Today, we are on brink of some exciting technological trends such as Web3, Blockchain, Metaverse, NFTs, and cryptocurrencies. Currently, the internet is in the prime stage of web 2.0 with social media platforms and cloud computing its highlights. We are moving forward with a better world in 2024 which was never the case in the past.
Some famous entrepreneurs and technology experts feel that web3 is a buzzword, a plaything, or a utopia. But people feel skeptical about every new concept and technology first. There are strong indications that the phenomenon is going mainstream soon.
Just imagine that in a few years web 3.0 will be taking over the internet. Businesses must be ready to jump on the bandwagon of Web3 to tap the benefits. Professional on-demand developers can assist businesses in embracing this revolution on the web.
It may get slightly intimidating as we are coming from web 1.0 and web 2.0 eras. Firstly, we need to understand what Web3 is all about. We are going to explain the concept of web 3.0 and its features in this writing.
What is Web3 in essence?
The next iteration of the internet Web3 enables people to interact freely and trade securely thanks to blockchain technology. Also known as Web 3.0, businesses can greatly benefit from its ideas of decentralization and token-based economies. Whereas, users can communicate without worrying about data security and privacy.
Web3 aims as a fairly transparent technology to make the internet “smart”. Realize that concepts of AI and Big data turn Web 3.0 more semantic. Also, due to blockchain technology, the experiences are becoming more human-like.
Keep in mind that blockchain is the primary force behind web3 in collecting and managing data across the web. The objective is to bring together the concentrated data with the help of AI and IoT. That too in a way that information can neither be duplicated nor hacked.
Blockchain technology stack for Web 3.0
The web 3.0 application stack includes accessing the internet through DApp browsers. These Web3-ready browsers can be available on your desktop computer, laptop, smartphone, or tablet. Some examples of DApps are the following.
- Opera, Brave browser
- Storj — IPFS for storage
- Steemit or Akasa — Web3-ready social networks
- Status app or ySign — Decentralized messaging
- IDEX or Saplen — Cryptocurrency exchanges
- CashA and Safe Share — Insurance Banking
- Audius or Beam — Streaming media/video services
To have the concept of decentralized apps, the core web stack will have to change. We are still not aware of what the actual web 3.0 tech stack can be. But following the conversation in the tech circles, we can be sure of the few changes that would take place.
Blockchain technology will work as the back-end layer for Web3. Certainly, it will be a decentralization-driven solution with an emphasis on data protection. Some basic DApps are still prevalent in the market; allowing users to gradually absorb the concept of decentralization.
This is a subtle but gradual embrace of what our future would look like in a few years. The idea is to have the transition to web3 without impacting the end-users. That too in a way that they are not able to welcome the change. It’s supposed to be subtle yet revolutionary.
- The applications in Web 3.0 are hosted in a decentralized manner.
- Web3 allows various facilities such as storage, messaging, EVM, Consensus, Off-chain Computing, Data Feed, and IoT.
- There will also be hardware clients and then Internet Protocol Networks for completing the picture.
What’s the big deal in Web 3.0 for everyone?
Remember that the main idea is to help you do business in the most transparent customer-centric way. User data is always a source of making businesses vulnerable at the hands of hackers. However, web 3.0 allows a secure way to continue business enabling companies to grow comfortably.
The promise of standards compliance is a big concern for a lot of companies globally and in the United States. As they aim to appear trustworthy in the eyes of regulatory bodies. However, secure data has a great promise that businesses can ensure through blockchain.
Presently, there is a great mesh of several technologies such as AR/VR, high-fidelity graphics, AI/ML, 5G, IoT, etc. These state-of-the-art technologies help users interface with the digital world. For example, headsets launched by Facebook in December 2021 were a huge commercial success.
Such innovations vouch for the hunger of end-users to embrace a digital world and complete an immersive experience. Moreover, IoT devices are running on highly advanced networks such as 5G. Surely, the inclusion of all these technologies will easily revolutionize the world wide web.
The connectivity is working more like a bridge between devices of any kind. Think phones, watches, cars, drones, ovens, refrigerators, healthcare gadgets, etc. Everything is part of the unified experience.
Can AI become so advanced to easily read a human face and suggest something after a very in-depth analysis? We find chatbots straightforward in giving out the necessary information to users. So, it’s possible in the future as AI is great at analyzing user behavior to offer better user interactions.
Top areas where Web3 will revolutionize businesses
Here are some areas where Web 3.0 will impact businesses in various ways during 2024.
- Secure currency exchanges
- Multi-node data storage
- Lesser insurance frauds
- Permissionless blockchain
- System interoperability
Let’s discuss the influence of Web3 on these areas of the business world.
Secure currency exchanges
Currency exchange service poses an immense opportunity for hackers. However, decentralized currency exchange can do wonders by providing a seamless user trading experience. Superior transparency in financial transactions and user payments is a crucial factor for businesses.
Think of financial institutions that greatly depend on facilitating secure payments. Proactively stopping the hacking of financial information is vital for businesses. Likewise, blocking unauthorized money transfers is a big plus point for them.
Users can have full control of their funds in Web3 thanks to decentralized finance (DeFi). And even with hardware wallets supporting cryptocurrencies. Also, monetary transactions are highly cost-effective and save valuable time.
Multi-node data storage
Data in web 3.0 is promised greater security and that comes from the way it is stored. As a starting point, Web3 offers decentralized storage facilities for users. Data will first be encrypted and then shared through a peer-to-peer network.
This means that data is not stored in any one place or location but on multiple nodes. The way data will be stored will hold a greater advantage for IoT devices too. Cloud storage can work seamlessly for web 3.0 applications.
Lesser insurance frauds
People consider the banking and insurance sectors as blood-sucking leeches. The incorporation of decentralization with Web3 running on blockchain technology enables transparency in transactions. Accordingly, banks can file insurance claims and eliminate any chances of financial fraud.
Online and open banking will greatly benefit with a better customer experience. Global monetary payments are likely hassle-free with web 3.0. Even the internal audit of banks and financial institutions can turn extremely transparent.
Permissionless blockchain
Decentralization perfectly runs on the blockchain. But there is a concern about greater enablement and authority with blockchain. However, that will not be true with permissionless blockchain in Web3.
Any user can join the network and contribute to it by creating an address. It gives the feel of “ everyone is welcome”. So, users can easily participate in various networks.
That too without limiting users to become part of the network on several attributes. For instance, region, income, gender, orientation, etc. Users can transfer the digital assets and wealth cross-border in a timely and cost-effective manner.
System interoperability
One of the key points of web 3.0 for businesses is to make users platform-independent. Businesses can utilize interoperability to enable users in accessing data across multiple applications. Even, this means that you don’t have to worry about a device being accessible to Web3 systems and not others.
Best advantages of Web 3.0 for users
These are a few benefits that Web3 is set to present to customers through 2024.
- Privacy and anti-monopoly
- Greater cyber safety
- Data ownership
- Better browsing experience
- Users rule the social media
Next, we take a look at these rewards of Web3 for consumers.
Privacy and anti-monopoly
We are already familiar with the privacy of users. What about giving out users a decentralized platform for accessing apps and data? At present, users are not in control of how their data is viewed.
But web 3.0 promises the incentive of viewing data at their discretion. This will perhaps bring a moment of clarity for big tech giants to embrace anti-monopoly practices. So, they’ll address the potential users as the main players of their data where they dictate the terms of privacy.
Greater cyber safety
Decentralization and distributed nature are the key points of Web3. So, they will better enable businesses in implementing cybersecurity measures. Businesses will exercise a greater command in giving security and stability to their products and services.
Ideally, there is going to be little possibility of cybercrimes in web 3.0. Even if hacking happens there will be greater accountability in place. So, businesses will easily trace back hackers and deal with them.
Data ownership
The data transfer in Web3 will be completely encrypted. Blockchain will power web 3.0 so that end-users will get complete data ownership. In today’s world, users feel a sort of disconnect on how third parties will use their data and information.
But web3 breaks this barrier by making users the rulers of their show. There will be lesser chances of phishing and undesirable advertisement. Because users can decide how and who they want to share the data with.
Better browsing experience
At present, companies are dependent on users to access their web-centric products through Google Chrome and Firefox, etc. However, users experience privacy and security issues. Furthermore, the concept of faster and more efficient functionalities can be achieved. Web 3.0 has a promise of better browsing and even paying users in return for selling their data.
Users rule the social media
In today’s world, we can’t imagine our lives without social media. It’s the instant way of communicating, interacting, and broadcasting. However, data shared by users is then passed on to third-party applications for marketing and sales purposes. This makes it harder for users to understand privacy policies and what is being shared with other applications.
However, Web3 promises to bring control back to the end-users, as it enables decentralization. Users will be empowered and rewarded with assets. Impersonation will be impossible, so user privacy will be protected.
Conclusion
Web3 will receive a grand welcome from users and businesses worldwide and in the US. With the incorporation of other technologies, the experience of web 3.0 will be truly immersive. One where users will enjoy superior services when it comes to browsing, transactions, and social media along with many more.
We eagerly await the embrace of Web3 by businesses and users. Together with blockchain technology, it can prove a gamechanger for the industry. Keep a lookout on our space for more information about it.
Do you want to truly modernize your business so that it’s Web 3.0 ready? Connect with Techliance to get set go. We can help you in embracing the change.
