“We are seeing the beginning of things. Web 2.0 is broadband. Web 3.0 is a web of data.”
– Mike Loukides, Editor O’Reilly Radar
Technology advancements make people curious in this digital age. We’ve become accustomed to using the internet for everything, and once we feel like we’re not getting enough out of it, we decide to upgrade to new technology. That’s what “Web 3.0” is all about. It is the next level of technology, and it’s designed for businesses to get more out of their websites than ever before.
Web 3.0 is a web application that offers a user experience like never before, one that can make navigating between pages or engaging with content across devices easier than ever. Using Web 3.0 enables companies to reach their customers on any app, platform, or device – all with the ease of a web browser.
The latest stats show over 2,500,000,000 users on Web 3.0, and 43% of people want to become its early adopters. What started as a tech company trend is now taking the business world by storm.
So, are you excited to know what Web 3.0 means for businesses? Great!
My blog has a lot to offer about Web 3.0 technology and transforming the global economy. Along with this, you will also see a brief glimpse of its previous versions, Web 1.0 and Web 2.0.
Read on further and explore the web of future technology!
A Brief History of the Web
Web 1.0 is also known as Internet 1.0 or Client/Server Model, which uses a centralized computing and information storage model. In this version, a single computer system is involved in storing and managing data with no real-time communication between computers.
The second version of the web is referred to as Web 2.0, which is a web-based platform that allows users to create and share content through the internet. It was all about using a decentralized data model, a large-scale network of computers, and enabling real-time communication between them.
Web 2.0 makes sharing information possible through blogs (and now social media platforms), media sharing, and collaborative strategies.
Now, it’s time to know the newest web version, i.e., Web 3.0. Take a look.
What is Web 3.0?
The next step in the World Wide Web is with features such as smart contracts, decentralized applications (Dapps), and blockchain. It changes how we access information and decentralizes the internet to create a web as it should be, as per its inventor Tim-Berners Lee. The new version of the web will have amazing benefits for businesses and users. Take a look.
Business Benefits of Web 3.0
1. Streamlined Business Processes
Web 3.0 will make it easy for businesses to maintain a transaction ledger for all the parties involved. The technology will also allow companies and organizations to create and manage their supply chains without much effort. All contracts can be automated with smart contracts, easing business operations.
To streamline the business process of a hotel, all the information about bookings, guests, and invoices can be available in real-time. Also, the ledger will store the transaction details of every guest who steps inside your property. With Web 3.0 technology, it becomes easy to provide personalized services for each user based on their previous purchases and preferences.
2. No Third Party Is Required
With blockchain, smart contracts, and decentralized applications, there is no need to involve third-party service providers. It will help businesses to reduce costs and be more competitive. Web 3.0 technology will let every business owner take control of all in-house operations and allow them to interact directly with customers without external interferences.
Blockchain makes it easy for people to make monetary exchanges in a secure environment. It has become an essential element for all transactions that people do today. In Web 3.0, a person can send or receive funds from any part of the world without involving a bank to process the transaction.
3. Efficient Collaboration With Employees, Customers, and Suppliers
Web 3.0 is all about making businesses more transparent to the parties involved in their transactions. It achieves this by sustaining an unchangeable record of transactions visible to everyone on the blockchain. Thus, it makes it easy for companies to comply with their governance requirements by maintaining transparency.
In Web 3.0, companies can store essential information about their suppliers on the Blockchain and communicate with them directly. Businesses don’t need to work through a third-party intermediary in this system, saving everyone’s time and money.
4. Higher Transparency in Sales-Related Operations
On Web 3.0, every transaction could be tracked to make companies accountable for their actions. Thus, it becomes easier for people to buy products from the businesses they trust rather than spending too much time researching certain products or services.
Businesses can maintain a record of their transactions and supply-chain activities through the decentralized ledger.
Every time a customer makes an order for a product or service, all the transaction details will be visible on the blockchain to everyone before delivery. This system provides end-to-end transparency and helps businesses gain trust and loyalty from their customers.
5. Reduced Risk of Hacking or Cyber-Attacks on Individual Businesses or Enterprises
In Web 3.0, where everything is decentralized, and transactions are transparent, it becomes pretty easy for companies to have a secure ledger system, making it harder for hackers to access sensitive information about their customers. Businesses can thus easily avoid customer or business data breaches. It also helps them to maintain the robust security of financial transactions.
Data breaches can be reduced by sharing customer reviews and feedback on the blockchain. It cannot be altered or manipulated, so businesses won’t have to worry about any form of data theft.
6. Improved Searchability of Data
Businesses could extract valuable insights from the vast amount of data available with Web 3.0 due to its decentralized, unchangeable ledger system, making it easier to access information about their customers in real-time. The new internet generation will make it easier to search for information about your customers and potential ones.
Web 3.0 can keep track of all transaction details. Data analysis is simplified, making it easier for businesses to discover new customers. It will become easy to find new customers or investors with access to more relevant data sets, which companies can use in real-time.
7. Cheaper and Fast Access to Data
For companies, the most valuable asset is data which they use for their product and service development process. Web 3.0 technology helps them access more customer data across multiple channels at a relatively lower cost than before with decentralized architecture and unchangeable systems.
With Web 3.0, companies can provide comprehensive information about their products and services to potential customers. They can also host surveys on the Blockchain that helps them get feedback from customers in real-time at a lower cost making it easier for businesses to increase their revenue stream.
8. Ledger Based Smart Contracts
On Web 3.0, the contract is stored on a blockchain and not in any individual computer system making it more efficient and transparent for all parties involved. This way, there won’t be any chance of data breaches or hack taking place as every interaction will be happening between two computers only. It helps businesses reduce the risk of contracting disputes and make contract management more efficient.
In Web 3.0, smart contracts enable businesses to communicate directly with their customers efficiently without the involvement of a third party. Companies can use real-time data to create smart contracts and monitor their performance. Due to its decentralized architecture, there won’t be any chance of data loss or theft.
8. Cheap and Flexible Infrastructure
Web 3.0 helps companies reduce infrastructure costs with its decentralized architecture and unchangeable ledger systems, making it easier for businesses to store information on the blockchain. Businesses can use a cheaper infrastructure to store data on a decentralized system and access real-time customer information.
Web 3.0 offers cheaper and more flexible infrastructure making it easier for businesses to deploy systems and applications with its decentralized architecture and unchangeable ledger system. This new type of internet also helps companies to save time and expenses in the long run while using web 3.0 technology.
9. Improved Customer Relations
When you use Web 3.0, every transaction is recorded in the ledger for all parties involved to see, which will make them more transparent and accountable towards their customers. It makes business transactions easier to track, thereby helping companies create long-lasting relationships with customers.
Companies can share data about their business operations with customers through the decentralized ledger system, making building trust among potential clients easier.
Web 3.0 gives access to unchangeable and transparent information about businesses, giving their customers a sense of security while using their products or services. This way, they can gain more customer satisfaction by sharing their technological progress.
10. More Efficient Supply Chains
Businesses can easily track their supply chains on Web 3.0. It will help them create more streamlined processes and quickly identify any problems in making products or delivering services. Thus, businesses could add value to the customer by providing them with better products and reducing any wastage in their operational costs.
Web 3.0 helps businesses track their supply chains and monitor the entire process efficiently. They can also share crucial information such as production schedule and contract deadlines with their suppliers making it easier to deliver products on time without any problems.
11. Real-time payments & Currency Exchanges
Web 3.0 brings in the concept of decentralized currencies like Bitcoin, Ethereum, etc., by making transactions in real-time and simplifying cross-border payments. Thus, it makes global trade more efficient for businesses as they can easily share information with their suppliers/ customers/ employees about their transactions through the blockchain.
Decentralized currencies like Bitcoin and Ethereum make global transactions easier by using peer-to-peer payment systems. Businesses can easily create smart contracts with their suppliers/ customers to make trade more efficient and gain access to real-time data through the blockchain, thereby helping them reduce their dependence on financial intermediaries.
12. Successful Inventions In The Future
Web 3.0 gives businesses a chance to make their products more efficient by integrating them with blockchain technology, simplifying different aspects of their business operations. It will also help companies follow trends in the market and gain access to valuable data through the decentralized ledger system and smart contracts offered by virtual currencies like Ethereum.
With Web 3.0, businesses can integrate their products with the blockchain to automate their operations and gain access to real-time data about customer trends in the market. This way, they can use this information to improve their business processes by focusing on the most profitable areas of trade to increase sales.
Major Highlights of Web 3.0
Now, let’s peek into the major highlights of Web 3.0, which will give you a clear picture. But before this, understand the significant difference between Web 1.0, Web 2.0, and Web 3.0. Well, these significant differences are simple:
After knowing the difference between these three, now let’s go through the major features of Web 3.0.
Top Features of Web 3.0
1. Decentralisation: Data is stored on the Blockchain
Web 3.0 is all about decentralization. In this model, data is stored directly on the Blockchain, accessed from any device. There will be no need to depend on 3rd party service providers for specific tasks as everything will be handled by computers in a decentralized fashion.
2. Autonomous: Self-executing Smart Contracts
With Web 3.0, businesses will have the autonomy to set out their conditions and automatically execute them without glitches, thereby reducing the need for intermediaries or lawyers. The machines themselves will understand the transaction between two parties, making it easier for them to execute contracts.
3. Permissionless: No Access Restrictions
In Web 3.0, there will be no need to depend on any service provider as everything will happen automatically with the help of computers and smart devices. Thus, companies won’t have to pay hefty fees to gain access to the services they need, which would lower their operational costs and enable them to do business more efficiently with customers and suppliers without spending much time.
4. Censorship Resistance: Content Cannot Be Removed or Stopped
Everything that is recorded on Web 3.0 cannot be removed or stopped by any party making it more trustworthy for users looking to share their data without having to worry about losing control over it at any point in time. Thus, businesses won’t have to spend vast amounts of money protecting information/ content from being hacked or stolen by cybercriminals.
5. Secure Messaging: Messages Cannot Be Hacked
Web 3.0 brings in the concept of secure messaging through the blockchain, which enables users to communicate without worrying about vital information like financial transactions or any other personal details being compromised by cybercriminals. Thus, businesses can share their data with suppliers/ customers/ employees without any risk of losing it to hackers at any point in time.
6. Fraud Protection: Transactions Cannot Be Tampered With
With Web 3.0, transactions cannot be tampered with by any third party making it more secure for users who are looking to trade valuable information without worrying about it being hacked at any point in time. Thus, companies can share their valuable data with suppliers/ customers/ employees to increase revenue and productivity at the same time.
Famous Cases Studies of Web 3.0 App
1. Augur: Prediction Market
Augur is an open-sourced, decentralized prediction market platform built on the Ethereum blockchain. Using virtual currency allows users to buy and sell shares in elections or sports matches.
2. Bitmari: Expedite International Payments for African Businesses
BitMari is an African fintech company that aims to use blockchain technology to provide financial services in Africa. It allows users to pay with their mobile devices without any banking infrastructure, which has helped it gain popularity among the local entrepreneurs on the continent.
3. Farmatrust: Delivery of Medicinal Products to Patients in Emerging Markets
FarmaTrust is a UK-based company that aims to provide quality medicines to patients in emerging markets by leveraging blockchain technology. The platform prevents counterfeit drugs from reaching people without their knowledge which has helped it gain widespread popularity among medical organizations worldwide.
4. Bitpesa: Expedite Payments for African Businesses
BitPesa, an African fintech company, provides virtual currency trading services for businesses, mainly focusing on Africa. It allows its users to quickly send/receive money for international payments without the involvement of intermediaries, thereby reducing their costs.
5. Trustatom: Secure Data Transactions for Businesses
Trustatom is an American company that aims to provide legal and business services, specifically in selling/buying property, by leveraging blockchain technology. The platform can store all the transactional data on a decentralized ledger without exposing it to anyone, making it more secure for users looking for this type of functionality.
6. SatoshiPay: Accept Payments from Anyone
SatoshiPay is a London-based startup that aims to create a platform for business models based on micropayments. It allows its users to accept payments in fractions of a cent without any minimum fees, which has made it more popular among online retailers looking for ways to increase revenue.
Web 3.0 is all set to bring about a massive transformation in the business world by eliminating the need for go-betweens and making transactions more efficient/trustworthy between businesses, customers, suppliers, or employees.
So what are you waiting for now? Ensure that your business stays ahead of its competitors by adopting these latest technologies before it’s too late to maximize profits and gain a competitive edge in the market.
Better you consult the best website development company in India that can help your business grow by launching a web 3.0 app for you and attracting more customers with the help of the latest technologies.