If you’re planning to start a business with a technology that is most likely to take over the world in a few years to come, you’re at the right spot to learn about it. With the constant version iterations of the World Wide Web, people believe that the web has come to a point of contentment where people are ready to set off their businesses and thrive. Web 3.0 is the new talk of the town and let’s see why it is on everyone’s minds.
Before we get into Web 3.0, we need to dive in to see why exactly did this concept rise and what does it offer us that the previous versions did not.
Starting with Web 1.0, which was launched in the early 1990s, it provided people with access to different publications i.e. people were allowed to read only. It consisted of static web pages interconnected by hyperlinks. No interaction was made available for the user whatsoever.
With the motive to combat the stillness of web 1.0 came the existence of web 2.0, which facilitated users not only with reading but with writing permissions as well. People are now able to create content of their own and share it on ‘centralized’ platforms like Instagram, Facebook, Twitter, etc.
But along with the opportunity of creating and sharing content, came the threat of privacy. In 2019, Facebook was reported to break its privacy policies and was fined $5 billion. These tech giants started using the data that their users shared online in order to construct personal marketing and advertising strategies.
Jeff Weiner, CEO of LinkedIn, said “data really powers everything that we do.”
The advent of Web 3.0 eradicated the concept of Tech giants owning other people’s data and using it for their profit. Instead of a centralized scheme, Web 3.0 provides users with the DAO, also known as a ‘Decentralized Autonomous Organization’ which is essentially run by the community of its users and has no central authority. This smoothens the path to ownership i.e. users now have the authority over their data.
Web 3.0 is based on blockchain technology which has provided the world with a safe and secure method to make transactions, smart contracts, etc. With the blockchain concept embedded into the World Wide Web, people will be able to control their data digitally and more securely.
Web 3.0 is also called the ‘Internet of Value’, where user experience is said to peak by blending in different blockchain protocols.
Web 3.0 startups are going to revolutionize the internet by taking responsibility for maintaining transparency, data integrity, security, privacy, and most of all, ownership of data i.e; the term for which it is most famous ‘decentralization’.
It is transforming the digital marketing industry in this way, particularly through its blockchain technologies which are the root of modern decentralization, and which brings with it transparency and data privacy. This is imperative, as it also offers marketers with several opportunities to build customer trust and connections.
Startups can use this new emerging technology to their benefit because on a day-to-day basis we see new businesses talking about how great of an impact this technology is going to create on all parts of the world. From the financial sector to the user experience, Web 3.0 will be catering to all our needs from one single platform. Here we discuss some benefits of Web 3.0:
‘With great power comes great responsibility and tech giants have certainly used this quote to their benefit. The greatest threat the world faces to date despite all the technology we have seen is ‘Privacy’. People lose millions and millions of dollars or data over some fraudulent activity. Web 3.0 comes with blockchain technology as the core of its backend.
This technology promises users a safer environment by creating chains of blocks (as the name suggests) of the data that is being inserted into the system. Therefore, any change to a single block would be viewed by all people who share the block. Hence, startups can provide users with assurance of privacy and that the data they provide will not be misused.
Web 3.0 has laid out a layer of transparency for users, i.e. users get to see all the transactions being taken place before committing to something. For example, many people have faced the betrayal of receiving something different from what they usually order, this is because fake bots may be used to give these companies/ retailers a nice rating and with Web 2.0, there is little to no factor that can distinguish between a genuine and a fake review (as long as you do not have any AI method working to predict genuine or fake reviews of course).
But with Web 3.0 and the transparency that it provides, your customers can see all the transactions that take place within your startup and hence build a more trustworthy environment where they may be motivated to believe you.
You might know about the term ‘Data Science. Another vast term that is taking over the world today at the very present. Data Science is all about using statistics (short-term for predictive and diagnostic analysis) to convert data into useful information. Companies these days are fully invested in using these measures to boost their business and marketing strategies for better sales and profit. While web 2.0 does not provide us with any such method to perform these statistics, Web 3.0 comes to the rescue. With AI and Machine Learning, web 3.0 will enable organizations to perform quick data forecasting as needed.
When it comes to transactions, Web 3.0 can automate all the transactions for you through smart contracts, a very famous term that allows you to make your transactions easy and fast. For example, automating the process of paying your monthly bills through smart contracts.
In the world of information technology, accessibility is one core feature clients look for before they build solutions to different problems. For example, if a particular software that they are building as a solution to some problem statement, the first and foremost question that arises is that of accessibility for the user. Can it be used from anywhere in the world, on any device? Thankfully, web 3.0 will provide startups with this advantage that they can leverage for their benefit.
How will Web 3.0 impact startups as a whole?
Web 3.0 will enable startups to provide a much more personalized browsing experience for their customers, including automatic customization which startups can leverage for greater growth and tighter relationships with their customers early on.
This lets the businesses operate so that, in the bigger picture, they are more attuned to their audience’s needs which is key when it comes to establishing themselves within an industry.
With new technologies, we can achieve new heights and solve problems at an exponential rate, but just like the pros, we have cons to each and everything. Web 3.0 is a new developing technology that is going to take turns as we move forward.
There is plenty of space for growth and learning and just as people begin to adapt to new things, we’ll be more aware of the potential it holds. But for now, startups who are looking to invest in this plethora of modern techniques and science are sure to be on their way to making the World Wide Web a democratic internet.
For more information on how cryptocurrencies work visit: what is cryptocurrency?
We create transparency for a global economy built on blockchains.
