576 - Do you understand blockchain technology?

If you're like I was, you believe blockchain is all about Bitcoin, Ethereum or some other cryptocurrency most of us don't understand.

Blockchain is the technology behind those value systems but not unique to them.

I'm hoping someone will chime in who knows what they are talking about, because I'm giving you my terribly limited view and attempting to keep the terminology understandable.

This is my understanding so far.

1 - Let's begin with safety.

According to @Sani Abdul-Jabbar, decentralized, blockchain-based shopping platforms are more secure than traditional online stores because they use high-tech encryption and distributed storage.

My terminology - blockchain is safer because the messages are in hard to break codes.

When content, such as sensitive documents and contracts, is decentralized, it becomes much more difficult for a single entity to manipulate or censor that information.

2 - Web3 solutions make online shopping platforms more accessible and user-friendly by integrating crypto-based payment methods.

This would reduce friction for users who commonly face issues with fiat-based payments.

My terminology - Web3 makes online shopping easier to access because they use payment methods that are more secure than credit cards.

3 - Web3 promotes community-oriented purchasing ecosystems in which consumers have a direct influence on the platform's policies and long-term development.

My terminology - Web3 gives consumers more freedom regarding the policies and how online stores will develop over time. PLEASE tell me if I'm wrong. I have trouble grasping it and I know I'm not alone.

In contrast to the top-down models that dominate traditional eCommerce, this is a huge breakthrough.

It means more privacy for those of us who shop online, send documents online and handle a myriad of sensitive transactions we perform online.

This is not the time to bury our heads in the sand.

You can learn more about blockchain from @Sani Abdul-Jabbar at @VezTek and other companies.

The language is often difficult, just like legal and medical jargon.

It is written at a grade 15 level when most people read at grade 5.

Take it one bite at a time, which is what I'm doing because honestly, I'm having a hard time digesting it all.

What really fascinates me is that it looks like

10 years from now, words like blockchain technology, decentralization, and cryptocurrencies will be household words.

Are you ready for more changes blockchain technology will bring?