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The World Wide Web’s third generation is known as Web 3.0. As a result, it is the replacement for Web 2.0, which is how we currently access the internet. Web 2.0 has transformed the earlier internet era throughout the last 15 to 20 years (the 1990s and 2000s). Web 2.0 offered dynamic web pages, social connectedness, user-generated content, and other features, whereas Website 1.0 had static web pages and server file systems. It goes a step further in Web 3. Web 2.0 is characterized, for instance, by cloud-driven computing, social networks, and mobile-first technologies. However, Web 3.0 is defined by edge computing infrastructure, AI-driven services, and decentralized data architecture.
It is not only to get amazed, Web 3.0 has some useful features, which can bring revolution in business operations.
Enhanced Privacy: Web 3.0 gives users control back over their personal data. One of the most serious concerns that people have with the current internet structure is the complete lack of privacy or control over personal data. In fact, according to a 2019 survey, at least 90% of global users had at least one concern about their data privacy.
Blockchain’s decentralized ledger technology breaks larger companies’ monopolistic grip on user data while also fostering transparency due to its open nature. In other words, each user’s data will be kept separately. It will not be stored in a centralized company database.
Decentralized Finance: Web 3.0 offers exciting financial opportunities to businesses worldwide. It’s no secret that cryptocurrency has made an impact on both the average consumer and business over the last decade. That influence is only going to grow in the future.
By eliminating or reducing the need for banks, businesses can use crypto tokens such as Ethereum or Bitcoin for global transactions. This is especially significant for international industries moving large volumes, as transactions can now take place in minutes rather than being held up by multiple banks.
Implementation of AI & ML: A combination of artificial intelligence and machine learning has emerged as a key pillar upon which Web3 is built. The internet is reaching new developmental heights thanks to lightning-fast processing and advanced algorithms that allow computers to understand information in the same way that humans do. We can already see the power of AI on Wall Street, where machines are making more trades and providing front-end support.
Security: The enhanced security of the blockchain is by far one of the most significant opportunities for businesses in Web3. Web3’s decentralized and distributed data serves as an effective deterrent to traditional cybersecurity attacks. A Distributed Denial of Service (DDoS) attack, for example, is one of the most serious current threats to user privacy in Web 2.0. This attack involves sending a massive amount of data, or pings, to a single server in an attempt to bring it down.
The blockchain is Web 3.0’s most powerful defense against such attacks. Without a single point of attack to focus on immediately, hackers find it more difficult to steal your data and bring your business down.
Businesses that are slow to update their digital infrastructure, on the other hand, may become increasingly vulnerable.
With these interesting features, it is important to know how Web 3.0 and blockchain technology can help you to grow your business.
Moving from Web2 to Web3 will give you an edge in some fields.
Interoperability: Numerous programs are bound to a specific OS (operating system). For instance, some native iOS apps cannot be run on Android by Google. Similar to Linux, Windows may impose limitations on software that might otherwise function there. To accommodate each operating system, businesses must now produce different versions of their software.
Web 3.0 addresses this issue with decentralized applications (Dapps). These applications use peer-to-peer nodes to run on the blockchain (servers). These applications can operate on any platform, which reduces costs and improves scalability.
Security: People worry about the security of their internet data. Additionally, it would be foolish for firms to disregard the rising demand for safer data storage.
Web 3.0 can assist businesses with data storage security and breach prevention. Information is stored in data chunks on a blockchain that connects a huge number of machines. Hackers would need to gain access to every machine in the network, which is tough and inefficient.
NFT: Only those living under rocks haven’t heard of NFTs despite all the commotion. Digital assets maintained on the blockchain are known as Non-Fungible Tokens (NFTs). Any digital asset, including audio, video, and photos, can be an NFT.
NFTs have gained popularity in the gaming industry, but businesses can take advantage of this edge to increase earnings. To generate interest in and anticipation for the debut of a product, your company may release an NFT linked with that product.
Expansion: While international business has grown, it has yet to reach its full potential, due in part to restrictions on cross-border commercial activity.
Web 3.0 promotes a borderless and frictionless business approach. Users of token payment systems can transfer money quickly and pay for your services without the delays associated with traditional banks.
Conclusion: Web 3.0 will provide numerous opportunities for businesses to ride the wave of this emerging technology. Companies that embrace Web 3.0, the blockchain network, smart contracts, cryptocurrency, and the Metaverse will have an advantage over their competitors in banking, healthcare, automotive, logistics, insurance, gaming, social media, manufacturing, and other industries.
I am Sayan Chowdhury, a Web 3.0 and Blockchain Consultant at GrowGlobal.IO. GrowGlobal is breaking dimensions in the field of blockchain and crypto by creating solutions that allow local businesses to reach the world. First prize winners in the KardiaChain global hackathon and working in building the world’s first Unified Crypto Interface protocol. If you wish to explore the opportunities of Blockchain and NFT-enabled services for your business with us, click here (https://growglobal.io/contact-2)