Web3 deserves all of this hype as its central concern is to give ownership of data to the hands of the users. Fair enough? But that’s not it. Web3 breaks down the barriers and transforms the meanings via which the World looks at money.
What was Web2, and Why is Web3 better than it?
Today, you, I, and everyone is employing the Web2 version of the World wide web, which was a breakthrough advancement back in 2000, but today is 2022. It allowed the users to consume content and speak or voice or interact with content. However, it has a significant problem that’s been eating our privacy.
Web2 is just like an application to interact with the Internet. Similarly, web3 is the app layer built on blockchain, which inevitably moves many corporations hereafter.
Web3 is still under process and needs lots of furnishing, but once it comes into the picture, a user will genuinely be a king. Consumers can now take an active part in the web’s governance, best practices, and operational processes themselves, rather than depend on accessible technology solutions in costing their data.
The impact of Web3 you should consider for your business.
Privacy and Privacy
Web3 revolves around the central notion of user privacy. From machine learning to data science or artificial intelligence depends on the massive chunks of data the top-notch organizations collect from users. The bitter truth is, frequently, this data is sold, misused, and misguided.
Web3 will force businesses to work on a boundary with users and allow them to peep through what data is being collected. The users will know how there is utilized, sold, or deployed. It would possibly raise the difficulty bars for marketers or developers. All businesses have to vow to users’ privacy and give all the transparency they demand.
There’s always a hidden opportunity with each new development, and you have to find some to gain your target audience in unexplored and innovative ways with all the accountability.
Focus on community
Nevertheless, the power will be redistributed in the hands of consumers, and they will drive their ideas and concerns, rather than just watching the show from the passenger seat.
With that shift, all businesses have to be accountable to the people altogether, which means carrying people’s interests together as a community.
As folks become highly skeptical of brand names and how they are using data, the community is much more meaningful than ever.
An edge for content creators
Content creators are currently restricted by the strict guidelines imposed by many business owners. Web3 is undoubtedly planning to bring an edge for them.
Wrapping up
Web3 has the power to enhance data privacy and security besides what Web2 now affords. However, it remains to be seen whether Web3 will walk on all of its commitments and whether the civilization of billions of online consumers can be relocated from a free to a tokenized world wide web.
Of course, we’re indeed a reasonable distance from seeing web3 in deeds. On the other hand, businesses must be conscious of this and regularly check on it.