Web 3.0 has transformed the way we interact digitally. It will disrupt traditional businesses and impact almost all industries in multiple ways.
Web 3.0 is a third iteration of the World Wide Web, built on the blockchain, facilitating decentralization and privacy protection for individuals. With blockchain gaining traction, we find an increased interest of enterprises in the adoption of protocols such as Hyperledger Fabric, Polygon, Tron, and Axia– which have been the crusaders of change, believed to be the foundation laying force behind web 3.0.
Powered by the ground-breaking technology of today – blockchain, Web 3.0 will change the internet infrastructure and how internet services are delivered and brought forward. In this blog post, we will examine how blockchain being the catalyst of the Web 3.0 will impact industries and business operations looking to advance their existing commercial model by exploring the popular enterprise blockchain protocols such as Hyperledger fabric.
In the early days of the advent of the internet, businesses were hesitant to fully embrace the new technology. Many doubted that it would be more than a fad. But those who took the risk and jumped in early were rewarded with new opportunities and growth.
Web 3 is set to do the same for enterprises. Web3 strives to construct new web protocols and infrastructures that will make it possible for developers to build decentralized applications where users can send their data and do not need to register with any specific platform.
The blockchain-based platform is going to revolutionize how businesses operate by providing a secure and transparent way to share data and transactions through scalable and permission protocols such as the Hyperledger Fabric.
Among all the different protocols, Hyperledger is the most popular framework for enterprises. What makes it so special? Its unique features such as the value it attaches to data privacy and its scalability. For businesses, choosing to deploy Hyperledger Fabric nodes over other protocols can help them quickly scale the number of nodes in the network.
Moreover, they can also handle vast amounts of data with fewer resources. This will lead to increased efficiency and reduced costs.
Furthermore, web 3 offers opportunities for companies to create new products and services that can’t be replicated online. These will be essential in helping businesses stay competitive in a digital world.
Web 3.0 and Traditional Business Models
In the same way that web 2.0 and social 3.0 use the web to build applications, web 3.0 concentrates on blockchain and big data. In web 3.0, blockchain stores a large array of consumer data while user-specific identifying information is kept off-chain. Companies can use this data to make applications that are fairly transparent to their customers.
Numerous tech giants will face a setback as leaders in the field of data science lose their access to crucial information.
Let’s analyze how the web3 will affect the current economic landscape and the major business models:
Identifying and tapping the target customers online
Web 3.0, also known as semantic web, is an AI-powered intelligent web that’s language-capable. It utilizes semantic metadata to create context suggestions in real time. Outsource the design of web content to Web 3.0 in order to simplify the process of presenting a customized experience to your audience. Users can find products and services with greater ease.
Simplified login requirements
Blockchain-based web application 3.0 will enable your website’s visitors to have a smooth and simple login experience. Nowadays, we use our Facebook profiles to log into many different websites. Thus, Facebook owns our user information. However, in web 3.0, individuals hold ownership of their own data. Your customer would be able to log into your website.
Enhanced customer experience
The next wave of web technologies, such as machine learning and artificial intelligence, will influence the customer experience in web 3.0. These technologies will allow businesses to automate repetitive tasks, allowing owners to concentrate more on tasks requiring a personal touch.
Facilitating online payments
Web 3 will provide easy digital payments within the decentralized browser. By way of example, Brave is a fast and secure web browser that allows a user to have a quick and straightforward ad-free browsing experience. It is designed to protect users against potentially harmful ads and websites to which they grant access to their personal information.
Web 3.0 in the Banking and Finance Sector
When paying for an online transfer, you have to work with trusted companies such as banks or Paypal if you don’t want to get ripped off or scammed. Interdependent web 3.0, which will allow you to share money directly peer to peer, allows this to occur at the click of a button.
The banking and finance sector is one of the major industries for any economy and the introduction of web 3.0 has had a greater impact on this vertical in multiple ways. Based upon blockchain technologies or distributed ledgers, decentralization (Decentralized Finance, Defi) negates the intermediaries and focuses more on peer-to-peer enterprises.
Decentralizing digital assets, financial contracts, protocols, and DApps are all features of Defi. Blockchain-based financial products could become mainstream consumer products. The financial organizations would be able to transmit data directly to the Web 3.0 community without having to depend on third parties. Enterprises building dApps can take the help of a reliable blockchain infrastructure company to set up, deploy, monitor, and manage the blockchain nodes and ease their operations.
Web 3.0 and Manufacturing
The use of three-dimensional models will change the way you manufacture goods. 3D mockups can be used to train manufacturing engineers and to improve their productivity, in addition to formulating good marketing strategies. 3D products work in the conception and operation of virtual stores as well.
Advertising and Web3
In contrast to Web 2.0, where companies could collect and also sell the user data without consumer consent web 3.0 provides ownership to users of their personal data. They will be able to determine how the information they get will be allocated, shared, or developed in any way. Web 3 technology-based systems will assist in getting rid of online ad fraud by verifying impressions and clicks by the user’s identity.
Web 3.0 and the Streaming Industry
Streaming services today, such as Netflix and Amazon Prime Video, are much in demand and also reporting good profits. However, this industry faces copyright concerns, which need to be resolved. Blockchain can help develop On-Demand Video Ad-Sourcing, which would help resolve these issues.
Ecommerce
Online marketplaces will no longer depend on centralized marketplaces or aggregators to connect buyers and sellers. Sellers would then be able to sell directly to consumers via open marketplaces.
Real Estate and Web 3.0
The new internet of things technology will advance the online business of realtors, permitting those companies to automate many of their online processes. It’s how w3 will be implemented in the real estate market.
Sellers will better understand the pricing of their properties. Sellers will have the ability to track and provide feedback on the process of listing homes. They will be able to access, review, and sign documents online. Both sides will be able to quickly and easily connect with specialists to obtain information and advice. Online real estate transactions will become easier and faster.
Final thoughts
Web 3.0 is going to have a major impact on how conventional businesses operate. However, this transformation will not occur overnight. Businesses will have an opportunity to analyze their current business model and figure out where it fits within the decentralized and more transparent technological model.
Setting up of blockchain nodes on popular networks such as Hyperledger Fabric with the help of a reliable and low code automation blockchain infrastructure company can help businesses to meet the rapidly evolving digital requirements. Web-based 3.0 could take years to fully embed itself in your present methodology, nevertheless, it is now the period for business people to evaluate their current process.
