The next big change coming for the Internet

The Internet is at something of an inflexion point as it is set to adopt IPv6 and blockchain technologies going forward. This will fundamentally change our interaction with the web, but also everything from how we do business to the types of advertising we see.

This was the main point of discussion at a recent panel discussion held during the IEEE event in Exeter. The panel was chaired by Dr Jack Rogers, Fintech Programme Director at the University of Exeter, and included:

The Internet’s next inflexion point

The current Internet has effectively regressed and has lost some of its ability to empower people. This is primarily because of big monopolies in the technology sector and the proliferation of the internet, said Ladid. ‘Basically, everything goes to Silicon Valley. Be it publicity or advertising, all these businesses are centralised in just a few places. So we have to break this (up) dramatically.’

Ladid noted that there have been a couple of inflexion points in the history of the internet, notably with the proliferation of the web and then the availability of the internet through mobile phones. Since then, however, not much has changed.

‘Blockchain and Bitcoin is the next big inflexion we are going to have. This is a fundamental shift from the current model, which is working on TCP/IP. We have to move to a production protocol, which is IPv6.’

IPv6 is the new version of the Internet protocol that enables users to connect directly from other users’ devices—in such a sense that each device on the Internet could have its own address to communicate using a peer-to-peer connection.

What is a market?

This was echoed by Wright, who noted that the idea of a market has also been warped in the last couple of decades.

‘If you look at trading apps like Robinhood – that’s not a market. Markets are end users and consumers. All that back and forth that is price setting and arbitrage and all the rest, but it’s not a market until you have delivery. A market isn’t Wall Street – it is the main street.’

Wright said that people make similar mistakes when considering the crypto-asset market. He noted that crypto-asset markets are not the buying and selling on exchanges but rather when the technology is used for making NFTs, as a payment system, etc.

‘The markets don’t say anything, they are just a conglomeration of people. What you do have to think about is what moving things to the edge does – it changes what people can do. Not because we are suddenly going to be smarter, more moral, or ethical. It’s because it changes the nature of how we see each other.’

A shift to small scale markets

Using farming as an example, Wright said that IPv6 and blockchain technology will allow for the organisation of more small-scale, direct, and specialist companies. This could allow people to buy and eat corn just three hours after it has been picked or to buy organic tomatoes that taste natural. Wright said this process can also be highly customised and specialised, with food delivered to you that is quick, easy and cheap.

‘All of these are opportunities that modern technology is starting to deliver. That is end-to-end and is based on aggregated data and aggregated people who want to buy these specialist items.’

‘That is how Amazon got big – because they had a long-tail effect. But it doesn’t need to grow into Amazon, it can be lots of small items and lots of small sellers opening up opportunities globally.’

The blockchain is not a magic wand – but it holds people accountable

Nilsson added that while blockchain and IPv6 allow for these new opportunities, they are not a panacea or magic wand when it comes to supply-chain management. However, every company that is putting data on the blockchain is effectively signing it digitally so that they are now liable.

‘When an audit is done later on, or your colleagues find out that those are not good tomatoes. Then they can sue them. Every actor, producer and customer already has a contract. Now if you are breaking that, and you are digitally signing that information in the blockchain, then you are liable.’

While verification is still necessary, Nilsson said that the proliferation of IPv6 will allow for IOT sensors to immediately tell the quality of produce. This information is secure, directly from the sensor and is also immediately recorded in the ledger. This means it’s getting much harder for someone in the supply chain to act fraudulently, he said.

You can watch the full panel discussion below: