Essential Web 3.0 Trends and Benefits
Published: 2023-01-20 06:39:05

Krishna Jadhav



Essential Web 3.0 trends and their current benefits

In overlooking benefits of Web3.0 trends, Krishna Jadhav presents;
Why is Web 3.0 Beneficial?

1.      Enhanced privacy and security

Cryptography is used in Web 3.0 to safeguard and secure user data. Additionally, the adoption of blockchain technology enables more secure interactions between users since it may provide an indelible record of all transactions and activity, serving as a trustworthy source of dataauthenticity (Figure 2).



![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/413vk01ev0psykrxc72i.png)

Figure 1: Web3 Foundation’s Web 3.0 Technology
(Source: Korpal and Scott, 2022)

1.      Improved level of flexibility and interaction

Web 3.0 enables more engagement between different people and websites (Mozumder et al., 2020). This implies that consumers may obtain material from numerous sources while remaining on the same website. It also enables more adaptable designs since websites may be rebuilt to appear differently in different nations or throughout the world.

2.      Increased global reach

Web 3.0 can now reach a far larger audience because of its improved flexibility and engagement (Murray, Kim and Combs, 2022). This implies that companies wishing to reach a worldwide audience may do it relatively quickly by leveraging Web 3.0 technologies.




![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/8ce9uu6ljncu0oukvijz.png)

Figure 2: Blockchain architecture
(Source: Korpal and Scott, 2022)

What Impact Will Web 3.0 Have on Online Businesses?

As an illustration, consider the event sector. EventX questioned 1,500 event planners and specialists from major businesses and SMBs across Asia about their opinions on event settings.

These experts cited "a digital footprint for analysis," "allowing digital transformation," and "providing flexibility and diversity" as the three most crucial components for a successful online experience.



![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/n5gurvcdup1uck5o03ol.png)

Figure 3: Network varieties - (a) Centralised, (b) Decentralised, (c) Distributed
(Source: Korpal and Scott, 2022)

Semantic Web: Tim Berners Lee coined "Semantic Web" to describe Web 3.0. The Semantic Web employs web concepts that are expanded beyond documents to data, similar to a data web.

NFTs Will Boost Web 3.0 Movement: Non-fungible tokens, digital artefacts traded with cryptocurrencies, are the primary driver of the Web 3.0 movement. Their authors can readily monetise NFTs with open standards in the decentralised Web 3.0 future (Figure 3).

Conclusion

As per Krishna Jadhav, A Web 3.0 represents a more decentralised version of the internet that prioritises openness and improved user usability. It differs from Web 2.0 because it is founded on crucial notions such as decentralisation. Understood as the conclusive assement, as many apps are based on blockchain, code was produced in plain sight of everyone instead of being authored and managed by a limited group of professionals. No one entity will be in command (Figure 1).

To gain insights on why brands are suddenly buzzing about Metaverse, look for the next article.

 

Reference List

Korpal, G., and Scott, D. (2022). Decentralization and web3 technologies. https://attachment.victorlampcdn.com/article/content/20220824/drewscott_gkorpal_web3.pdf

Mozumder, M. A. I., Sheeraz, M. M., Athar, A., Aich, S., and Kim, H. C. (2022, February). Overview: technology roadmap of the future trend of metaverse based on IoT, blockchain, AI technique, and medical domain metaverse activity. In 2022 24th International Conference on Advanced Communication Technology (ICACT) (pp. 256-261). IEEE. https://ieeexplore.ieee.org/abstract/document/9728808/

Murray, A., Kim, D., and Combs, J. (2022). The promise of a decentralized Internet: What is web 3.0 and HOW can firms prepare?. Business Horizons. https://www.sciencedirect.com/science/article/pii/S0007681322000714