As Web 3.0 makes gains and technologies such as blockchain mature, the internet will change, and businesses will have to evolve with it. Web 3.0, also known as Web3, offers better security and brings transparency and accountability to the forefront.
What is the Importance of Web 3.0?
The discussion on key web 3.0 features would remain incomplete without an overview of the importance of web3 itself. Why did web3 emerge in the first place? Take a closer look at the web around you. All you can do is contribute and share content on different websites or digital platforms with multiple digital identities across different media.
Technical progressions like blockchain and artificial intelligence could help in giving interactive and dynamic client experiences on web 3.0. Generally, web3 expects to redefine the online experiences of users with fundamental changes in the structure of the web. At the same time, web3 would also pursue the objective of democratizing almost all aspects pertaining to the internet.
Key Features of Web 3.0
Web 3.0 has many prominent differences in comparison to its predecessors, especially due to the fundamental structural changes. You can find many features such as semantic web, connectivity, artificial intelligence, 3D graphics, decentralization, and ubiquity. However, the key features of web3 have singled it out as a formidable force in the future of the internet. Here are the five most notable traits of web3 which establish the significance of web3 itself.
1. Semantic Web
The semantic web, or “a web that understands humans”, works on improving online technologies with additional functionalities. Semantic web can allow users to create, share and link material through search and analysis. The search and analysis capabilities with web 3.0 would focus more on understanding the meaning of words and the context behind them. Semantic web is a plausible improvement over the interpretation of data in terms of numbers or keywords.
2. Artificial Intelligence
The list of answers to “What are the features of web3?” would also draw attention to artificial intelligence. AI can help computers and devices understand information just like normal people, with faster and more productive results. The features of web 3.0 with AI would have considerable improvements over human-based corrupt practices such as manipulated data or biased product reviews. In addition, web3 would also leverage user feedback as a vital resource for encouraging the web to offer reliable data. The AI functionalities can enable the web to differentiate between fake and genuine information.
3. 3D Graphics
The next important trait among the key web 3.0 features would refer to spatial computing and 3D graphics. Many experts have hailed the web3 as the spatial web as it has the potential for reducing the barriers between physical and virtual worlds. Web3 could help in reimagining graphics technologies alongside ensuring easier interactions with three-dimensional virtual worlds or the metaverse.
4. Connectivity and Ubiquity
The features of web3 help in capitalizing on semantic metadata, which can help in ensuring new benchmarks for connectivity. At the same time, you must also notice the association of web3 with IoT sensors on a massive scale. Therefore, web3 can provide the assurance of availability of the internet to anyone, irrespective of the location and time. You can also access the internet without any restrictions regarding the type of device.
5. Blockchain and Decentralization
Blockchain technologies are another notable entry among top web3 features with the ability of blockchain to introduce decentralization. As a result, web3 applications and systems could provide the assurance of cryptographic security for user data. Most important of all, the assurance of blockchain and decentralization could help in encouraging communication between software and browser plugins. Web3 would also leverage blockchain technologies to ensure transparency in the ecosystem, thereby providing better scope for audits and security.
Business Benefits of Web 3.0
Web 3.0’s impact on business will be transparency and user/customer-orientation. Therefore, the way in which businesses use users’ data will change. Because blockchain is at the core of Web 3.0, all web apps will require a blockchain upgrade if they want to play in Web 3.0.
Some of the benefits of Web 3.0 for businesses include the following:
- No third party required. Blockchain, smart contracts and decentralized applications eliminate third-party service providers. For example, cryptocurrency reduces the need for banks, and all financial transactions are between the two parties only. This will help businesses to reduce costs and be more competitive.
- Improved regulation compliance. Blockchain is an unchangeable record of transactions visible to everyone on the chain. Thus, it makes it easy for companies to comply with their governance requirements by maintaining transparency.
- Greater accountability. On the other end, thanks to blockchain, every transaction can be tracked to make companies accountable for their actions. This makes it easier for people to buy products from businesses with a positive reputation.
- Improved security. Web 3.0 makes it much harder for hackers to access sensitive information. Because of blockchain’s decentralized and distributed nature, there is no single point of failure, which makes it more difficult to corrupt. Blockchain data cannot be altered or manipulated, so businesses will be able to worry less about data theft and data breaches.
- Improved customer relations. When using Web 3.0, every transaction is recorded in the decentralized ledger for all parties involved to see, making companies directly accountable to their customers. Businesses can use this transparency to build trust and long-lasting relationships with their customers. Because data stored on the blockchain is unchangeable, customers know that the information is authentic and has not been modified.
- Supply chain management. Businesses can easily monitor and track their supply chains on Web 3.0 due to blockchain’s transparency. By eliminating silos, businesses can quickly identify any problems in manufacturing and delivery services, improving time management and reducing costs. Businesses can also share crucial information, such as production schedules and contract deadlines, with their suppliers, making delivery smoother.
Wrapping Up: What Does Web 3.0 Mean for Business?
Web 3.0 technologies can help to improve transparency and trust between businesses and their customers by creating a tamper-proof record of transactions via blockchain. With a real-time view of the supply chain, customers can see where their products are at each stage of the production process.
Web 3.0 uses cryptocurrency, such as bitcoin and Ethereum, to make transactions occur in real time. Transactions aren’t going through banks, which may take days to process an international purchase. A cryptocurrency transaction can take place in minutes, if not seconds.
Web 3.0 also makes social media considerably safer. For starters, users have ownership of their data instead of the social media network. Therefore, users can prevent their personal information from being sold. Secondly, it will inhibit the use of bots and fraudulent accounts, as well as trolling and spamming. This will help lock out scammers and other disreputable online sellers.
Likewise, it will curtail fake news and fabricated new stories, which can be damaging to a company’s reputation. Disreputable news sources will no longer have to be verified through a third-party source, which can be also disreputable. With Web 3.0 apps, such as Prover, users can verify a news source through its blockchain.
The decentralized nature of Web 3.0 and the lack of central servers means fewer opportunities for network downtime, which can equal critical losses for the business.
Web 3.0 is still in the developmental stage, and new companies using the technology are only now beginning to emerge. Businesses should keep an eye on its progress to capitalize on any opportunities as Web 2.0 phases out and Web 3.0 becomes the norm.
Elliot Hall is a content writer and gamer. He loves to write about all sorts of things, including gaming and cryptocurrency, and technology.
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