Web 3.0 Aims To Build A Decentralized, Transparent, and Permissionless Internet Infrastructure
Blockchain has started a revolution towards decentralization. The developments around decentralization have paved the way for Web 3.0. Also known as the “internet of the future”, web3.0 aims to change the way we use the internet. Web 3.0 is a revolutionary concept that could dictate internet use in the coming years by putting users in control of their data. The goal is to use decentralized blockchain technology to give users more power. Web 3.0 picked up pace in 2021 along with other emerging trends within the blockchain space. A study predicts the Web 3.0 market to grow at a healthy compound annual growth rate by 2030. With use cases in IT & telecom, e-commerce, healthcare, media & entertainment, and education, Web 3.0 trends are set to define internet use in the coming years.
The crypto boom has facilitated the smooth emergence of Web 3.0. The industry is already contributing to the increasing adoption of crypto globally. Unlike the beginning few years, crypto’s adoption is powered by the real-world use cases of its underlying technology- the blockchain. And, Web 3.0 is one of the biggest real-world use cases of blockchain. It harnesses the power of decentralized networks to fuel the emergence of a new generation of the internet. There are numerous advantages of Web 3.0.
What Are The Top Advantages of Web 3.0?
Data Ownership: The biggest goal of Web 3.0 is to provide data ownership to end-users. In simple terms, the new age of the internet aims to put users in full control of their data. Users can decide whichever data they want to share with the firms or businesses they interact with online. Data security is another major aspect of data ownership. In Web 3.0, every bit of data shared through the system will be entirely encrypted.
Interoperability: Interoperability is another major factor that differentiates Web 3.0 from its predecessors. Web 3.0 allows users to access data from multiple apps, putting an end to limited access.
Decentralized Architecture: Decentralization is at the core of Web 3.0. Until now, centralized institutions enjoyed control over the content shared by the users on online platforms. Web 3.0 is here to decentralize the way the internet functions by ending the monopoly of centralized institutions.
Interest-based Marketing: Tired of seeing unwanted ads on your screen every time you use the internet? Web 3.0 might have a solution for this problem. Web 3 could help sellers and businesses understand customer needs better. Therefore, Web 3.0 can help businesses design customized marketing campaigns depending on user needs to push relatable ads to potential customers.
Improved Transparency: Transparency is a byproduct of decentralization. Since Web 3.0 allows users to track the way their data is being utilized, they can be aware of the companies using their data. Web 3.0 facilitates users to have full control over their data without any dependence on middlemen. This has the potential to make the entire system more transparent.
Emerging Web 3.0 Trends That Could Define The Way We Use The Internet
BAAS For Enhanced Security: BAAS stands for seamless integration of systematic blockchain systems within existing business systems. It is an evolving concept used by two big tech firms- Amazon and Microsoft, to enhance security and ensure greater transparency in existing systems. A secure blockchain setup is created for operating BAAS. In the future, companies would use BAAS to leverage blockchain for seamless operations and maintenance.
Use of NFTs: NFTs could play a major role in accelerating Web 3.0 adoption. Web 3.0 could prove to be an effortless medium for creators to legalize their NFTs. Moreover, creators can use Web 3.0 to approach potential buyers directly without depending upon third-party platforms.
End of Centralized Data Monitoring: Web 2.0 is great in terms of user experience but once a user shares some data on an online platform, they have little control over the way that data is used. Moreover, a platform can share user data with multiple platforms for monetary benefit. The arrival of Web 3.0 marks the end of such practices by putting users in control of their data. Users would have the option to choose what part of their data they want to share while defining the terms of use as well. Later, Web 3.0 could also benefit users monetarily by monetizing their content.
Integration With Cloud Computing: An integrated mechanism for combining Web 3.0 with cloud computing could be another major trend that could define the way we use the internet. The use of cloud computing has skyrocketed over the past decade. But, security concerns have always been there due to centralized storage servers. Since web 3.0 aims to decentralize the internet by ending monopoly over data control, the technology could play a pivotal role in increasing the use of cloud computing globally.