The digital world is evolving at a fast pace and sometimes it’s difficult to keep up with the new developments and terminology. One of these is Web 3.0 but what does it mean and what are the implications for business?
Web 3.0 and the metaverse
If you’ve come across discussions on Web 3.0 before, you may mistake it for just another term for the metaverse – a virtual-reality where real users interact with each other and the simulated environment. However, Web 3.0 more accurately refers to the proposed future of the internet where decentralised communities like the metaverse can exist.
But how did we get here?
In the early stages of the internet, much of the content on the web was read-only and found on personal static webpages. From 2004, and the first Web 2.0 summit, the way we used the internet changed, with social interaction and user-generated content becoming the defining elements of the internet.
So, what is Web 3.0?
Primarily, Web 3.0 will mean a fairer internet for the individual. Data decentralization enabled through blockchain will allow for a secure and transparent digital world, potentially bringing an end to the dominance of tech giants and the exploitation of individual people’s data.
This reflects Tim Berners-Lee’s intentions for an online space with no central authority or single point of failure. Web 3.0 is also thought to signal the start of the Semantic Web, a concept coined by Berners-Lee. The Semantic Web’s central aim is to make the meaning of online data machine-readable. With machines able to comprehend meaning, the processes currently used to locate information online will become obsolete.
Business benefits of Web 3.0
Decentralized technologies like Blockchain will allow for greater transparency and customer focus. Companies will be directly accountable to their customer base, with all stages of a production or transactional process visible.
There will no longer be a need for third-party services for customers to make financial transactions, with cryptocurrency allowing direct exchange between the user and the business. This will also allow these transactions to happen in real time, preventing delays.
Customer data will be protected by blockchain which prevents data from being altered and makes accessing sensitive information much more difficult as it is not stored in a single place.
Web 3.0 apps can also reduce costs as they do not require expensive severs or data servers to run.
Businesses will be able to manage their supply chain better with blockchain as they’ll be able to monitor progress and identify any issues as soon as they arise.