Here are a few ways blockchain and cryptocurrencies fit into the open, accessible, and borderless Web3 technology:

Permissionless access

Blockchain-based projects replace the proprietary systems of traditional organizations with code that’s openly available. The permissionless nature of the apps built on the blockchain enables anyone across the globe to access them and interact with them without any restrictions.

Decentralization

One of the main problems of Web2 is that the power and data are concentrated among a few major stakeholders. However, blockchain and cryptocurrencies decentralize Web3 by more widely distributing information and power.

Using distributed public ledges powered by blockchain, Web3 enables greater decentralization and transparency.

Digital payments infrastructure

Since cryptocurrencies are borderless and don’t need intermediaries, they can act as Web3’s digital payments infrastructure, improving Web2’s bulky and expensive payment infrastructure.

Trustless transactions

With blockchain and cryptocurrencies, users don’t have to trust an intermediary, such as a bank. Web3 users can complete transactions without having to trust any third party except the network itself.

Ownership and transparency

Cryptocurrencies offer such tools as self-custody crypto wallets that enable users to store, manage, and trade cryptocurrencies without requiring intermediaries.

Additionally, when users connect their wallets to decentralized applications, they can use their funds for a variety of reasons, and using a transparent public ledger, anyone can verify who owns these funds.

Immutable transaction records

Blockchains are designed so that no one party can alter the transaction record because once a record is added to the blockchain, it’s virtually impossible to remove it.