The internet’s growing advancement in human lives in less than a half-century is a once-in-a-lifetime occurrence in human history. Since its beginning in 1983, the internet is evolving significantly. We are witnessing the significant change of Web 2.0 into Web 3.0, which has the potential to create a completely new reality for us to dwell in. However, the process of internet evolution is directly inspired by human expectations from the current technologies. The current course of the internet towards Web 3.0 is also mirrored by the booming role of blockchain in Web 3.0 technology.
What is Web 3.0?
Web 3.0 is the third generation of the internet that is enabling users to read, write and execute capability. Also, the third-generation internet is referred to as the Decentralized Web. This is comprising of different cutting-edge and revolutionary technologies such as decentralized ledger technology (DLT), machine learning (ML), Internet of things(IoT), Artificial Intelligence (AI), and Big Data.
Moreover, Web 3.0 is anticipated to have more user-friendly and interactive features. Whereas, keeping users’ data privacy at the center. Additionally, it is becoming essential for the platforms to develop projects on the transparent network such as blockchain, hashgraph, etc. Apart from this, blockchain networks will be providing rapid data connectivity in any corner of the world.
Also read: Role of Private 5G Networks in Industry 4.0
What is the role of blockchain in Web 3.0?
It would be true to interpret decentralization as the core concept in the inception of Web 3.0. So the current ledger technology is sufficiently developed to fulfill the demands of transparency and data security on the network.
The major advantages of the role of blockchain in Web 3.0 is coming from its decentralization, immutability, security, and transparency. This is what the new Web 3.0 needs to serve its consumers.
Decentralization overcoming flaws of centralization
The role of blockchain in Web 3.0 peer-to-peer networks is providing consumers with transparency in areas where centralization is lacking. In simple words, anyone on the blockchain will be checking and validating data from the block. It will be creating a trustless environment while validating data on its own without the intervention of a third party.
Enhancing Data Reconciliation
Blockchain is working as a real-time database for all the companies surfing on it. Therefore, despite keeping expired data stored in the particular company’s server, they can directly access real-time and updated data from the blockchain. Hence, it is helping to develop a more reliable data management system.
DeFi Apps and Protocols
Decentralized Finance (DeFi) apps for lending, borrowing, or exchange such as Aave, Compound, Uniswap, and others are receiving more and more users every day because of their easy-to-use finance system. Also, DeFi platforms will be helping users to dodge centralized authorities such as governments, central banks, financial institutions, and others. It will be assisting them in paying additional taxes and eliminate the requirement for any authority’s consent.
Many blockchains are working on the cross-bridge connectivity that is linking them with the other networks. With the high network connectivity, it will be improving the interoperability between the different systems and networks.
Automation Through Smart Contracts
Another role of blockchain in Web 3.0 is through smart contracts, users can lock pre-determine terms and conditions to automate the execution of an agreement. By doing so, all participants can be certain of the outcome, without any intermediary’s involvement or time loss.
Human curiosity is learning about new technology and finding out new use cases have always added new value to their forthcoming generations. From the invention of fire to light bulbs, everything mattered in the growth of the human lifestyle.
We are entering into the web 3.0 space with limited assets and resources as of now. There are a lot of technological explorations in the web 3.0 space waiting for us, which will certainly come out from the innovations and integrations of technology like blockchain in the upcoming years. This is just the start!!!
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How Web3.0 is using blockchain?
The role of blockchain in Web 3.0 is redefining the data structures in the backend of the Web, now that we live in a connected world. It is introducing a governance layer that runs on top of the current Internet. It is allowing for two people who do not know or trust each other to reach and settle agreements over the Web
How is blockchain helping in website development?
Significantly, blockchain is a decentralized system. It is enabling for the fast, secure, and transparent peer-to-peer transfer of digital goods (like money, intellectual property, contracts, etc.).