The World Wide Web is changing
The World Wide Web is changing, again. Ask any expert how the web is evolving and they are likely to tell you that we are on the brink of Web 3.0. So, what exactly is it and how will it work? And why should business owners be thinking about it now?
Web 1.0 is the 1st iteration of the internet where all the websites are static so users can only read the information on the websites. In web 2.0 dynamic websites were introduced so users can be able to read and write the content of the websites like texts, images, videos. But in web 3.0 user can not only able to read or write the content but also can interact with the real world in a virtual iteration like 3d graphics, VR devices etc.
Web 3.0 (also known as web3) is the third iteration of the internet that connects data in a decentralized way to deliver content faster with more personalized user experience. It is using AI, ML, semantic web and a blockchain security system to keep your information safe and secure. The goal of web 3.0 is the creation of an ecosystem that makes it possible to develop multi-user decentralized applications. These applications will compensate users for the time spent and data shared by the user which not possible in case of web 1.0 and 2.0.
In 3rd iteration of internet all about is data. In 1st and 2nd iteration all the data is controlled and stored by the provider whereas in 3rd iteration data will be owned and controlled by the users and users can monetize their data by sharing with the interested organizations. For example, A person did a complete health check-up in a pathology lab by paying ₹10,000 after a few weeks, he got his report all about his health condition. That information is now resting with the pathology lab that did his testing.
They are going to monetize this information in diverse ways so they can sell this information with the hospitals and pharma company or any interested organizations. So here he will not have any control of his own data.
So, with web 3.0 now we have a marketplace, that data is not a pathology lab data and it is still the
user’s data. So, he can list that data as NFT and it can be access controlled. He can give certain portion
of data to persons or organizations he wants to work with. Each time someone accesses the data he will get paid and he can control which data can be used for what propose and till how long and by whom.
The role of cryptocurrency in web 3.0 is important because it can automate the payments between the services. In web 3.0 the business needs to happen round the clock so to settle any transactions here cryptocurrency comes into picture because blockchain has all those features to validating the transactions without needing permissions from the users.
What Web 3.0 brings to the table is that it offers developers much-needed room for innovation. On the other hand, users can expect better digital experiences and a more enhanced and refined internet altogether. If done right, Web 3.0 can be the key to solving many problems that can put an end to red tape, save time, increase productivity and all this at a marginal cost. We can look forward to a smarter version of the internet, because unbelievably, it is here to stay.