What is Web3.0?
What Is Web 3.0 And Why You Need to Prepare Your Business for Transformative Change
One of the most significant challenges facing global business leaders is keeping up with the pace of exponential change. As buzzwords such as Blockchain and web 3.0 dominate our news feeds, confusion over how to leverage this transformative technology is preventing many business leaders from moving forward.
Although the digital landscape is currently accelerating at a breathtaking speed, the reality that we must all face up to is that it will never move this slow again. Welcome to Web 3.0, a new wave of transformative technology that is fit for our exponential times. But, how did we get here and how can we all prepare for Web 3.0?
The Arrival of the World Wide Web
When the internet first entered our lives back in the nineties, it’s easy to forget how we connected through our telephone line and a noisy modem dialed a number and prevented anyone else in the house from using the telephone. These were the days before we had a smartphone in our pocket and streaming of any media was just another pipe dream.
The internet consisted of an online library of static pages and communication methods such as AOL chat, and MSN messenger showed us the art of the possible. Long before ‘Googling it’ was even an option, it was AltaVista and Ask Jeeves that began providing users with the answers to their questions.
Meet Web 2.0, The Social Web
The sound of a US Robotics modem connecting to the internet was now just a distant memory. The arrival of much faster speeds paved the way for a new era of a connected world and the arrival of social media. YouTube and Flickr helped provide a more visual web, and Facebook set out to give people the power to build community and bring the world closer together.
Anyone could now publish a podcast, book or blog as the global community embraced the read-write-publish era, possibly a little too enthusiastically. Tech behemoths began stockpiling our personal information began using it for financial gain after finding the value hiding deep inside the so-called big data. Privacy and security were the cost of convenience, but many didn’t realize how their online browsing habits were being sold to the highest bidder.
Web 3.0 – The Intelligent, decentralized web
We have witnessed the world wide web evolve from passively consuming web pages on a desktop computer to creating content and interact through social media seamlessly across a myriad of devices. After entering a period of digital disruption, we began to see web 3.0 forming on the horizon.
“Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.” Tom Goodwin, TechTarget
Businesses all over the world can be seen scrambling to get onto the train to the future and avoid getting left behind like Blockbuster Video, Kodak, and co. We can already see that we are heading to a new digital era without middlemen where we have removed friction and regain control of our personal data.
Although web 3.0 has yet to be officially defined, our thirst for a fairer and more transparent web is putting decentralized blockchain at the heart of almost every aspect of transactions in business. Time-consuming reports that take weeks to prepare or existing bottlenecks are just a few examples of inefficiencies that have previously been accepted rather than challenged.
A combination of blockchain and increased security will mean that there will no longer be a central point of control and everyone will have to play by the rules. As a result, businesses that increase the speed and ease of doing business and reduce risk will quickly gain an advantage over their competitors.
Your journey to web 3.0 should begin by aligning your business goals with technology to create a positive impact on the immediate future and beyond of your business.