Is the Bitcoin Blockchain the Future of Web3 NFT Related Technology?

One of the advantages of being a lawyer in the web3 space is that I get to see what clients are working on before they go public. I get an inside look at new ideas and technologies, and where smart people and well funded companies spend their time, attention and money are all planned out 6 to 12 months in advance before their products and ideas being shared and eventually over time, showing up on your phone or in the news.

With this in mind, and without disclosing anything confidential, here’s what my team and I are paying attention to moving forward in the new web3 spaces.

Pay Attention To Bitcoin Ordinals

The benefits of provenance and immutability will mandate the blockchain being leveraged for almost every transaction you can imagine. From purchasing a product or service to managing health, business, and legal matters, each and every step will be stored and be appropriately accessible using NFT type of technologies.

"The benefits of provenance and immutability, achieved through the inscription of ordinals on bitcoin, will transform nearly all consumer transactions. This is not just a change, it's a revolution." -Mitch Jackson

New technology is bringing smart contract functionality to the Bitcoin blockchain network. Data and other transactional needs currently utilized in business, banking, legal, medical, scientific, economic and environmental industries, projects and systems, whether linked together or not, are inefficient, not sufficiently protected and are not environmentally friendly. Leveraging the power of Bitcoin Ordinals may allow for the digital asset to be unique and have the same identity and value as a basic non-fungible token.?

The Practical Side To Web3

When you walk into a doctor’s office, you’ll use a digital asset, artifact or other tool (think an upgraded type of NFT) on your phone, watch, or other wearable item, to instantly “connect” specific information and records with the medical office. Nothing is missed, lost or inadvertently overlooked when it comes to diagnoses and treatment. Your information is always updated and available.

In the law, new cases will be started with a digital asset type of item. Through processes similar to smart contract technology, a tap or swipe will instantly start the case, provide notice to all parties, and handle all litigation, discovery and trial related needs, items and deadlines. Because of the power of a blockchain, this will happen in an instant with inefficient manual calendaring and missed deadlines a thing of the past.

In the art world, traditional treasures will be complimented, and in some cases replaced, by digital assets. Inclusion will lead the way with fraud eliminated via provenance and immutability qualities of the blockchain.

The Bitcoin Blockchain Will Dominate The Space

As I write this article, most web3 NFT related transactions take place on non-bitcoin blockchains like Ethereum . At the most basic level, transactions relating to NFTs, digital currency, DAOs and other tools are all subject to a majority of the digital asset being accessed by a hash to an off chain digital storage location (private server or other tech). If the storage of that actual digital asset off the blockchain is discontinued for any reason, the digital asset or other information is gone. Most people are not aware of this.

When it comes to building on top of the Bitcoin blockchain, this isn’t the case. The provenance and immutability are “inscribed” on the actual blockchain. This avoids the uncertainty of third party storage solutions and also promotes efficiency.

Just like early access to the Internet (remember the need to code to get access, dial-up modems and all of the different web browsers), the current web3 and this new Bitcoin blockchain play are also at their infancy. But, from what I’m hearing and seeing, the writing is on the wall that massive change is happening and eventually, this new Bitcoin focused technology will be the expected norm and not the exception.

We’re living in exciting times and I fully expect to see AI, the metaverse and all other web3 technologies working together to make us better, faster and more efficient.

What do you think about Bitcoin Ordinals? How about inscribing digital assets on the Bitcoin blockchain?

If you have a minute or two, I’d enjoy seeing your thoughts and comments below.

Mitch Jackson | Lawyer and Private Mediator

?? 30+ years of legal experience.

?? Available for interviews, keynotes, and commentary on AI, Web3, and Metaverse/Spatial Computing (law/biz).

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