Web 3.0 has been a constant figure in technology news today across the globe. Web 3.0 is used in reference to the third generation of internet services which heavily relies on blockchain technology, machine learning, and artificial intelligence (AI).
The term Web 3.0 was coined in 2014 by Gavin Wood, co-creator of Ethereum and founder of Polkadot, explaining its concept as a ”decentralized online ecosystem based on blockchain.”
Web 3.0 technology aims to create a decentralized internet with open, connected, intelligent websites and web applications.
Web 3’s arrival has sparked a lot of innovations and practical solutions to problems. However, according to some market experts, unless the new technology is properly included in the web infrastructure, its full potential cannot be realized.
Dileep Seinberg, founder and CEO of MuffinPay, a crypto fintech platform, speaking about the state of Web 3, stated “We are now entering the third era of the internet, also used in the tech buzzword web 3. This is primarily possible because of its decentralized nature, community-driven aspect, and data ownership by people instead of a few companies. It will combine four technologies: IoT (Internet of things), artificial intelligence/machine learning, data science and blockchain, and 5G telecom capabilities.”
India has been one of the early proponents of Web3 technology and has also been a hub to a lot of technology news. The country now houses over 230 Web 3 start-ups according to a 2021 research by NASSCOM and WazirX.
India also ranks first in terms of global adoption of cryptocurrencies according to a survey conducted by Finder, a global research platform, in July 2022.
“India has been a frontrunner in IT & Software, and right now, global investors are investing huge capital in Indian-made crypto and blockchain ventures. I believe India will be a significant player in building the future of the Internet though some caution on the policy side will be required. Web3 in India can simultaneously flourish with the right people (founders), investments, and the policy,” Seinberg added.
Web 3’s decentralization ability has made it one of the most sought-after technologies across the finance world. The constant buzz around Web 3 in the technology news is the numerous benefits of the technology.
Web 3 has the potential to decentralize the business world by allowing community ownership of businesses rather than the usual hierarchical corporate control.
This is evident in decentralized autonomous organizations, or DAOs, where all customers have a role in decision-making.
Web 3 is equipped with data ownership, which allows users to choose what information they want to share with businesses and advertising companies and make money from it.
The technology also offers a direct relationship between sellers and customers allowing them to interact directly without any interference from a middleman or a third party.
Consumers can now easily connect with artists or creators via social media platforms. Much of this is already made possible by NFTs, primarily in static digital art, with experts arguing that the setup could also be used in music, movies, and other media.
Additionally, Web3 provides transparency, allowing users to track their data and examine the platform’s source code. All parties involved will constantly be aware of the value and business they are involved in.