Nowadays it’s impossible to have a conversation with any tech founder that doesn’t involve any mention of Web3, crypto or NFT’s. Even the CEO of Shopify, Tobias Lütken is giving in on the hype and joining the board of directors at digital currency platform Coinbase. While the term web 3.0 seems to be far away in the future, experts claims the development will happen in the following five to ten years. In this post, we will look in-depth at Web 3.0, what it is and the benefits it offers.
The downfall of web 2.0
New technology is almost always scary and every change demands a leap of faith. The same goes for web 2.0. Back in the day, the idea of checking bank balances via the web seemed crazy. Nowadays, we don’t think twice about it. Web 2.0 has become a crucial part of our lives, and thus an equally important part of businesses.
Unfortunately web 2.0 has become a data economy, where the main principle contains of the exchange of data for services. Big technology companies as Google or Facebook use the internet as a platform for developing apps based on the data it collects from its users. But along with these benefits came customer privacy concerns. Data mining and data exploitation are not always beneficial to a brand’s reputations. According to McKinsey’s analysis, all industries suffer from a trust rating of less than 50%, because of these data breaches.
Consumers regaining control of their data
Luckily web 3.0 blockchain technology can change the world and represents the complete opposite. Web 3.0 comes forward from a perception that the monopoly of data in web 2.0 could be abused. As a solution people would have more control over their data and be able to sell it if they choose, all operated on a decentralised, ledger technology, also known as the blockchain. This is also one of the most important principles behind the vision of web 3.0: to become an open and decentralised version of the current internet (web 2.0). Users would also be able to exchange money and information on the web without the need for a middleman, like a bank or a tech company.
The future of your business
Web 3.0 comes with a lot of other advantages as well.
Thanks to the blockchain technology, website visitors will have a better login experience. Instead of using your Facebook profile to sign in, consumers will use blockchain to store their personal information in a more secure way.
Using the powerful blockchain technology, web 3.0 could prevent hackers from assaulting your website. According to IBM, blockchain is unlikely to be hacked thanks to end-to-end encryption of documents. Companies like Apple, Google and Facebook already use this technology.
Last but not least, consumers will have a better brand image of your business. Thanks to the high security level the blockchain offers, they will be able to trust brands again. Following this string of thought, blockchain will also provide more transparency, which results in better data accuracy, easy to locate inefficiencies, more consumers privacy and secure personal data.
Web 3.0 promises to improve consumer privacy (and consumer’s trust), while making it more user friendly in combination with other new technologies. The future of web 3.0 seems to benefit both businesses and consumers. We’re looking forward to all the new possibilities!