It’s well reported that big tech are looking seriously at Web 3 and investing in blockchain tech. Whilst Web 3 is a somewhat vague term, the general view seems to be that it is, philosophically at least, a return to some of the decentralisation that marked Web 1, with added benefits.
Whilst Web 2 is now characterised as a huge centralisation project, with nearly everything collected into platforms, one of the key drivers behind Web 3 is the heady mix of blockchain technology and its role in decentralised digital currency – cryptocurrencies – and other technologies such as non-fungible tokens (NFTs), that promise to create monetary value in abstract items – such as art.
What do the experts think about these technologies? It depends on who you ask, what their vested interest may be and even political persuasion. When the UK government, as announced by Chancellor Rishi Sunak, declared an ambition to make the UK a ‘global cryptoasset hub’ BCS asked its professional membership and other IT experts for their view.
The feedback makes for stark reading: 58% do not support the Treasury’s plan to make Britain a global centre for cryptoasset technology and investment, including stablecoins and NFTs. Just 29% said working technologists should get behind the crypto project, with the remaining 13% neutral.
A large majority (77%) were not confident that another key part of the plan – recognising and regulating stablecoins – would ‘ensure financial…
