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The internet has changed a lot when compared to its early days. Back then, it was mostly like a one-way road, where users could just read information, and only website owners could post information in that. And that stage is called Web 1, where there is no kind of interaction. Then came Web 2, an advanced version of Web 1, which introduced social media, where users can post their own information, thoughts, comments, and much more. This boosted active participation among users and increased engagement as well, with the help of platforms like,
But now, there is a new chapter called Web 3. It is a new evolution, which has changed the way customers interact with each other. The shift is from “Sharing internet” to “Ownership internet”. Here, users have more control and transparency when compared to Web 2.
In this blog, we will learn the following,
Let us get started!
The internet that we use today is never its first version! It looked different during its early stage. So, before getting to know about Web3, let us first learn how it has evolved over the years.
Web 1.0 ( 1990s - early 2000s)
This is the very first version of the internet and is also known as the read-only web, as only website owners can post content, and we users are mere readers! So, it offered no room for interaction at all. Users were just an audience, nothing else!
Web 2.0 ( 2000s - Present)
This phase introduced interaction. And people can comment, share, and even post their content on the internet. This is achieved through means like,
This is extremely advantageous to businesses as they can easily connect with their customers. This opened doors to influencer marketing and customer feedback.
Web 3.0 (emerging now)
Now, there is a gradual shift from Web 2 to Web 3! This version offers ownership and control to users. So, instead of big tech companies controlling the platforms, Web3 functions with the help of blockchain and other technologies. Here, the data is more secure and owned by users!
Web3 is the new-age internet, which offers the power and control to users rather than to huge corporations, unlike Web 2. The main motive of Web3 is to offer users with,
Data is very secure with blockchain technology, and users own the data, and they are no longer just the audience!
Web2 is about interaction between users and the platform. While Web3 is about ownership and control, users can own their data!
Several important components make Web3 a totally different version of the internet we know and use today. Let us view them one by one.
In Web 3, data is spread across various networks, and there is no single authority handling the whole thing. Parallely in Web 2, companies like Google and Meta have full control of users’ data. Businesses find Web 3 to effectively reduce their dependency on big tech companies!
Every transaction is recorded on the blockchain, and it cannot be altered, which builds trust between businesses and their customers. And data cannot be altered at any cost. It is especially useful in industries like Finance and healthcare.
Web 3 allows for seamless connectivity between various digital platforms. And this offers businesses the advantage of functioning effectively across a diverse connected ecosystem.
With Web3, users can own their data and other digital assets through tokens and NFTs. This shift creates new business opportunities like,
AI in web3 is more than just content recommendations. It offers several other things that enhance customer experience, like,
Web3 offers a whole new way for businesses to operate and connect with their customers. Here are a few major impacts of Web 3!
Most of the companies rely on centralized marketplaces, but Web 3 reverses the whole scenario and offers P2P interactions. Say, for example, creators can sell their art or music albums directly to buyers in the form of NFTs.
Instead of relying on banks or other venture capital, businesses can now raise funds easily through,
This is extremely helpful for businesses, especially those that are in the initial stages.
As already mentioned, in Web 2, businesses hold their customers’ data, but in Web 3, users own their data, so users are no longer mere spectators, and they are owners as well. With the help of artificial intelligence, companies can offer personalized services to their customers.
Advertising agencies might start losing projects, as with the introduction of Web3, businesses can easily connect with users. And users are rewarded with tokens to improve engagement. This creates more value for customers, and businesses can lower their spending on advertisements.
As the data is encrypted end-to-end, businesses need not worry about cyber threats, as their users’ data is effectively protected from hacks and data theft.
Web 3 might sound exciting at first, but adopting it does come with a few challenges. Let us see what common challenges businesses face.
Governments in various parts of the world come up with a new set of rules now and then. This uncertainty can put companies in a dilemma over whether to invest or not, as the rules might change!
Transitioning from Web 2 to Web 3 using blockchain and AI can be expensive! So, startups and mid-size companies might find it difficult to raise funds.
People are now used to Web2, so making them familiar with blockchain-related stuff and smart contracts might be complex. If customers find it confusing, then mass adoption will be in doubt!
Blockchains, especially those that are super secure, can be slow at times and are also more expensive to use. And for businesses that need quicker transactions, it might be a big challenge!
Even though blockchain is secure, we can't give a full guarantee on how threat-proof it would be. So, businesses must adapt to new security protocols to prepare for new threats and hacks.
Web 3 is not futuristic anymore, as it is already used across industries. Let us have a look at some of the real examples.
Unlike traditional banks, DeFi platforms allow people to borrow and lend without the involvement of a middleman. And here, smart contracts automate processes, thus making it very simplified. Cryptocurrencies enable borderless payments, and that too at lower fees.
Transparency is always a cause of concern in supply chains, and businesses find it really difficult to track goods end-to-end. But with the help of blockchain, every product can be tracked at every stage, i.e., manufacturing to delivery. And to ensure food safety, companies like Walmart and IBM are using blockchain to reduce fraud!
In the healthcare sector, patient records are often misused. But Web 3 offers a decentralized and secure way to store medical data. This gives patients ownership of their medical records. And it helps in improving the privacy of patients.
Web 3 helps e-commerce businesses to use token-based loyalty programs and offer personalized suggestions to customers based on their interests. And NFTs are used as membership cards to provide exclusive features and access to users.
Creators are widely benefited with Web 3, as musicians, artists, and other creators are directly selling their artworks and music albums to buyers as NFTs. This eliminates the need for middlemen and allows creators to earn from their unique digital assets.
Web3 has revolutionized the business landscape by offering,
This internet era leveraged blockchain and AI to create innovative Web 3 business models that modern users expect. This shift from centralized servers to decentralized ecosystems has offered seamless interaction between businesses and their customers!
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