Digital Themes

Web 3.0

What is Web 3.0?

Web 3.0 is a decentralized, self-governing system that uses blockchain, AI, ML, augmented, and virtual reality to give users and user generated content greater control over their data. The core technology stack coupled with intelligent devices provides a personalized, seamless, and safe web experience for the users.

Web 3.0 succeeds web 1.0 and web 2.0. Web 1.0 was the first version internet that offered static and limited information with a small group of content creators with little to no user interaction. But with the introduction of web 2.0 or the social web with technologies like HTML5, JavaScript, CSS3, etc., in the mid-2000s, it became possible to create interactive platforms and rely on user data to understand human behavior to make it more useful. Data became highly centralized, and tech companies and social media platforms became the central authority controlling the data. With the centralization and monetization of user data, there was a need to decentralize data. Web 3.0 decentralizes the data by removing centralized servers and businesses wanting permissions from the users to use their data, leading to greater democratization of data.

Tim Berners-Lee, who invented the World Wide Web, describes the semantic web as a component of web 3.0. He believed that if computers could understand human language, they could process context, emotion, implications, and slang. Web 3.0 can process information in a human-like way using Web 3.0 applications and open-source software by deploying advanced blockchain technology, artificial intelligence ai, machine learning, edge computing, decentralized ledger technology (DLT), etc. It leverages edge computing to gain access to over 90 zettabytes of data. 

Business benefits of Web 3.0

There are some early-stage features of web 3.0. However, a fully embedded web infrastructure is still a work in progress. Some of the common benefits of web 3.0 are:

  • Networking: Being present at different places simultaneously in a social network is something that platforms like Facebook, Instagram, and many others currently offer. But web 3.0 takes another step ahead by giving this opportunity to everyone. Peer to peer connectivity will be no longer centralized on computers and smartphones but on a plethora of devices that leverage IoT, allowing users to be present without the feeling of being virtual.
  • Information: Web 3.0 will enhance the quality of information that people receive. Rather than title tags that attract large click-through rates in search engines, web 3.0’s AI-powered tools will analyze unstructured data, primarily collected from the web browser and IoT devices, to give more personalized and relevant with high standards of privacy.  
  • Business: Web 3.0 helps the current business landscape in many ways. Organizations can leverage a vast pool of data sources to develop products and services that cater to the needs of almost all sections of the market. With capabilities such as smart contracts, businesses can establish relationships by minimizing the scope of future frictions. Arenas such as cryptocurrencies and token payment systems will allow users to move money quickly without the usual banking delays. This will enable businesses to expand worldwide and increase their revenue by using non fungible tokens (nfts).
  • Data privacy: Until recently, users have had little to no control over their data. However, web 3.0, governed by blockchain technology, provides a secure ecosystem for users to control and share their data and accounts for how it is used. It also gives the power to the users to revoke personal data rights as per will. So far, blockchain has proved to be the safest, with technological breakthroughs happening to make it even safer.

Understanding the language of the web was one of the prerequisites for businesses to excel in web 2.0. Still, with capabilities like natural language processing and blockchain in web 3.0, the world will be more connected and safer. 

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