Understanding The Impact Of Web 3.0 On The Future Of Business
Chintan is a serial entrepreneur and currently the CEO and founder of Brainvire.
The world of the Web has witnessed a sea change over the last three decades. A lot had happened since the early days of Web 1.0, when the internet was essentially a medium for the exchange of text-based information. Now, the shifting tides of rapidly evolving user needs and the advent of Web 3.0 have brought along rich media content.
Web 3.0 is the next major jump in how we consume and share information online, and search engines with AI capabilities on the horizon are affecting user behavior too. In this new generation of the Web, the user’s experience will be tailored to their preferences and needs. Users will be able to store data that can’t be censored by any one entity, such as governments or corporations, because it exists on their own devices. Suffice it to say that it will be the next phase of growth for businesses.
Breaking Down Web 3.0
Now, before digging deeper into Web 3.0, it is important to note that Web 3.0 and Web3 are not exactly the same. Although Web 3.0 and Web 3 cannot be perceived entirely in isolation conceptually and practically, they must not be used interchangeably either. Web3 is the decentralized blockchain-based Web and is a more evolved alternative. Web 3.0, originally conceptualized by Tim Berners-Lee, consists of the linked or Semantic Web. Although the Semantic Web, artificial intelligence (AI) and natural language processing (NLP) have been recognized as the “three pillars” of Web 3.0, it is also characterized by features such as ubiquity, connectivity, 3-D graphics and edge computing.
The Three Pillars
According to Tim Berners-Lee, the inventor of the World Wide Web, the Semantic Web can be considered an extension of the existing Web. The Semantic Web is a new form of web content wherein data is organized so as to be decipherable by machines rather than humans. As per the official W3C website, “Semantic Web technologies enable people to create data stores on the web, build vocabularies, and write rules for handling data.”
Semantic capabilities coupled with NLP enable computers to grasp information at the level of a human being. As a result, they grow smarter and are better able to meet the demands of their customers. NLP assists computers in understanding, interpreting and manipulating human language so they would be more human-like and comprehend the presented data better, resulting in more precise and prompt solutions and responses.
What This Means For Businesses
Personalization: Web 3.0 takes personalization to the next level. Real-time data integration can provide a more meaningful frame for online interactions and interests. Adopting the right business model can help businesses provide a significantly improved customer experience and offer them rich possibilities for advertising and promotion.
Mobile-First Experiences: Providing end users with a mobile-first experience is a must if you want to capitalize on Web 3.0 and better engage with and reach your target audience. Businesses that do not adapt to this trend are in danger of being left behind. Not only do today’s consumers want an integrated omnichannel experience, but they also demand easier and faster access to information.
Ubiquity: Web 3.0 entirely changes the way people access data as they go beyond PCs and smartphones and access content anytime, anywhere through any number of devices. Although Web 2.0 is already ubiquitous, the Internet of Things (IoT) is taking it to a whole new level, and it’s here to stay.
Web3 Or The Decentralized Web
Coined by Gavin Wood, founder of Polkadot and cofounder of Ethereum, Web3 can be termed the evolution of Web 3.0. The idea of a decentralized Web is core to this concept, with a particular emphasis on blockchain technology, encryption and cryptocurrency. Further, it features the implementation of virtual reality (VR), augmented reality (AR) and now the metaverse.
Web3 is already driving trillions of dollars in economic activity. Moreover, Web3 and Web 3.0 will make decentralized financial concepts more commonplace. Social media marketing will also see some exciting changes with VR and AR coming into the picture.
It is time for businesses to take the necessary measures to realign their businesses and meet these changes head-on. This is the right time to start if you haven’t already begun your journey because Web 3.0 is still in its starting phase. Focus on renewing and strengthening connections with your customers. It can be an exciting endeavor with so many avenues opening up in that area.
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