Decentralization is the Internet’s future, which implies that all data, whether social, financial, or indeed, will be maintained on the Blockchain and owned by the public.

The Adoption Rate Is High

Everyone is talking about web3, and maybe it is the future. But, the concept is a bit confusing. Is it the Blockchain or Cryptocurrency? Blockchain has become an enthralling concept. The interest has risen dramatically in recent months.

We hope you are as surprised as we are by how quickly time passes these days. Late last year, Facebook announced that it was changing its name to Meta because they believed in the Metaverse. Microsoft rapidly pursued its idea of how technology may create an entirely new environment in which they are disembodied and interact through virtual reality.

Others like Andreessen Horowitz (venture capital firms) explore investment opportunities in the Metaverse, often known as Web 3.0.

Internet Journey

The present Web 2.0 apps rely on the user’s trust in the system. It simply indicates that the user trusts the respective application owner to manage their data appropriately. However, with Web 3.0 blockchain-based apps, data will be stored on a separate Blockchain’s public ledger, which anybody may review.

Decentralization of data is the focus of Web 3.0

• Data security

• Blockchain

• User-centric

Privacy -No Need To Provide Personal Information

Many big names believed that WEB 3.0 might potentially act as a bridge between customers and brands. Web3 is still in the development phase and is not yet precisely defined. But the primary principle is that it will be decentralized and not controlled by any centralized party. It will be a blockchain-based decentralized internet. Its supporters anticipate an internet where users do not have to provide personal information to the platforms like Google, Facebook, or others to access their services. 

As Cryptocurrency Operates Similarly In Web3

The web would be driven by Blockchain and AI, all information recorded on the public ledger(Blockchain). It would also be permissionless, which means that anybody may use it without generating access credentials or permission from a provider. As cryptocurrency operates similarly in Web3, each event would have to be validated by the network before acceptance. 

Extend Beyond Entertainment

The possibilities of Web 3 technologies such as Metaverse, Blockchain, and so on extend beyond entertainment. It may be used in various industries, including education, food, healthcare, and research, with consumers benefiting the most.  Like the Internet now, Meta Surfers would be able to explore, learn, and engage fascinatingly.

Consumers Reactions

The web would be driven by Blockchain and AI, all information recorded on the public ledger(Blockchain). After the pandemic, consumer attitudes have also changed, making them more open to emerging virtual experiences. Furthermore, Metaverse would promote socializing and cooperation between brands and consumers, implying that consumers would be able to successfully contribute feedback at every stage – from ideas to finished products.

Government Reactions

The web would be driven by Blockchain and AI, all information recorded on the public ledger(Blockchain). In many countries worldwide, the governments began taxing bitcoin investment profits, charging a 20-30% tax on revenue from cryptocurrency trades and a 1% TDS fee on every digital transaction. The government stressed that emerging technologies such as Blockchain, Augmented Reality, Metaverse, and Web 3.0 would not be taxed, but it does not imply they ignore the power of these technologies.  The government does not aim to control such a rapidly evolving sector.

The Power of Blockchain Technology

Blockchain technology’s decentralized design provides tremendous value to companies in the next generation of the web. Companies are more interested in developing apps whose logic is dispersed among thousands of blockchain nodes, providing transparency and immutability than platforms or applications operating on servers controlled and maintained by a single central authority.

Need of Transparency

Transparency and verifiability may not appear to be immediately significant for many businesses, yet their existence addresses substantial issues that entrepreneurs are often unaware of. Increased transparency implies that changes to logic and data are visible to the network and traceable, so everyone knows where they originated from, data accuracy and authenticity can be easily validated, and immutable data.

Seamless Payment Solution

Web 3.0’s innovative architecture will enable seamless payment solutions for businesses and more transparent, efficient transactions, verifiable and immutable data. Blockchain eliminates present points of friction to expedite and secure payments by eliminating third parties. It can also be applied to food supply networks; by ensuring transparency, eliminating additional expenses, and enhancing cooperation between participants. Products can be easily traceable and increase efficiency.

Track and Trace Solution

Imagine a completely integrated system throughout the food supply chain, from origin to final destination (end consumer), unified in trustless, transparent blockchain contracts. Farm to Plate is a simple but powerful “Track and Trace” solution.We are building a globally verifiable, community-driven ecosystem to ensure products’ quality, safety, and origins by combining blockchain protocol with smart contracts. We intend to significantly enhance the global food supply chain by establishing a trusted ecosystem in which we can reliably record the whole history of products and handle commercial transactions by that history.

Web 3.0 is the Future!

It is vital to emphasize that decentralized apps would not function in isolation, even if stored on a blockchain. As on the existing web, these decentralized applications will interact in Web 3.0 to deliver integrated functionality that makes them more valuable. 

Metaverse: People may connect with brands in a virtual animation environment by utilizing virtual 3D avatars. Consider it a replication of the physical world with slight tweaks. Meanwhile, several brands, designer labels, and others evaluate the metaverse environment’s possibilities.

Non-fungible tokens (NFT): Nothing but a unique locked token of a specific crypto blockchain’s native token. Any data, including art, music, autographs, movies, housing property records, and so on, can be stored as an NFT. The data on NFT is non-fungible; users can view, share, and transfer it but not replicate it.

Decentralized Finance (DeFi): A system that allows users can make money by lending or borrowing money (both crypto and fiat currency). The key distinction between a centralized and a decentralized financial institution is that smart contracts and the Blockchain are used throughout the operation.

Decentralized Science (DeSc): Blockchain can be used by scientists and researchers to store and categorize massive volumes of data related to research and other technical data. The data is available transparently and securely, and DeSc is part of the future version of the Internet, known as Web 3.0.

Note: Ignoring Web 3.0 or Blockchain

Ignoring Web 3.0 or Blockchain now is equivalent to neglecting the Internet 20 years ago. We are not claiming that Web 3.0 or Blockchain will solve all of the world’s woes, especially your business ones. We are trying to say that don’t be frightened to experiment with new technology. 

Blockchain technology has made steady development, and we hope you will spend some time researching additional information in this field. Blockchain offers increased transparency, verifiability, accessibility, and trust will be well worth your time. Stay connected to learn more about the world’s technology trends. And get ready to see those efforts accelerated as the metaverse/Web 3.0 craze strengthens what our industry has already accomplished.

Namrata Anand, Technical Content Writer at Paramount Software Solutions & farmtoplate.io