EY Blockchain Expert Explains Evolution of Web, Financial Transactions

Chen Zur, partner/principal and US blockchain practice leader at Ernst & Young, describes for the CalChamber Board of Directors on March 11 the transition from Web 1.0 (users only read the content, which is centralized by company) to Web 2.0 (consumers both read and create content, which is centralized by platforms) to Web 3.0 (consumers read, write and own the experiences and value traded via decentralized networks). The move from an “internet of content” to an “internet of value,” Zur says, has implications for how cryptocurrency and financial exchanges will be managed and standards developed in the next five to 10 years.