Web3 is changing the future. As we move forward into the unknown, digital transformation is a critical business focus. Moreover, with so much change, it’s essential to ask what the future holds for digital technologies and the switch from Web 2.0 to Web 3.0. How can we prepare for technology and the internet changes and overcome challenges?
With the launch of blockchain technology, Artificial Intelligence (AI), and Virtual Reality (VR), the digital world is about to get a lot more exciting. These three emerging technologies are changing how we interact with computers and artificial systems and ushering in a new age of how you connect to the internet. Let’s look at the future of Web3 and its implications for your business.
What Is Web3
Web 3 (also seen as Web 3.0 and Web3) is an evolution of the current web (Web 2.0) and is sometimes also known as the “ultimate web.” It is a decentralized network of computers where information is stored on a blockchain. Users interact with each other through a peer-to-peer (P2P) network. According to Nick Usborne,
[Web 3], It is a new iteration of the Internet that resides on decentralized blockchains. At its heart, the culture of Web 3 is all about decentralization and privacy.
Web3 is changing the future. While the technology is still in its infancy, many in the tech industry see it as the next step in connecting computers and paving the way for a more efficient internet. A decentralized network offers increased security and privacy; we all know computer security is vital. It will also affect how we access and interact with services like social media, email, and online banking. Web3 is changing the internet as we know it and transforming many industries.
Overall, blockchain technology is a decentralized record-keeping system that allows users to share information and make transactions without needing a trusted third party. A blockchain comprises a network of computers that are synchronized and work together to create a single “distributed ledger.” Data such as transaction information, contracts, and identification details are stored and verified by the network. However, the data is encrypted and cannot be altered once it has been stored on the blockchain.
Web3 is changing the future in many industries
Blockchain technology has been in the news a lot recently, thanks to the enormous rise in the popularity of cryptocurrencies, such as Bitcoin, Ethereum, and many more. With the cryptocurrency launch, blockchain took center stage and has since been used for various applications and industries. Specifically, what industries are benefiting from blockchain? Numerous sectors stand to benefit from blockchain technology, including the ones listed below:
- Financial services
- Logistics and supply chains
- Government and public services
- Real estate
- Energy and utilities
- Retail and e-commerce
- Intellectual property rights
- Entertainment, and
Web 3 is changing the future with AI and ML.
Artificial intelligence (AI) is computer software that lets machines “think” and “learn” in a similar way to humans. AI has been around for decades, but the field is experiencing a renaissance thanks to breakthroughs in machine learning (ML) and natural language processing (NLP).
Additionally, machine learning is a type of AI that allows computers to learn and improve without being explicitly programmed. Moreover, natural language processing is a technology that enables computers to process and understand human language. AI is already transforming industries, but experts predict it will change the world even more. AI is also important in building decentralized networks because it can analyze and understand data without relying on centralized servers. In due time, AI is likely to transform most industries.
As we peer into the future of Web3, we see an exciting world of non-fungible tokens (NFTs). That is the biggest craze in the Web 3 arena right now. A non-fungible token (NFT) is a unique unit of data on a blockchain that can be linked to digital and physical objects to provide permanent proof of ownership.
The data an NFT contains is tied to digital art, songs, videos, avatars, and more. However, they can also be used to give an NFT owner access to exclusive merchandise, tickets to live or digital events, or be linked to physical assets like cars, yachts, etc.
Web3 is changing the future. Yes, it is still in its infancy, but hold onto your hats. It’s getting very wild out there. The internet world is and will continue to be an entirely different way of doing things. It’s being built on top of the current internet technology stack, which is too slow and cumbersome to keep up with the ever-changing digital landscape. Web 3 will inject the internet with blockchain, AI, VR, and other emerging technologies.
The world of Web 3 is expected to be faster, more secure, and more personal than the current web we know. The new, faster, and safer web will be built on top of blockchain technology and will usher in a new era of security and privacy online. Web 3 will also interact with AI and other emerging technologies to create a more intelligent and interconnected world.
Pam Lokker is the owner of Borlok Virtual Assistants, LLC, and a proficient B2B SEO copywriter, Web3 writer, Freelance Business Assistant, Overall Editor, and Proofreader. Pam Lokker writes SEO-optimized content for the Information Technology industry and Web 3 sectors. She can create, improve, and polish content that heals your pain points. Contact us now!