What is the role of blockchain in Web3?

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The blockchain is a distributed ledger technology that allows multiple parties to record and verify transactions without the need for a central controlling authority. Blockchain gained popularity with the adoption of cryptocurrencies like Bitcoin, but it is finding applications in many other fields, such as supply chain, electronic voting, and copyright management.

In Web3, blockchain is often used as a means to ensure the decentralization and transparency of applications. For example, in the field of online advertising, blockchain can be used to ensure that ad view statistics are truthful and not manipulated. Additionally, blockchain can be used to ensure user privacy, making it more challenging for companies to track users’ online activities.

Other examples of blockchain use in Web3 include:

Electronic voting systems: Blockchain can be used to ensure the transparency and immutability of elections, making it impossible to manipulate the results.

Supply chain: Blockchain can be used to track the movement of products along the supply chain, ensuring transparency in the process and reducing the risk of fraud.

Copyright management: Blockchain can be used to record and track copyright on digital works, ensuring that artists are properly compensated for their work


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