Driven by the most disruptive technology of our time, Web 3.0 is getting prepared to change how businesses operate and how internet users interact with the digital world. In this article, we are going to look into Web 3.0 Blockchain in detail – what it is, what it entails, the benefits it poses, and the industries it would revolutionize and how can a company use web 3.0 technologies to gain a competitive advantage?
There’s plenty of whispers around Web 3.0 and the revolutionary changes it will bring to the entire digital world. But even amidst the buzz very few people know what led to this web version, what is the history of Web 3.0, and what changes it would bring in.
What is Web 3.0?
The answer to what Web 3.0 technology is- it is a fair and transparent network where people will interact without the fear of loss of security or privacy. The web version will make the internet intelligent, by bringing together the power of Artificial Intelligence and Big Data – all the while making web semantic.
Web 3.0 is the time when the web will be powered by Blockchain to become more human.
Blockchain will drive the process of how data is collected and managed across the web. The technology will bring together all the concentrated data with the help of AI and IoT and convert it into information that cannot be hacked or duplicated.
Why Does Web 3.0 Matter to Your Business?
The effect of web 3.0 on business will be inclined at making them transparent and highly user centric. Everything that was wrong with how businesses were operated in terms of users’ data will see a revolutionary change.
To answer how will businesses use web 3.0 technologies?, businesses – both traditional and new, will open the gates for Blockchain and the capabilities the technology brings alongside. You will see your apps getting a Blockchain upgrade, where everything will be made transparent and open to access for all.
Real-Life Examples of Web 3.0
The Dapp driven web version presents a number of alternatives that users can interact with instead of the centralized data driven traditional business models. Even now, when Web 3.0 has not even reared into action, there are platforms and apps developed by future centric blockchain software development services, which are posing as the decentralized, user centric alternative to the centralized platforms backed by monopolizing tech behemoths.
Advantages of Web 3.0
1. Pro-Privacy and Anti-Monopoly
Web 3.0 features will bring pro-privacy and anti-monopoly models on the table. It won’t incentivize centralized platforms who keep the control of users’ data in their hands. We will see a turnaround with decentralization and privacy coming at the center. With users now controlling how their data is viewed, the monopoly of tech giants will end and there will be less to zero instances of data privacy hacks.
2. Highly Secure
The Web 3.0 will be a lot more safe than its predecessors. Powered by decentralization and distributed nature, it will become impossible for hackers to penetrate the network without the operation being traced back to them.
3. Data Ownership
Up until now, the data generated by users were managed and used by tech behemoths. With Blockchain powered Web 3.0, the end users will get complete data ownership. Data which is transferred through the network will be totally encrypted. Users will be able to decide the information they want to share with corporations and advertising firms and will be given the opportunity to earn from it.
4. Interoperability
Web 3.0 features would allow users to access data across multiple applications without needing to be on any specific platform. This means, you will not have to worry about a single device being accessible to Web 3.0 while not others.
5. Permissionless Blockchain
Web 3.0 blockchain will not need a central authority. Anyone will be able to join the network and participate in it by creating an address. This will eliminate the occurrence of users getting barred on the basis of their gender, income, orientation, geographical or other sociological factors. It will also make it possible for digital assets and wealth to be transferred cross-border in a time and cost efficient manner.
Future of Web 3.0
Web 3.0 will redefine how we interact with the digital world and the change will not just be for individuals. The effect of Web 3.0 blockchain on businesses – both traditional and disruptive will be equally massive.
The transition from Web 2.0 to Web 3.0 however, will not happen overnight. Meaning, businesses will have time to look back at their process and see where they fit in the decentralization and transparency radar. But even though Web 3.0 is in the future, the reality of today is that businesses need to start preparing. Let our Blockchain experts help you.
Originally Published On - https://appinventiv.com/blog/web-3-0-blockchain-impact-on-businesses/