What Is The Use Of Web 3.0 Technology? Discover Practical Real World Applications of Web 3.0 Technology.
The third version of the internet, known as Web 3.0, has been the subject of much discussion among tech enthusiasts for many years. The semantic web has been described as the ‘decentralized web’ and the ‘decentralized web’ and has been referred to as the potential solution to the current dominance of the so-called big technology companies on the internet.
There are many expectations associated with Web 3.0, particularly in terms of increased user privacy and improved online security. The technology underlying it, primarily blockchain and augmented reality, provides many additional benefits that businesses are already taking advantage of. What are the technologies that make up the Web 3.0 stack? While it is still too early to determine the exact Web 3.0 tech stack, we do know it will bring about revolutionary changes to the backend.
Web 3.0’s blockchain stack differs from its predecessors in that it is a highly user-centric, decentralized network. Using peer-to-peer technology, knowledge will not be controlled by any individual entity. Instead of centralized servers, data will be distributed among individual devices belonging to internet users. It will become increasingly important for consumers to maintain their individual freedom and privacy on the Internet.
In light of our work at 10Clouds with blockchain-based companies of all sizes, these are just a few reasons why companies should embrace Web 3.0. Creating a better user experience. Web 3.0 technology can also be used to simplify and streamline onboarding processes for users. You can access many other websites by using your Facebook login.
However, blockchain differs from Facebook and many other tech giants in that it does not store personal information about users. Due to the fact that each end user owns his or her own data under blockchain, this is the case. Ultimately, the benefit of having a simple way for consumers to log into the website is that you will not have to worry about storing any data on your end. By doing so, you will be able to eliminate any data security concerns. In addition to onboarding, Web 3.0’s technology stack (as depicted above) will facilitate an efficient and effective customer journey.
Artificial intelligence will enable certain elements of the process to be automated, allowing businesses to allocate resources more efficiently to those components that require human assistance.
Establishing trust with customers. According to a recent report published by KPMG, customers are becoming increasingly uneasy about how their data is collected by companies. According to the survey, 62% of business leaders believe their companies should do more to protect the privacy of their data.
According to one third of them, consumers should be more concerned about how their data is being used by their organizations. Clearly, businesses need to focus on consumer privacy, and what better way to restore trust and compete with your competitors than with blockchain technology?
Data stored on blockchain is automatically decentralized and therefore transparent. Additionally, it will be more likely to be protected against data breaches and identity theft. It is believed by some blockchain experts that the return of data ownership to consumers could even disrupt the tech industry. It’ll be hard for tech giants to stay competitive without access to huge amounts of data.
A key component of this equation involves smart contracts on the blockchain network. They are self-executing contracts, which means that the terms of the agreement between the buyer and seller are directly coded. We would like to emphasize that all transactions are trackable and irreversible. In addition to saving time and reducing conflict, smart contracts are more affordable, quicker, and more secure than traditional payment methods.
Web 3.0 offers companies the opportunity to collect less ‘hard’ information about their customers, since it eliminates the need for third-party identification verification. In fact, it is a new approach to engaging with customers and gathering valuable information regarding their behavior. To align economics across users, companies can use decentralized models rather than relying on stored data and ad-supported marketing.
In addition to promoting user-generated digital content and user interaction, Web 3.0 is likely to lead to a more open consumer market. It will be possible for businesses to take advantage of these voluntarily published preferences and adapt their product-market fit accordingly. Innovative use of NFTs and the metaverse Non-fungible tokens (NFTs) in their traditional and fractional forms have taken the world by storm, but businesses are just beginning to explore their potential. Blockchains contain non-interchangeable units of data known as NFTs.
Artwork and real estate can be represented using these models. Due to their blockchain-based design, NFTs are able to operate without intermediaries, enabling artists to connect directly with audiences. Due to their inherent characteristics, they are also capable of simplifying transactions and creating new markets. Some businesses have already adopted NFTs as a new method of digital marketing. To increase the sales of a virtual product, they are using NFTs. A good example of this is the video game industry, which is rapidly growing in popularity around the world.
Consumers have the opportunity to purchase virtual versions of products that appear in video games (within the cyber universe) before their actual counterparts (the physical objects) are available on the market. A fantastic way to create buzz and get people to sign up for product wait lists, this is just one example of how Web 3.0 will connect the digital and physical worlds. Additionally, businesses can make good use of the technology stack that Web 3.0 provides. Google, for example, is continuously developing its augmented reality and virtual reality technologies.
This can produce a 3D map that will assist customers in finding your business in the context of geolocation. Putting data and content in the hands of users and decreasing reliance on big tech is the goal of Web 3.0. SME’s, in particular, will benefit from the network effects that Web 3.0 will bring, since they will be protected from the threats posed by major technology companies.
As a result, they will be able to avoid paying high fees for intermediary services (such as those in the delivery sector), referrals (such as travel bookings), advertising, and so on. As the monopoly’s influence diminishes, their bargaining power will also increase. As a result, better products and services will be available at more affordable prices. The emerging technologies of Web 3.0 are already being used by a lot of small businesses, start-ups and enterprises. Take advantage of this opportunity before the dawn of the new internet and gain a competitive advantage over your competitors. It would be a good idea to focus on one of the above-mentioned areas and brainstorm ways in which you can redefine the user experience using these technologies.