Web 3.0 and What your Business Must Know About It
The Internet leaves no chance to amuse us with its capabilities. We are still in the process of ingesting the fact that the internet can bring anything and anyone at our disposal. Here we have another internet invention and it’s Web 3. 0.
A century ahead of the customary internet, Web 3.0 is here to make things boundless and advance beyond one’s imagination. What does it mean? What wonders it can do for a business? Do you actually need it or it is just hype?
Scroll down to know all of this.
Web 3.0 – The Internet of Future
Web 3.0 is the web where IoT, AI, and ML blend across the end-user communication, resource logistics, and energy distribution to create an online world that is more efficient and less resource-intensive.
Gavin Wood first coined the term, Web 3.0, in 2014. He is the Ethereum co-founder and referred to the modern internet built on AI and ML. Also, he included the use of P2P networks for offering a transparent and extensive user experience.
It is believed that the onset of a pandemic, climate change, better penetration of Blockchain, ML, and AI, and human’s need to work less and earn more is the key factors pushing us towards Web 3.0.
Let’s understand it in detail.
- The outbreak of COVID-19 forced millions to stay indoors and operate from their living room. Collaboration needed to be as near as possible to the real-time and peer-to-peer communication required to be quick and safe. Web 3.0 is making it happen with building serverless networks.
- Increasing global warming and excessive consumption of natural resources force humans to opt for environment-friendly alternatives. Electric vehicles are possible solutions. The automation that Web 3.0 brings is supporting driverless or automatic vehicles’ inception.
- The 4-hour workweek vision of the future workforce will be accomplished by the use of AI and ML. Web 3.0 will promote the designing of such a self-sufficient application/website that can process an entire communication stream by clicking on the ‘purchase’ option.
Web 3.0, also known as Spatial Web, is believed to blur the boundaries that we experience today between the digital and physical world. Here are the dominant characteristics of Web 3.0.
It is decentralized
Web 3.0 is not centralized and saves digital data, servers, applications, and other resources on a decentralized P2P system featuring multiple nodes. These nodes carry the data, transmitted on Web 3.0, and make communication possible.
It’s backed by the power of Blockchain technology
The decentralized nature of Web 3.0 was able to come into being because of the use of Blockchain technology. It dictates the data distribution and transfer in Web 3.0. This decentralized data handling grants better data security as hackers will not gain anything by hacking a single server. Data being scattered is tough to track and hack.
It’s a trustless and permissionless tool
Web 3.0 follows a trustless and permissionless policy. By trustless, we mean eliminating the need for having the aid of any third party for completing a transaction. Nodes are allowed to exchange information independently.
Being permissionless refers to using any of the offered networks without seeking permission from internet governing authorities like Google.
Self-governing
As Web 3.0 is decentralized and is not governed by a central authority, it’s self-governing. Basically, end-users govern Web 3.0 and play a crucial role in its maintenance.
The key concept is inspired by Semantic Web
Web 3.0 is machine-powered. It means the machines can easily interrupt the data exchanged over Web 3.0. The root of Web 3.0 is embedded in the semantic web that allows information storage by pre-defined rules and standards. Additionally, this web uses AI and ML in high quantity to process the information.
Complete connectivity
Web 3.0 will take connectivity to a whole new level and end-users don’t need to meet certain specific rules to access the internet. Any data-driven the device will be good for the job.
Besides, the majority of household devices will be connected to the internet.
What Does It Mean For Your Business?
As business processing these days is not possible with connectivity, it’s wise to understand the impact of Web 3.0 advent on your business and what needs to be done to make your business Web 3.0 ready.
With Web 3.0, businesses can expect:
- Better business-customer relationship as no third parties and middle-men are there to complete a transaction;
- Improved data security as there is no central authority monitoring your internet activity;
- Reduced operational cost as serverless networks are at work;
- Having equal control over the internet and its components;
- Continual connectivity.
Now that the wonders Web 3.0 will do to a business are clear, it’s time to understand the groundwork to be done for bringing Web 3.0 into action. Before we begin, let us alert you that it’s not going to be an easy job.
There are a lot of technicalities involved in the process. Also, the team may have a hard time adopting the new changes. So, you’ve to do a bit of extra hard work. But, don’t fret as web 3.0 is at least 5 years away from now. You have enough time in your hand.
Shift to Cloud: Businesses involved in selling services and products need to find a way to move the entire business model over the cloud as Web 3.0 will need service delivery without any disturbance and with maximum end-user connectivity. You need cloud experts alongside the web & eCommerce developers for this purpose.
Cryptocurrency Payments: If you’ve integrated cryptocurrency payment methods then start working in their direction from today onwards. By the time Web 3.0 will become mainstream, cryptocurrency will be the common payment method. So, make your business cryptocurrency-friendly.
Understand the use and implementation of Web 3.0 compatible tools: For instance, your regular browser won’t be enough. You need something that is private, secure and is backed by decentralized technology. Brave and Opera are the two most common examples of such browsers.
Put your focus on interoperability: As Web 3.0 is going to keep the business connected, by all means, businesses and organizations need to work hard to attain maximum interoperability. Ensure that all the operational apps are integrating well with each other without asking for any work replication. There is should be only a unified source of truth for all the apps.
Be high-tech with Augmented and virtual reality: AR/VR is going to be an indispensable part of Web 3.0. So, make sure that you understand its basics and start incorporating them in your organization from today onwards. The use of this technology will make the user experience more engaged and increase its value.
Optimized solutions with wider scope: Optimize your business website for the semantic web. The core principle here is to include AI-based analysis abilities in the website to provide quick and accurate search results. Developing hybrid solutions that could work for a variety of devices is also a good idea.
Go 100% Digital: Make sure that all the back-office apps are moved to the cloud before Web 3.0 will break.
Get Future Ready
Web 3.0 is just around the corner and one can’t just turn a blind eye towards it. The biggest strength of a growth-seeking business is to embrace the latest technology and make space for it.
Web 3.0 is for our good only as it will make communication, service delivery, and data processing better ever than before Fasten your belt to experience improved internet experience with Web 3.0. Learn its nitty-gritty and make your business optimized for it.