How Will Web 3.0 Impact Businesses?
Despite the numerous benefits that the internet has to offer, entrepreneurs still battle with different privacy concerns. Although the internet has helped entrepreneurs to have a better understanding of their prospects, exploitation and data mining has also affected brand image.
With the development of blockchain and the web 3.0 revolution, the business and data privacy scene has experienced disruptive changes that have impacted business processes in the world. Web 3.0 is now an internet revolution that is gradually making its way into the nooks and crannies of businesses across the world.
Web 3.0 is geared toward transforming how business activities are carried out and how users engage digitally via the internet. This post will consider what Web 3.0 is, its features and advantages, and why it matters to you and us.
What is Web 3.0?
Web 3.0 can be considered a fair and transparent network through which people interact without being bothered by the loss of privacy or security. This technology enhances the internet by making use of the power of artificial intelligence (AI) and big data (while making the web semantic).
In a nutshell, Web 3.0 uses blockchain to power the web so that it can become more human. Blockchain is responsible for how data is gathered and managed across the internet. Web 3.0 brings together different data sets by using Internet of Things (IoT) and AI and converts the data into more secure information (in other words, the information cannot be duplicated or hacked).
Features of Web 3.0
Web 3.0 can be broken down into the following unique components:
If you are an internet rookie, the term “semantic web” may be a bit overwhelming at first but have no fear, we have defined it in simpler terms:
The Semantic Web, Web 3.0, the Linked Data Web, the Web of Data…whatever variation it appears stands for the next big evolution in connecting and representing information.
It enables data to be linked from a particular source to any other source and to be understood by computers so that they can perform increasingly sophisticated (sometimes human) tasks on our behalf.
Unlike other technologies, the semantic web is more concerned with the meaning of data and not structure.
There is an improvement in the semantic web when compared to the existing web infrastructure. This is achieved by generating, sharing, and connecting content as a result of an understanding of words. Instead of depending on keywords and numbers, search and analysis will make use of context.
Semantic metadata helps Web 3.0 achieve greater connectivity. By taking advantage of all the available information, users will experience a dramatic improvement in their experience.
Web 3.0 technology can analyze information in a way that human beings process information. Hence, platforms will be able to satisfy the needs of their users via continuous learning.
The 3D design is already being used on different Web 3.0 platforms. E-commerce apps, computer games, and mapping software are some of the areas where this technology can be used.
In Web 3.0, the content can be accessed by multiple applications. Every device is connected to the internet, and the associated services can be found everywhere.
Advantages of Web 3.0
Anti-monopoly and privacy models
The features of Web 3.0 will introduce anti-monopoly models to the web. Unlike centralized platforms that control users’ data, there will be a turnaround through decentralization and privacy. Users will be able to control the way their data is viewed, thereby putting an end to the monopoly of tech giants and blocking all loopholes for data privacy hacks.
Unlike its predecessors, Web 3.0 is safer because of it’s decentralized and distributed nature.
Since it will be powered by decentralization, hackers will find it impossible to have access to the network without being linked to the operation. Data cannot be altered, changed or manipulated, so there’s less about data theft and data breaches.
Complete data ownership
The blockchain-powered Web 3.0 gives users complete ownership over their data. All data transferred via the network will be encrypted. Users will also be able to decide which information should be shared with corporations.
Web 3.0 will make it possible for data to be accessed across multiple applications without necessarily being on any particular platform. This means there’s no need to worry about a particular device being accessible to Web 3.0 while others are not.
No central authority
The permissionless blockchain technology that powers Web 3.0 means that the platform will not need a central authority. Anyone can join the network and can take part in it by creating an address. This will get rid of instances where users are barred as a result of their gender, orientation, income, sociological and geographical factors, amongst others.
Also, Web 3.0 will create an easy avenue through which wealth and digital assets can be transferred cross-border in a timely and cheap manner.
No third party required
Using web3, Blockchain, smart contracts and decentralized applications eliminate third-party service providers. For example, cryptocurrency reduces the need for banks, and all financial transactions are between the two parties only. This will help businesses to reduce costs and be more competitive.
The nature of the blockchain is such that transaction records are unchangeable and visible to everyone.
This makes it easy for individuals, organizationd, companies, etc. to comply with government requirements by maintaining transparency.
Thanks to the Blockchain, literally every transaction can be tracked to their source, making companies or individual accountable for their actions.
Supply chain management
One of the biggest use cases of web3 is in supply chain management. With web3, businesses can easily monitor and track supply chains due to blockchain’s transparency.
By eliminating silos, web3 can help businesses quickly identify problems in manufacturing and delivery services, greatly improve time management and reduce cost.
Why Does Web 3.0 Matter to Defimable?
Web 3.0 will make business transactions more transparent and user-centric. For Defimable, this means the process of securing financing on Fima pools will be transparent to users, and these users can track all activities.
It will also help us open up alternative financing options to businesses across Africa by connecting them to the huge liquidity pool in the DeFi ecosystem.
Everything that was wrong with how suppliers secure financing from traditional financial institutions will undergo a revolutionary change.
For Defimable, Web 3.0 will usher in blockchain and its capabilities. Our platform’s apps will get blockchain upgrades, where all business transactions will be transparent, reliable, decentralized and accessible to all.
With Web 3.0 and our overwhelming use cases, we can help businesses stay in business by providing alternative funding while investors receive stable yields off their investment. On Defimable, no one is left behind!
Join the train today. Learn more about us on defimable.com