Today, we are witnessing the evolution of Web 3.0 which is a collection of concepts that describes the structure and functionality of the web of the future. While the precise form of the future web is by no means established, we are now midway between Web 2.0 and Web 3.0 eras.
However, a key difference between Web 3.0 and the previous versions is that Web 3.0 utilizes artificial Intelligence (AI), machine learning (ML), the semantic web, and blockchain security systems to keep users’ information safe and secure. Web 3.0 comprehends and analyses the data’s concept and context. As a result, Web 3.0 provides the most precise and pertinent answer when a user searches for an answer, resulting in a more personalized experience.
With the integration of business technologies, Web 3.0 applications have already started to revolutionize several international businesses. Business executives are becoming aware of Web 3.0’s huge influence on the industry and how to best leverage it to add value.
Customers and clients may govern their data for privacy concerns and protect their data from future assaults with the aid of a trustworthy company that uses Web 3.0 since it uses blockchain security systems to keep users’ information safe and secure. So, let’s examine a few of the top ten commercial applications of Web 3.0 that will help businesses increase revenue consistently.
Blockchain technology
The most obvious example of Web 3.0 is blockchain technology, which is perhaps the technology that most influenced the concept of Web 3.0. A blockchain serves as the basis for many other Web3 technologies, making it essential to Web 3.0.
Blockchain, which is a digital ledger, or a record of transactions is distributed across the entire network of computer systems, where all database copies must concur and be updated each time a fresh “block” of transactions is added to the chain. Every transaction made is permanent and available to the public.
Cryptocurrency
Cryptocurrency, commonly referred to as “crypto,” is decentralized digital money that isn’t under the jurisdiction of a bank or a central authority. Blockchain technology is used by cryptocurrencies to keep track of how much money is in circulation and who has how much of it.
Crypto miners utilize their computational capacity to add blocks of transaction data to the bitcoin blockchain through crypto mining, which is a method of creating new digital “coins”; miners who succeed are rewarded with more bitcoins. For instance, users of the Ethereum blockchain, pay a “gas cost” that goes to Ethereum miners who carry out transaction processing.
Initial Coin Offerings (ICOs)
Initial Coin Offerings are associated with cryptocurrencies since the “coins” that are being offered are digital assets. When you create a brand-new cryptocurrency (perhaps with an interesting invention), you need startup capital to get things started.
People that invest in ICOs do so in the hopes that, like Bitcoin and Ethereum, the value of their cryptocurrency will skyrocket and enable them to become wealthy overnight.
Non-Fungible Tokens (NFTs)
You’ve undoubtedly heard about NFTs, which is another foundational component of Web 3.0. In essence, NFTs are a type of cryptocurrency, but they are entirely distinct and cannot be traded for one another. The non-fungible component of the name denotes this. In the same way that a paper title deed for a house signifies ownership, NFTs are connected to digital or physical assets.
Decentralized apps (dApps)
Utilizing a centralized app is like using a cloud-based service such as Google Docs. Your papers contain information that Google has access to and bad actors can manipulate this. The benefit of this trade-off is that we can quickly work with others, save our data on the cloud, and make use of a variety of other cloud-app advantages.
What if you could benefit from these cloud services without having to adhere to a centralized authority? Decentralized applications, or “dApps,” could address this concern. The majority of dApps do their online computing on the Ethereum blockchain. dApps have their backend code (smart contracts) running on a decentralized network and not a centralized server. They use the Ethereum blockchain for data storage and smart contracts for their app logic.
An example of a decentralized program is Peepeth, a social network that rivals Twitter in popularity. A dApp game called Cryptokitties lets players buy and sell digital kittens. Another example is the stablecoin Dai, which is supported by MakerDAO, a decentralized credit service that enables users to open a collateralized debt position (CDP).
Smart contracts
There is a ton of paperwork involved in purchasing a car today and obtaining a loan from the bank. The bank drafts a contract outlining your rights and the bank’s duties to you. The agreement states that the bank is required to take legal procedures (like seizing your automobile) if you fall behind on your payments.
Smart contracts provide the same functionality but don’t need a centralized enforcement or monitoring system. Everything happens automatically according to the contract’s provisions and logic.
Distributed computing (edge computing)
Delivering online data and services is the main goal of edge computing. Edge computing occurs at the actual edges of the network, making it nearly the antithesis of “Big Data” computing in enormous, centralized computer centers.
Data may, for instance, be processed locally on your PC before being sent to a central site to be aggregated. This implies that you may create a massive, decentralized supercomputer by combining the processing power of devices that are located at the network’s edge.
Decentralised Autonomous Organisations (DAOs)
Every organization has a centralized structure, be it a company or a non-profit. Every level of management or executives use command and control to organize the many individuals who contribute to the required task.
Flattening a DAO flattens the whole structure. There is no CEO, CFO, or equivalent position. Every organization member has a say and chooses when and how money is spent from the treasury.
Machine Learning and Artificial Intelligence
You can speak to an intelligent agent who can comprehend your requests thanks to natural language processing (NLP).
To forecast human wants and behavior, machine learning is also utilized to process enormous volumes of data in real-time. Everywhere we go, there are intelligent network-connected gadgets thanks to the Internet of Things (IoT). This offers several chances to collect data and turn it into something worthwhile.
The metaverse
Another vague idea that appears to overlap and connect with Web 3.0 ideas is the metaverse, should they ever become a reality.
The Metaverse is an illustration of how we could use the web in the future. To produce a lasting and integrated user experience, it largely relies on virtual reality (VR) and augmented reality (AR). Being the next iteration of internet and social media, metaverse offers many business opportunities to enterprises globally. Examples include the use of innovative narrative experiences with 3D technology to elevate advertising.
The metaverse project’s interoperable design also enables businesses to organize and register for any event digitally. Despite geographical limitations, brands can still engage with a global audience through the metaverse in an e-commerce business structure. These are just a few potential metaverse use cases that demonstrate its transformative influence on businesses.
Looking ahead
By doing away with the need for middlemen and enhancing the efficiency and reliability of company-to-business, customer-to-customer, supplier-to-supplier, and employee-to-employee transactions, Web 3.0 is poised to bring about a significant shift in the business environment.
Before it’s too late, make sure your company adopts these cutting-edge technologies to remain ahead of the competition, increase profitability, and acquire a competitive edge.
Nischal Tanna is the Chief Executive Officer of TransformHub.
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