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The Internet has evolved over the years and gotten better and better. This evolution is commonly referred to as Web 1.0, Web 2.0, and Web 3.0. Web 3.0 is the third generation of web technology that is still a brand new version with no standard definition of what it means, but it’s one of the most critical technologies for businesses and corporates.

As Web 3.0 makes gains and technologies such as blockchain mature, the internet will change, and firms will have to evolve with it. Web 3.0, also knowns as Web3, offers better security and brings transparency and accountability to the forefront. With the transition from static Web 1.0 to interactive and dynamic Web 2.0, businesses and Large corporate firms have been able to grow and innovate with access to a global market. However, in order to understand where the internet is going with Web 3.0, it is necessary to look at how it has gotten where it is today.

Why is it important for corporations?

The world is moving towards a future where there will be no borders, we will all be connected, and everything will be virtual. This is what Web 3.0 is all about. As said earlier, Web 1.0 was all about introducing personal computers and the Internet. Web 2.0 was the era of social media and social networking websites.

Web 3.0 is the next phase of the Internet, where it becomes an entire universe of its own. Web 3.0 is the era of blockchain technology and decentralized applications. This is when we will see the rise of blockchain-based platforms that can decentralize pretty much every aspect of our lives.

According to Deloitte, digital information is placed in Web 3.0, blurring the distinction between digital content and physical objects. So, the impact of Web 3.0 on businesses will be to make them more transparent and user-centric. Anything that went wrong regarding user data in corporate governance will change completely. Web 3.0 technologies can help to improve transparency and trust between large corporate firms and their customers by creating a tamper-proof record of transactions via blockchain. With a real-time view of the supply chain, customers can see where their products are at each stage of the production process. Because of the huge number of options that have yet to be discovered, Web 3.0’s capabilities are unclear. 

The unstructured web is only going to become bigger and better, and it can extend across all the industries of all sorts, which is something to be excited about. As a result, it’s reasonable to claim that Web 3.0 is the real internet revolution that plenty of audiences is eagerly foreseeing. Indeed, Web 3.0’s focal point is to connect data in a decentralized way, rather than having it stored in centralized repositories, with computers able to explain information as intelligently as humans.

The distributed nature of Web 3.0 means it is both safer and inexpensive. Thanks to decentralization, user data is not stored in one place, which makes it less vulnerable to attack or loss. Because it is decentralized, Web 3.0 apps do not require expensive servers and data centers. Instead, they can be run on a network of computers provided by end-users.

Major merits the firms can get by adopting Web 3.0

  • Data Ownership
    Over the years, technology behemoths controlled and exploited user-generated data. End-users take full ownership of the data using Web 3.0 provided by the blockchain.
    Data sent over the network is encrypted. Users can choose what information they want to share with businesses and advertising companies and make money from it.
  • Anti Monopoly And Data Protection
    Web 3.0 features include professional and data, protection models. It promotes non-centralized operating systems that keep control over their users’ data.
    We’re going to see a frontline shift with decentralization and privacy. The monopoly of technology behemoths is over, and data breach incidents will be few and far between now that users have control over how their data is viewed.
  • Easy Access To Information
    One of the main advantages of Web 3.0 is the ability to access data from anywhere, mainly due to the widespread use of smartphones and cloud applications.
    The vision is that the user anywhere in the world has as much access to information as possible. This technology aims to expand the concept by allowing devices to collect user data and smartphones to access data on your computer.

With such concerns in mind, Web 3.0’s decentralized architecture seeks to address the issues that have stemmed from such challenges and problems, including user trust, privacy, and transparency. By utilizing blockchain networks of decentralized nodes that can authenticate cryptographically secured transactions, there is no need to rely on a single centralized entity as the source of truth. Instead, self-executing smart contracts can be employed that eliminate the requirement for third parties to be involved. By utilizing blockchain networks of decentralized nodes that can validate cryptographically secured transactions, there is no need to rely on a single centralized entity as the source of truth. 

As we conclude, the corporates should expect a great wave of the global digital revolution as we transition to a more centralized internet, with augmented reality (AR) and artificial intelligence (AI) playing major roles in determining our use-case situations. What Web 3.0 brings to the game is much-needed development space for designers. On the other side, consumers may anticipate improved digital experiences and a more polished internet overall. With the decentralization juggernaut in full flow, it would seem that the opportunity for individuals to take back control from large corporates and corporate behemoths that have dominated the internet thus far is now closer than ever before. And a fairer, more transparent online world awaits us all. Web 3.0 is still in the developmental stage, and new companies using the technology are only now beginning to emerge. Businesses should keep an eye on their progress to capitalize on any opportunities as Web 2.0 phases out and Web 3.0 becomes the norm.

Vanshika Verma

Author Vanshika Verma

Consultant Analyst - Publishing

More posts by Vanshika Verma

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