Essential Web 3.0 Trends and Benefits
Essential
Web 3.0 Trends And Benefits
Krishna Jadhav
Essential Web 3.0 trends and their
current benefits
In overlooking benefits of Web3.0 trends,
Krishna Jadhav presents;
Why is Web 3.0 Beneficial?
1. Enhanced privacy and security
Cryptography is used in Web 3.0 to safeguard and
secure user data. Additionally, the adoption of blockchain technology enables
more secure interactions between users since it may provide an indelible record
of all transactions and activity, serving as a trustworthy source of dataauthenticity (Figure 2).
Figure 1: Web3
Foundation’s Web 3.0 Technology
(Source:
Korpal and Scott, 2022)
1. Improved level of flexibility
and interaction
Web 3.0 enables more
engagement between different people and websites (Mozumder et al., 2020). This implies that consumers may obtain material from
numerous sources while remaining on the same website. It also enables more
adaptable designs since websites may be rebuilt to appear differently in
different nations or throughout the world.
2. Increased global reach
Web 3.0 can now reach a far
larger audience because of its improved flexibility and engagement (Murray, Kim
and Combs, 2022). This implies that companies wishing to reach a worldwide
audience may do it relatively quickly by leveraging Web 3.0 technologies.
Figure 2: Blockchain
architecture
(Source:
Korpal and Scott, 2022)
What Impact Will Web 3.0
Have on Online Businesses?
As an illustration, consider the event sector.
EventX questioned 1,500 event planners and specialists from major businesses
and SMBs across Asia about their opinions on event settings.
These experts cited "a digital footprint
for analysis," "allowing digital transformation," and
"providing flexibility and diversity" as the three most crucial
components for a successful online experience.
Figure 3: Network
varieties - (a) Centralised, (b) Decentralised, (c) Distributed
(Source:
Korpal and Scott, 2022)
Semantic
Web: Tim Berners Lee coined "Semantic Web"
to describe Web 3.0. The Semantic Web employs web concepts that are expanded
beyond documents to data, similar to a data web.
NFTs Will
Boost Web 3.0 Movement: Non-fungible tokens, digital
artefacts traded with cryptocurrencies, are the primary driver of the Web
3.0 movement. Their authors can readily monetise NFTs with open
standards in the decentralised Web 3.0 future (Figure 3).
Conclusion
As per Krishna Jadhav, A Web 3.0 represents a more decentralised version of the internet that prioritises openness
and improved user usability. It differs from Web 2.0 because it is founded on
crucial notions such as decentralisation. Understood as the conclusive
assement, as many apps are based on blockchain, code was produced in plain
sight of everyone instead of being authored and managed by a limited group of
professionals. No one entity will be in command (Figure 1).
To gain insights on why brands are suddenly
buzzing about Metaverse, look for the next article.
Reference
List
Korpal, G., and Scott, D. (2022).
Decentralization and web3 technologies. https://attachment.victorlampcdn.com/article/content/20220824/drewscott_gkorpal_web3.pdf
Mozumder, M. A. I., Sheeraz, M.
M., Athar, A., Aich, S., and Kim, H. C. (2022, February). Overview: technology
roadmap of the future trend of metaverse based on IoT, blockchain, AI
technique, and medical domain metaverse activity. In 2022 24th
International Conference on Advanced Communication Technology (ICACT) (pp.
256-261). IEEE. https://ieeexplore.ieee.org/abstract/document/9728808/
Murray, A., Kim, D., and Combs, J.
(2022). The promise of a decentralized Internet: What is web 3.0 and HOW can
firms prepare?. Business Horizons. https://www.sciencedirect.com/science/article/pii/S0007681322000714
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