Now is the time to position your business for the World wild Web3. It has undergone several evolutions, from web1, web2, and now web3. Importantly, Web3 will impact businesses across sectors as we advance.
For the first time in the life span of the Web, we would have a fair and transparent network. You will interact across platforms without the fear of loss of security or privacy. There will be a massive shift into semantic web technology where the internet becomes more intelligent by bringing together the power of Artificial Intelligence and Big Data.
What is Web3?
It is safe to say that Web 3.0 or web3 is the internet of the future. Built on Blockchain, Web3 goes beyond that to leverage cryptos and to connect data from individuals, organizations, and machines.
Web 3.0 will combine the Internet of Things (IoT) across consumer communications, energy distribution, and logistics. It will integrate efficient machine learning algorithms and lead to the rise of fundamentally new markets and associated business models.
Powered by Blockchain technology, the Web will become more human with Web3. The Web3 technology brings together all the robust data and with the help of AI and IoT, it is near impossible to hack information.
What is Semantic Web Technology?
Semantic web technology entails the defining and connection of data on the Web. With the use of syntax and web languages, there is a robust correlation of data that machines can process across the web.
The result of incorporating data into the Web structure is that this technology makes it possible for a seamless understanding of humans by machines. Interactions between humans and the Web will align with what users look for or think.
Why Web 3.0?
With many limitations that came with Web1 and Web2, private individuals and corporations are gradually looking to fix those loopholes.
There are three significant areas seriously pushing us towards Web 3.0:
- Climate change
- Blockchain, Machine Learning, and Artificial Intelligence
Where we were and where we are now
Web 1.0, was the first Webform operation, characterised by interaction and communication limitations.
Web 2.0, was a walk away from the limitations of the 1st Web. It brought with it the ability for users to connect, and creativity expressed much more.
We had mobile phones connected to the internet with apps, including social media apps that allowed us to leave comments on content.
Web 3.0, built on top of the Blockchain. Blockchain enables trust. With Blockchain, the internet slowly transforms from centralized to decentralized. Now people can control their data, and the process of content creation and decision-making will involve humans and machines (AI).
Why web3 matters to your business
Current Web 2. 0 business models around content creation, marketplace, open-source software, SaaS, sharing economy, and advertising have made compromising on users’ data possible in many ways. There is little to no room for businesses to thrive with such a model that lacks structure and violates user data. Web3 businesses will be transparent and highly user-centric.
With Web3 set to run on Blockchain technology, every business has to be strategically positioned to take advantage of the move. It is time to figure out how to bring your business into the cloud.
Think about middlemen, third-party businesses, or any brokering: they will become a lot more irrelevant as we move into the semantic Web. Your customer journey must be seamless from marketing to the sales receipt.
Things you can do to prepare your business for web 3.0 today:
- Host and back up data in the cloud
- Start considering reducing monotony in your business
- Integrate apps, tools, and software that are industry compliant
- highly integrated platforms must be incoperated
Components of web3
With the Covid 19 outbreak and compulsory lockdown across many nations, the need to push for more borderlessness becomes apparent. Blockchain is that new password and encryption of the future. Machine learning and AI are the applications that will provide us with a 4-hour workweek.
Web 3.0 will entail many technologies coming together as the integration of blockchain technology alone will not be enough. With Augmented and Virtual reality and high-fidelity 3D graphics, the user interface of the digital Web will combine with the physical world.
Everything is interconnected with the capacity IoT devices bring. Phones, watches, cars, drones, refrigerators and ovens connect to the internet.
Chatbot Technology will enable computers to analyze and learn on the move with Artificial Intelligence bringing about a user-centric interaction.
Advantages Of web3
There are a lot of advantages of web3 to businesses and individuals alike:
Decentralization in Blockchain is the power distribution across the blockchain technology, which means that no single person, organization, or entity has a monopoly of controls.
Pro-Privacy and Anti-Monopoly
Web 3.0 features will bring pro-privacy and anti-monopoly models to the table. There will be a decentralization with the shift where users control how their data is handled. The monopoly of tech giants will end, and there will be fewer to zero instances of data privacy hacks.
With the reduction in data, hack possibilities will come a heightened level of security.
There would be a move away from data gathering by tech giants and giving the people back their data. End users will get complete data ownership as data movement across networks will get a lot more encrypted.
You won’t bother about any central authority. Talk about “come as you are”. There would not be discrimination or barrier to entry for any gender or religion and digital assets and wealth will be transferred quickly and cost-efficiently.
Web 3.0 features would allow users to access data across multiple applications without needing to be on any specific platform. Various platforms will synergize to grant access to your data from any location and device.
Now you have a basic understanding of what Web3 is about and how it is set to impact business, it is time to seek more info. Get into circles that enlighten you the more. Make a lot more research and determine not to be left behind.