Web 3.0 is the next generation of the World Wide Web. Thus, it is the successor to Web 2.0 which is how we access the internet today. Over the past 15 to 20 years, Web 2.0 revolutionized the old internet era (1990s and 2000s). Website 1.0 consisted of static web pages and server file systems, while Web 2 introduced dynamic web pages, social connectivity, user-generated content, and more.
Web 3 takes it a step further. For instance, cloud-driven computing, social networks, and mobile-first technology define Web 2.0. However, decentralized data architecture, AI-driven services, and edge computing infrastructure define Web 3.0.
In this article, we will discuss the various features of web 3 and how it can benefit your business. Let’s start with the web 3.0 definition below.
There is no standard definition of Web 3.0 since it has yet to emerge fully. Previously, the Web 3.0 definition was the same as the semantic web. But the concept of Web 3.0 has evolved further.
It is the third generation of the internet where data is stored in a decentralized manner. Data is sorted and processed in a smart, human way through the use of Big Data, artificial intelligence (AI), decentralized ledger technology (DLT), machine learning (ML), and more. Thus, It is similar to the blockchain and cryptocurrency technology
It will improve business-consumer relationships through the automated use of smart contracts. As a result, it will power the censorship-resistant P2P data storage, facilitate microtransactions all over the world, and more.
Here are a few examples of Web 3.0 applications:
Here are a few defining features of Web 3.0:
The core concept of Web 3 deals with decentralization since data is directly stored on the blockchain. Any device can access it without the need to depend on any third party.
The IoT (Internet of Things) technology will evolve even further. So, Website 3 will not limit you to using your computer or smartphone to access the internet.
As a result, businesses and consumers won’t need to depend on any 3rd party service providers. They can do what they want with the help of new smart devices. Thus, Web 3.0 is a restrictionless and permissionless platform.
The third-generation internet facilitates valuable data exchange between companies and their customers, suppliers, and employees. It ensures fraud protection since third parties cannot tamper with the data.
Due to utilizing blockchain technology, Web 3.0 supports secure messaging. Since criminals cannot hack the messages, it encourages the sharing and communication of sensitive information. These include financial transactions and important personal details between businesses and their customers, suppliers, and employees.
Now, let’s take a look at how Web 3.0 would benefit your business below:
The third-generation internet will make it easier for businesses and organizations to create and manage their supply chain since smart contracts will automate business contracts.
For example, Web 3.0 can help streamline the business process of the hospitality industry by enabling them to store important information such as the transaction details, invoices, and booking details of their guests in real-time.
Web 3 will enable businesses and organizations to store and communicate essential information about their suppliers on the blockchain. As a result, it will make collaborating easier since they will no longer need to depend on any third-party services.
With the implementation of smart contracts, Web 3 will allow businesses to make secure monetary exchanges without the need to involve a third party. As a result, it will help the companies and organizations to reduce their operating cost.
Since Website 3.0 utilizes blockchain technology, it will provide end-to-end transparency and help businesses build customer loyalty.
For eg., the transaction details of a product or service will be visible on the blockchain. So, companies can be held accountable for their actions if justifiable.
Data is one of the most valuable assets for companies and organizations alike and Web 3.0 will enable faster data access across multiple channels at a lower cost compared to today.
For instance, companies can get feedback from their customers in real-time by hosting surveys on the blockchain.
Also, it will enable businesses to communicate with their customers and allow real-time secure exchange of assets such as currency. There will be no need to depend on third-party service platforms since it will use blockchain technology. As a result, it will improve the efficiency of contract management and reduce the risk of disputes
For eg., you can obtain ownership of digital assets using Non-Fungible Token (NFT) and sell them in different marketplaces in real-time.
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