As we know, technology is constantly evolving, and we are about to experience one of its most significant moves that everyone calls WEB 3.
Web 3.0 is the next generation of the internet that focuses on decentralization, interoperability, and self-sovereign identity. It is enabled by blockchain technology and aims to give users more control over their data and online interactions.
Sounds too good to be true? In this article, we break down at what stage web 3 is at the time of writing this article.
What is Web 3.0?
Web 3.0, also known as the “Semantic Web” or the “Intelligent Web,” is the next generation of the internet that intends to make the experience of using the internet more user-friendly, personalized, and connected.
Decentralization, interoperability, and the capacity to maintain one’s self-sovereign identity are three of the most important aspects of Web 3.0.
The term “decentralization” refers to the process through which information and power are dispersed throughout a network rather than controlled by a single organization.
Interoperability is the capacity of disparate computing platforms and operating systems to communicate with one another and collaborate effectively.
The term “self-sovereign identity” refers to an individual’s capacity to exercise complete authority over their personal data and online presence.
The current state of the internet, referred to as Web 2.0, is highly authoritarian and is under the control of only a few huge technology companies. Web 3.0 stands in stark contrast to this model.
User-generated content, social networking, and cloud computing are three defining characteristics of Web 2.0, also known as the “Read-Write Web.”
Decentralization: The Heart of Web 3.0
Decentralization, which refers to the dispersion of data and power across a network rather than their concentration in the hands of a single body, is one of the most important concepts behind Web 3.0.
This indicates that there is not a single point of failure in a decentralized system and that the power is divided among a number of different entities.
This stands in stark contrast to the centralized systems of the internet as it exists today (Web 2.0), in which a few large technology companies control the data and the power.
The data privacy and ownership landscape will be significantly altered as a result of decentralization.
One of the most significant advantages of decentralization is that it makes it possible to handle personal information in a manner that is more open to scrutiny and accountable to those responsible.
Because there is not a single entity that owns the data in a decentralized system, there is also no central point of failure or centralized point of control. Therefore, decentralized systems are more secure than centralized systems.
Because of this, it is significantly more challenging for cybercriminals and other bad actors to gain access to individuals’ private data and misuse it.
The ownership of data is another aspect that could be affected by decentralization.
In a centralized system, the organization that runs the system holds the data. In contrast, in a decentralized system, the data are owned by the person who created the data.
This translates to individuals having greater control over their personal data, allowing them to choose who they share it with and how it is utilized.
It also means that individuals can make financial gains from their data if they so desire.
It not only makes the internet more resilient and secure, but it also gives people the ability to take control of their personal data and their relationships with other users online.
Blockchain Technology: A Key Enabler of Web 3.0
Obviously, Web 3.0’s decentralized nature is made possible in large part by blockchain technology.
As we already know, blockchain technology ensures safe and transparent transactions without needing trusted third parties.
Cryptography and consensus procedures guarantee that the ledger cannot be altered and that all transactions are permanently recorded.
Decentralized applications (dApps) are developed with blockchain technology but are not governed by a central authority.
These decentralized applications (dApps) have many potential uses, including but not limited to the establishment of digital personae, the administration of digital possessions, the execution of peer-to-peer exchanges and so on.
The Web 3.0 community embraces a number of different blockchain platforms. Ethereum, EOS, and TRON are some of the most well-known.
When it comes to launching ICOs and developing decentralized apps, Ethereum is unrivalled (ICOs). On the other hand, decentralized apps (dApps) like games and social networks have found a home on EOS because of the platform’s focus on fast performance.
TRON is a platform with the goal of building a decentralized internet; it is widely used for storing and exchanging digital content without a central server.
Impact on Industries
Because it makes possible new business models and opens up room for innovation, Web 3.0 has the potential to cause widespread disruption across many sectors. Is expected to have the most significant impact on the following industries:
Financial sector
Web 3.0 facilitates the development of decentralized finance (DeFi) platforms that permit the production of independent financial goods and services.
Putting the power of financial management in the hands of individuals has the potential to shake up established industries like banking and investing.
I don’t think that wall street boys would fancy that.
Tracking of Goods and Services
Web 3.0 facilitates the development of decentralized supply chain systems, which improves security and transparency.
Increasing supply chain transparency and visibility can upend conventional supply chain management practices.
Retail
Web 3.0 makes it possible to set up decentralized marketplaces where buyers and sellers can interact directly. As a result, it can shake up the retail industry by giving consumers more say in their shopping experiences and opening the door to fresh avenues of innovation and competition.
Healthcare
Decentralized health solutions that promote open, honest communication of patient information are made possible by Web 3.0.
Putting patients in charge of their medical records and opening the door to novel avenues of study and development can shake up the status quo of healthcare as we know it.
Summary
This article is just a brief introduction to the WEB 3 era, as there is tremendous work from the development and regulations side. However, we hope this article was helpful and remember that many like this one are on our site.
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