Monday, 18 October 2021 / Published in Brand development, Business advice

Is Web 3.0 the Future of the Internet – And Is your Business Ready for it?

Table of Contents

To determine if Web 3.0 could be the future of the internet, we can look at how the internet began and what motivates the development in technology.

Web 1.0

At the start of the internet – Web 1.0, the internet was used to search for information that could only be read. It allowed electronic communication and instant written correspondence between anyone anywhere in the world; but these were static pages that people could browse but not interact with. It is incredible to believe that it was not even possible to add photos and attachments to emails!

Over time the internet became more ordered with the creation of search engines like Google, making websites more interactive.

Web 2.0

Web 2.0 was born where all of these interactions created file sharing. Massive amounts of data were created, made possible by platforms like Youtube and Facebook. Business models started capturing this data, and whoever obtained it the quickest was the top achiever in selling it to advertisers – deciding who can make money. This targeted sale of data was made possible by free-market activities.

How different will the future internet be?

The internet user’s need for ownership over their content as well as the need for autonomous servers is demanding a new approach to communicating and gathering data.

Web 3.0 or ‘ The Semantic Web’ ( a term created by Tim Berners-Lee, founder of the internet) is the next stage of World Wide Web evolution.

As there is better connectivity across Web 3.0 a person can access the information you want across many more platforms, unlike today where information is stored in separate platforms only accessible to those who have an account with them. Individuals will be linked to each other not through their platform but through their online identity. This decentralised way of connecting data allows for the internet to be intelligent, open, and be everywhere at the same time.

Machines would be able to decode meaning and emotions by analyzing data. In this way, more intelligent and highly tailored content will be delivered to internet customers.

Web 3.0 will be able to interface between Artificial Intelligence (AI), systems, people, and home devices. One of the examples is Apple’s Siri using speech recognition and AI to perform personalized commands. In the future, it will not only be computers and smartphones that are connected to the internet, but many more smart devices will be available.

To encourage decentralisation of data, Cryptocurrencies were created which are lines of code creating a token to represent goods, services, or digital access. With this currency comes a promise and responsibility to conduct one’s business according to rules of good business governance.

At the moment many costs are involved with the manual setting up of business service agreements; protection of intellectual property and non-disclosure contracts. Time is taken away from immediately conducting business. Web 3.0 can create smart contracts with a few lines of code, saving time and cost.

Web 3.0 can be built to work in a way that works for everyone. When an individual opens an account in a platform they will bring with them all their contacts or connections – ideal for businesses to increase their market.

Current ways of data management and sharing are tedious, ineffective, and costly. Documents need to go through a server the user does not have control of. Once sent, control and ownership of the data are lost. Using internet-based backend services, businesses can cut costs that are high by manually handling data. Network connections between colleagues and businesses are essential to cut time looking for information which is often stored at top management, and not available for easy access.

Web 3.0 users would have :

a more customized browsing experience
control over their data
one digital identity used across multiple platforms – no more multiple passwords
data that is trustworthy and tamper proof
internet that is omnipresent

This new type of web will need business owners to understand the possibilities it will create and be prepared for the new generation of businesses. Look forward to aligning your business with this new technology.

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Tanya Wilson

Tanya is an experienced marketer, blogger, and business coach. She loves writing lifestyle, business, and marketing-related articles. In free time, she loves exploring new places and reading self-development books. Connect with Tanya on Linkedin.