Blockchain 3.0 refers to the third generation of blockchain technology and is frequently referred to as the future of blockchain. This specific term applies to the new blockchain tech that is still under development and working to be proven. Because of this, most elements of Blockchain 3.0 that you see referred to are still theoretical or awaiting proof.
The key element of Blockchain 3.0 is that it is the future of blockchain that will solve many of the existing problems we deal with today. Specific issues that Blockchain 3.0 aims to resolve include scalability, user experience, interoperability, and energy consumption.
To give you a better understanding of Blockchain 3.0, remind yourself what Blockchain 1.0 and Blockchain 2.0 were. Blockchain 1.0 refers to the original blockchain tech that Satoshi Nakamoto created. Blockchain 1.0 is key to Bitcoin, acting as the public ledger. One of the biggest successes of Blockchain 1.0 was resolving “double spending” via Proof of Work.
Blockchain 2.0 arrived with Ethereum when developers made the realization that the tech behind blockchain could do more than just enhance currency. Due to its use of Ethereum, Blockchain 2.0 included decentralized applications that combined execution of smart contracts and data storage.
Many of the projects that teams are working toward for Blockchain 3.0 focus on overcoming scalability. This includes things like block lattice structures, mesh networks, and the Lightning Network.
The Lightning Network is a second-layer payment protocol operating on top of the blockchain. Thanks to smart contracts, it delivers high-volume, secure micro-transactions at a high speed. It also allows cross-chain atomic swaps.
IOTA developed Tangle, a mesh-network that is based off a Directed Acyclic Graph. This protocol relies on parallel validation, meaning that new transactions are validated by the two before it. As such, each node that makes transactions also helps mine for consensus and speed increases when more people use IOTA.
EOS has open-source software for horizontal and vertical scaling of DApps. It gets rid of user fees and improves scalability while making it easier to deploy DApps. There is also inter-blockchain communication.
There are numerous other projects in Blockchain 3.0, including Nano with its block-lattice structure and the Open Internet Socialisation Project that wants to replace ISPs with members providing internet to each other. ArcBlock wants to build a scalable platform to use with Dapps with a top-down strategy that prioritizes user experience. Projects currently underway go on and on.
There are numerous use cases for the various projects that are creating a Blockchain 3.0 platform. One of these is data storage, with the next generation of blockchain having the potential to offer a trustless, practical solution for data storage, particularly as the data requiring storage expands.
There are also plenty of health care use cases, including the ability to track as well as record verifications, identity, asset movement, and ownership. Applications for the supply chain can reduce fraud and improve efficiency.