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What Is Web3 All About? Role of Blockchain in Web3.0

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28 Jul 2022

Blockchain technology is an old concept that was proposed in 1991 as a research project. Its use case started in October of 2008 when it began as a proposal for bitcoin. But it is only now that custom blockchain solutions are gaining traction from businesses and users. The past two to three years have seen an exponential boom in the use of technology, and it is only expected to rise from here.  

One of the major benefactors of the new technology is the internet, as blockchain has the potential to change how the web works and operates.  

The World Wide WEB has undergone multiple transitions over its history, and Web3.0 is the new iteration of it. The new web utilizes the concepts of decentralization with the use of a Public Blockchain. It will empower individual users and improve user trust with blockchain security level as Web 3.0 uses advanced authorization techniques, including distributed ledger technology and encryption, to protect user identity and data. Currently, the enterprise blockchain solutions & services are working towards creating new solutions to match Web 3.0 provisions.

 

Evolution in the World Wide Web  

We are currently in the third evolution of the World Wide Web. Here, we will discuss the various forms of the internet that people have used over the years. 

 

Web 1.0 vs Web 2.0 vs Web 3.0

 

Web 1.0 Features:  

The first generation of World Wide Web - WEB 1.0 was originally designed for Mostly Read Only, Company Focus, and Directories. Information sharing was the main agenda in Web1.0.  

In general, Web version 1.0 was active from 1991 until 2004. At the time, there were limited content creators, and most internet users were consumers of the content. The static pages were hosted on ISP-run web servers, and advertisements were banned on the pages.   

 

Web 2.0 Features:  

The Second-Generation Web 2.0 started around 2005, and many of us have seen the current version. This version is well known for interactive read, write, and Social Web. With the rise of this version, many apps are designed in such a way that anyone may become a creator.   

With the advancements of Web 2.0, many Web development frameworks, programming languages, and platforms became increasingly more interactive and reliant on user-generated content to expand.  

With Web 2.0, every network has its own data, which helps in improved interaction and allows users to collectively retrieve and classify the information. The users can deploy online commenting as channels for information flow between site users and site owners.  

Web 2.0 offers dynamic content that changes as per the user input.    

 

Web 3.0 Features   

Web 3.0 is all about user transparency, where everyone can participate without fearing a loss of privacy and security. Blockchain Technologies, along with artificial intelligence, meta-verse, and others, will make it easy to provide a more personalized web experience than ever. Here are the Web 3.0 features that will change how the internet works:  

  • Decentralized and Semantic Learning  
  • Empowering Individual users  
  • Entities have own ownership over the data and sharing  
  • Smart Web Based application   
  • Improvement in web technology 

 

Blockchain Technology in Web 3.0  

 

Blockchain Technology in Web 3.0

 

Blockchain technology is helping improve the internet. To do so, businesses are now leveraging enterprise Blockchain solutions and services to reinvent how information is stored and managed on the internet.   

Moreover, blockchain will also change the way transactions occur on the internet. With blockchain technology, it will be possible to transact without the trust of third-party services like Banks, Visa, Google, Amazon, etc., and hence remove the overall functioning of the banks from online transactions.  

The blockchain is different from the current internet as:  

  • The documentation process is different for Blockchain technology  
  • Blockchain creates trust in the data as the information is immutable  
  • Removal of all intermediaries 
  • The execution of the services is based on the rules on code instead of intermediaries 

Both Blockchain and Web 3.0 are big on transparency and openness. With Web 3.0, users can access resources, agreements, applications, and content if they have cryptographic keys.  

With the help of smart contracts, it is possible to automate several online processes. Moreover, the improvements in web technologies will add to their user experience.  

So, Blockchain and Web 3.0 are strongly linked, and the future will see several changes in operations through them. 

 

Applications of Blockchain in Web 3.0

Blockchain technology includes using distributed ledgers to store information that is immutable, highly secure, and linked. Moreover, the technology can include smart contracts. These are programs that will run after predetermined conditions are met.  

So, overall, blockchain technology does differ significantly, and using it to improve the internet for the better is possible.  

 

Digital Universal ID With Blockchain  

Today, websites rely on third-party cookies to identify prospects, which is neither reliable nor secure. And in the coming future, it will not be a viable option either. Web 2.0 does not have the technology to manage the identities of people, objects, and organizations. Therefore, most consumer identity management processes rely on centralized and siloed service providers.  

 

How does the consumer identity management process work today?  

  • Email IDs of Google, Yahoo, Meta, etc., allow users to create an ID on the platforms.   
  • All the data collected through email permissions and tracking is available to the service providers, who are responsible for the data distribution.   

With advancements in the enterprise blockchain consultancy company and blockchain technology, an alternate global digital ID may be possible. With the technology, it is possible to create self-sovereign and encrypted digital identities. These IDs will help protect individuals from online thefts and breaches and remove the need for multiple usernames and passwords.  

 

Advantages of Using Blockchain for ID Management  

  • Unique IDs for every user  
  • Control over the use of data  
  • Availability of Decentralized data  
  • Universal identity for every user 
  • Availability of individual monetization 

 

Use of Blockchain Technology for Marketing  

Smart Contacts is an extension of Blockchain technology. People can use smart contract programs to exchange objects of value online without an intermediary while ensuring transparency and conflict-free transaction. And it has the potential to evolve how marketing occurs on the internet 3.0.  

The smart contract is housed at a specific address on the blockchain and runs based on predefined rules and penalties for every agreement. Moreover, it does not need an external entity or third party like a bank to enforce these rules. 

 

Use of Blockchain in the Digital Advertising Industry 

Blockchain will also significantly affect how the digital advertising industry operates. Firstly, the publishers will access consumers’ metadata and use the information to improve campaign efficiencies. Moreover, it is possible to remove frauds by recording impressions on an immutable distribution ledger.   

To improve transparency, use smart contracts as it offers trust and better audience visibility. Lastly, Blockchain helps ensure that all the metadata is anonymous and complies with privacy regulations to ensure that users get a better brand experience while safeguarding their information.  

The next generation of the internet (3.0) will use blockchain technologies. It will reinvent how we store, access, and manage data over the internet, vastly empowering individuals and improving their web experience. 

 

Blockchain Technology in Healthcare Industry  

One industry that reaped the benefits of advancements in enterprise blockchain solutions and services in healthcare. They have changed how information is shared among the healthcare industry's various sectors.  

Drug development, research work, and other aspects of healthcare require proper contracts. With Blockchain, it is possible to create immutable documents that companies can use to make contracts. 

Furthermore, the use of Blockchain-powered LMS allows us to transform how information is shared among users. In healthcare, it has helped make information more accessible worldwide while ensuring that users get relevant and accurate data from reliable sources.  

 

Role of Blockchain in Web3.0  

Web 3.0 makes use of blockchain immutable ledger technology, where users can work and communicate smartly without being concerned with authoritative information libraries.  

  • Including blockchain is an asset to make the development more comprehensive and less one-sided.   
  • Blockchain will reduce the risk of information leakage and threats.  
  • Web 3.0 can be described as a creator-driven platform developed by users.   
  • Blockchain’s peer-to-peer network provides consumers with transparency in areas where centralization is lacking  
  • Enhances Data Reconciliation  
  • DeFi Apps and Protocols   
  • Automation Through Smart Contracts  

 

Web3 Architecture with Blockchain 

 

Web3 Architecture with Blockchain

 

Blockchain Technology – The Trust Machine for Users      

One of the primary reasons people willingly incorporate Blockchain into their operations is because it generates trust.  

The first use case of the technology is Bitcoin.  

The distributed ledger, cryptographic evidence of a set of transactions, and tamper-proof solutions remove the need for a governing entity for information.  

Hence, how this technology works instils confidence in the users' minds.   

 

Final Thoughts – Blockchain Will Change How We Interact with the Internet 

Custom Blockchain Solutions has a range of applications that will ultimately change how almost every industry operates. However, for now, its applications have been limited because businesses only now understand the tool's importance.  

The Internet offers democratic access to information. With Blockchain technology, we can pave the way to help people and organizations create a new set of rules for businesses. And exchange assets in Web 3.0 by replacing trust with immutable and self-enforcing technology protocols. 

 

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Gurpreet Singh

28 Jul 2022

Gurpreet Singh has 10+ years of experience as a Blockchain Technology expert and is the current Vertical head of the blockchain department at MoogleLabs, contributing to the blockchain community as both a developer and a writer. His work shows his keen interest in the banking system and the potential of blockchain in the finance world and other industries.

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