more difficult to control. There will be a lot of hate speech, and users will be able to encrypt their data, making it simpler to hide damaging photographs, videos, and information. There is no method to remove bad material from the internet since blockchain activity cannot be amended or removed.

How decentralization will benefit freelancers?

Blockchain will help freelancers in a big way. According to a report, there are 64.8 million freelancers in the U.S alone. Freelancers use Flatforms like Fiver, Upwork and these websites take some of the percentage from the freelancers in a form of processing fees. For each successful transaction, they may take a predetermined cash amount or a percentage.

Clients and freelancers may deal directly thanks to blockchain technology, which eliminates the need for middlemen intermediaries. There’s no need to be concerned about shifting foreign exchange rates or extra money transfer transaction costs. Unlike existing systems, which take days to complete, these transactions may be completed quickly.

Final thoughts on Decentralization 

Many IT professionals are beginning to embrace the notion of internet decentralization, which is a novel and fascinating concept. For the average person, the concept might seem daunting at first. 

Because the system and interface will be different from the internet we know today, teaching and learning this new technology will take some time. However, it might be an alternate approach in the future to break the internet’s monopolistic dominance and halt the everyday privacy, intrusion, and security breaches that users face. To avoid this goal, it is up to the developers who eventually construct the programs that mainstream customers use.