Ever since the launch of the first Web version in the early 90s, the modus operandi has been through several substantial changes, particularly in terms of data usage and interactivity. The world wide web has undergone many changes from being readable at once. The world has reached a point where the third phase of www evolution is right in front of us. The new phase of the internet is here to offer the user all the power. Web 3.0 blockchain is the fundamental transformation that has begun unfolding in the world wide web corners. Attributed by the unruliest technology of our time, the third phase of the web is getting ready to revolutionize how organizations function and how internet users communicate with the digital world. With the growing digitization across the globe in almost all the market areas, the analysis reports by MRFR state that the global market for Web 3.0 Blockchain will acquire a valuation of approximately USD 6,187.3 million by the end of 2023. According to these reports, the global market is anticipated to flourish at a robust CAGR of over 44.6% during the assessment timeframe from 2023 to 2030.
There are various discussions about Web 3.0 and the radical changes it will get to the whole digital world. But even amid the discussions, some people know what caused the rise of this version of the internet and what exactly changes it is about to make. 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 led the users to look for new ways of browsing by moving away from the conventional methods that exposed them. The developers realized it was time to get the power back to the users. It was clear to them that decentralization was required, with Blockchain as the medium, and the target was to develop Web 3.0. It is a transparent and fair network where people communicate without fear of losing their privacy or security. The latest will make the internet smart by carrying together the power of Big Data and Artificial Intelligence. It is time Blockchain is ready to be more human, and the users will handle the power. Blockchain technology will run the procedure of how data is accumulated and managed across the web. The technology will gather all the concerted data with the assistance of the 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 minimum to zero effect on end users, will significantly change the backend. If a client-server model is decentralized and open, the center tech stack of the web must be changed. The building of semantic technologies can improve Web3.0 use. In order to make it a data protection tool, it is crucial to base the technology on blockchain logic. Unlike others, the app is not kept in the top layer of the stack in the case of Web 3.0 Blockchain, as the actual blockchain logic will ensure that the data is carried locally. The peer-to-peer review system will keep users aware of the data block building.
Web 3.0 Dapps: Examples
The latest web version exhibits plenty of substitutes that users can communicate with rather than the centralized, data-driven conventional business models. Even now that the latest version has not been raised into action, some apps and platforms built by a future-centric blockchain development company are posturing as the user-centric, decentralized substitute to the centralized platforms supported by exploiting tech behemoths.
Web 3.0: Significance in A Business
The impact of the latest version of the web on businesses will be tilted at making them extremely user-centric and transparent. All that was incorrect with how organizations were run regarding users’ data will significantly change.
In order to answer how will organizations utilize web 3.0 technologies? Businesses – both new and conventional, will launch new opportunities for Blockchain and the abilities the technology gets along. The user will get their apps getting a Blockchain upgrade, where everything will be made open and transparent to access for all.