A clear message emerged from the latest observatory blockchain and distributed ledger of the School of Management of the Politecnico di Milano: the blockchain is establishing itself as the technology that will guide the new evolution of the Internet, the Web3.
Experts agree that the applications of this technology, born in 2008 with the now famous Bitcoin, are rapidly evolving in different directions, but all have in common the drive towards a new version of the web. In particular, in the recent study by the Politecnico di Milano it emerges that the blockchain is the basis of the “next web revolution”: the web3, a sort of “decentralized” Internet that could be the natural evolution of the current “centralized” web dominated by big tech. A sort of new economy, in some ways, which offers opportunities to financial players but also grants more ‘power’ to users. In this rapidly changing environment, the most interesting ecosystem of decentralized applications continues to be that of DeFi (Decentralized Finance, often known by the acronym DeFi), which introduced new business models to the financial markets.
What DeFi teaches us: the three key points
A theme, that of decentralized finance, on which he also focused Paolo Gianturco, Business Operations and Fintech leader of Deloitte Consulting, during the round table entitled “Web3: what business opportunities for companies?” on 21 January, on the sidelines of the presentation of data from the latest blockchain and distributed ledger observatory.
“The DEFi has taught us a lot,” admits Paolo Gianturco, reviewing the first moment in which Bitcoin was discovered up to the actual study of decentralized finance. And thinking back to this theme and the lessons learned over the years, the Deloitte expert focuses on three central points: “The firstis that users want a unlimited access and geographic restrictions and DeFi has demonstrated this because it has ensured that so many financial services and products have landed in the world of decentralized finance. With a concrete example above all: the blockchain actually offers unlimited and geographically open access “.
The second teaching, he adds, concerns the liquidity availability. “We know that in recent years one of the great problems of money and the economy lies in the poor circulation of money – says Gianturco -. Instead, in a short time, in DeFi we went from 15 billion to 100 billion of liquidity circulating in decentralized applications with a decidedly strong speed ”. This is an important signal because the speed of circulation of value represents an important innovation mechanism.
The third and last point revolves around the theme of safety which must be taken into due consideration.
“Two years ago we had more than 70 million in losses due to hacker attacks and in the last year alone the situation has worsened, with losses exceeding 600 million, therefore more than 8 times compared to the past “, underlines Paolo Gianturco who invites you to pay attention to safety, to how architecture is defined and how you enter the world of blockchain. This reflection highlights how crucial the role of competence, experience and collaboration is. Without these elements, the speed of transformation could literally get out of hand and no longer represent an opportunity.
Goodbye big tech monopolies with the Web3
“We are leaving the world where economic / technological monopolies had been created to enter a world where users will lead companies to the Web3 ″, explains Paolo Gianturco, Business Operations and Fintech leader of Deloitte Consulting. “It will not be only companies that will see a possibility and an opportunity for development and growth inautomation and lower costs of this technology, but users will increasingly be in the front row expecting companies to enter the blockchain and be part of the Web3 “.
Here, too, a greater knowledge of the technology and its potential advantages for success will be essential for continuing development.