The internet is evolving. Again. The third iteration of the World Wide Web – often referred to as Web 3.0 – is currently in development and promises to be the most transformative yet. So what is this new web, and why should you care? In this article, we’ll explore the blockchain technology that underpins it and discuss how it will change the way we live and work. We’ll also take a look at some of the industries set to be disrupted by Web 3.0 and offer tips on how you can prepare for the transition.
What exactly is Web 3.0?
New York Times journalist John Markoff is widely believed to have coined the term “Web 3.0” in his 2006 article “Entrepreneurs See a Web Guided by Common Sense.” Web 3.0 is generally defined as a vision of the internet as a “semantic web,” where information is presented in a way that machines can understand, making it possible to automate processes like never before. In practical terms, this means transitioning from the current internet model– based on human-readable content and links – to one built on so-called “smart contracts.” These are self-executing agreements stored on the blockchain, a decentralized, tamper-proof digital ledger.
What is the Blockchain, and why should you care?
The blockchain is the distributed ledger technology that underpins cryptocurrencies, non-fungible tokens (NFTs), and smart contracts. It is a digital record of transactions maintained by a network of computers rather than a central authority. This makes it incredibly secure, as any attempt to tamper with the data would need to be made on every single computer in the network – a virtually impossible task.
Why will Web 3.0 change the way we live and work?
The arrival of Web 3.0 will herald a new era of transparency and trust in business. Thanks to the decentralized nature of the blockchain, we are on the cusp of a world where businesses will be forced to operate with greater transparency. Companies may no longer be able to get away with shady practices such as misreporting data or inflating their profits. This increased transparency will lead to a renewed trust in businesses and could pave the way for a more collaborative – and sustainable – business model.
In addition, the blockchain can enable new mobile payment systems that are faster, cheaper, and more secure than existing alternatives. This is because there is no need for a third party to verify or facilitate the transaction, as is the case with traditional payment processors such as Visa and Mastercard.