Since the launch of the first Web version in the early 1990s, the modus operandi has undergone several substantial changes, particularly in terms of the use of data and interactivity. The World Wide Web has undergone many changes to be readable at once. The world has reached a point where the third phase of the evolution of the www is right before us. The new phase of the Internet is here to give the user all the power. Web 3.0 Blockchain is the fundamental transformation that has begun to take place in the corners of the World Wide Web. Credited with the most unruly technology of our time, the third phase of the web is poised to revolutionize the way organizations operate and the way internet users communicate with the digital world. With the increasing digitization across the globe in almost all areas of the market, MRFR analysis reports indicate that the global Web 3.0 blockchain market will acquire a valuation of around USD 6,187.3 million by the end of 2023. According to these reports, the global market is predicted to flourish at a robust CAGR of over 44.6% during the assessment period of 2023 to 2030.
There are various discussions about Web 3.0 and the sweeping changes it will bring to the entire digital world. But even amid the talk, some people know what caused this version of the internet to rise and what exactly changes it is about to bring. Let’s get to know more about the latest version of the web.
The rise of Web 3.0
The growing incidences of identity theft and financial loss have led users to seek new ways to navigate away from the conventional methods that exposed them. The developers realized it was time to put the power back in the hands of the users. It was clear to them that decentralization was needed, with Blockchain as the backbone, and the goal was to develop Web 3.0. It’s a transparent and fair network where people communicate without fear of losing their privacy or security. The latest will make the Internet smart by combining the power of Big Data and Artificial Intelligence. It’s time blockchain is ready to be more human, and users will handle the power. Blockchain technology will perform the procedure of accumulating and managing data on the web. The technology will gather all concerted data with the help of IoT and AI and transform it into information that cannot be duplicated or hacked.
Web 3.0 blockchain stack
The transformation from Web 2.0 to Web 3.0, where we have minimal to no effect on end users, will significantly change the backend. If a client-server model is decentralized and open, the web’s core technology stack must change. The construction of semantic technologies can improve the use of Web3.0. In order to make it a data protection tool, it is crucial to base the technology on blockchain logic. Unlike others, the application is not kept in the top layer of the stack in the case of Web 3.0 Blockchain because the actual logic of the blockchain will ensure that the data is transported locally. The peer-to-peer review system will keep users up-to-date on the construction of the data block.
Web 3.0 dapps: examples
The latest web version features many surrogates that users can communicate with rather than the conventional centralized and data-driven business models. Even now that the latest version has not been put into action, some applications and platforms built by a future-centric vision blockchain development company are presenting itself as the user-centric decentralized substitute for centralized platforms supported by the exploitation of technological behemoths.
Web 3.0: importance in a company
The impact of the latest version of the web on businesses will be to make them extremely user-centric and transparent. Anything that was incorrect with the way organizations were managed regarding user data will change significantly.
In order to answer, how will organizations use Web 3.0 technologies? Businesses – both new and conventional, will launch new opportunities for Blockchain and the capabilities of the technology. The user will get their applications to benefit from a Blockchain upgrade, where everything will be made open and transparent for access for all.