In past, hardware ruled, and software was subservient to it. Blockchain revolution witnesses the rule of the software, making hardware subservient to it. At the heart of blockchain technology is distributed consensus. One individual does not control the system. There is a large community of ownership and decentralised consensus. It is combined with open access. In fact, this powers the next-generation internet ecosystem.

It is mistakenly believed that as distributed ledgers, blockchains are used for tax evasion or money-laundering. However, blockchains, especially the modern ones such as Ethereum, allow one to code and compute on them. It is not just a protocol. It is an enforceable computer code, protected by millions.

Blockchain is something like a Lego or building block. Each piece of code leads to a large, open community using its intelligence to build on it. Service itself is a reusable code on which others can build.

Blockchain is without any owner and yet enforces ownership. It vests with you the property rights — the right to use or exclude or include etc. for digital data, using smart contracts which are perpetual, autonomous algorithms.

Blockchain has generated two movements — crypto and Web3.0. Here they create applications that run on blockchain.

Blockchain as a technology has infrastructure layer and an application layer. Both are co-evolving on an open source basis. Re-composable software is being created for both infrastructure and application layers so that the technology works seamlessly.