The world is becoming more digital every day. From online shopping to using a credit card, the digital world has become an essential part of our lives. Within the digital world, there are many different sub-worlds or “web-ecosystems’ as they are called. By understanding how these different web-ecosystems work together, it becomes much easier for businesses to target their desired market. The rapid advancement of e-commerce and the development of smartphones and other IoT devices have created an environment where individuals can purchase products from anywhere at any time with just a few clicks on a mobile device. This new environment is called Web 3.0 or also known as the Fourth Industrial Revolution or Internet of Everything (IoE). Read on to learn more about what Web 3.
What is Web 3.0?
Web 3.0 is the next generation of the internet and it has been termed as ‘The Fourth Industrial Revolution’. The current internet is based on Web 2.0, the most popular being Facebook and Twitter. With Web 3.0, the future talk is more about smart contracts, IoT and Blockchain. The new ways of communication and interaction that Web 3.0 will bring are highly anticipated by many and are expected to completely transform the way we do business.
Fourth Industrial Revolution (IoE)
The Fourth Industrial Revolution (IoE) is a phrase coined by Klaus Schwab, founder and executive chairman of the World Economic Forum. According to Schwab, this revolution will be driven by the interconnection of devices and the Internet of Things (IoT). This will result in the automation of processes, the unbundling of services, and the decentralization of operations. The IoE, according to Schwab, will lead to an enhanced quality of life. This revolution is expected to transform the economies and societies of many countries. The impact of the IoE will be felt in various sectors including healthcare, government services, transportation, and logistics as well as household appliances and consumer products.
What is Web 4.0?
Web 4.0 is a concept about the future of the internet. It is believed to be the next stage of the internet where the users and businesses will be able to interact and transact with each other through artificial intelligence. This will completely transform the way we do business and consume news and information. Although the concept of Web 4.0 has been around since the early 2000s, it has gained significance in the recent times. This concept is expected to play a significant role in shaping the future of the internet and the society at large.
How Will Web 3.0 Be Different From Web 2.0?
The way in which the online platforms of Web 2.0 looked and acted was very different from how the platforms look and work in Web 3.0. In Web 3.0, the interactive and “smart” nature of the internet has progressed. The platform is expected to be more user-friendly and interactive. The platforms are also expected to become more secure and trustworthy. The transition from Web 2.0 to Web 3.0 is expected to bring about many changes in the way businesses operate. In Web 2.0, communication platforms and portals have made it possible for businesses to reach out to their customers and interact with them. However, this has been just an online medium and has not incorporated any form of automation. Web 3.0 is expected to bring about a lot of change in the way businesses work and interact with their customers.
Key Differences Between Web 3.0 and Web 2.0
The key difference between Web 3.0 and Web 2.0 is that the latter one was just a change in the way how information was distributed online while the former one is expected to bring changes in the way businesses operate and function. - Automation: The automation feature is one of the most prominent features of Web 3.0. It is expected to bring about a lot of change in the way businesses operate. - Interaction: The interactive nature of the internet has been a prominent feature of Web 2.0 but in Web 3.0, the platforms are expected to become more intelligent and interactive. - Security: The security feature of the internet has also been a prominent feature of Web 2.0 but in Web 3.0, the platforms are expected to become more secure and trustworthy. - Openness: Another prominent feature of Web 2.0 is that it is expected to become more open and decentralized.
Why Is Blockchain Important in Web 3.0?
The blockchain technology is expected to play a significant role in transforming the way business functions in the future. The blockchain technology was introduced in the financial sector for implementation of the Bitcoin cryptocurrency. It is a decentralized, decentralized and distributed ledger technology which records transactions across many computers rather than just one single server. It was initially developed to facilitate and execute the Bitcoin cryptocurrency transactions but its applications are expected to go beyond financial transactions. The blockchain is expected to become an essential part of the future of Web 3.0.
The digital world has become an integral part of our lives, with the increasing use of smartphones and other IoT devices, it has become much easier to transact online. Throughout the years, the internet has seen many changes and transformations, but with the advent of Web 3.0, the users are expected to experience some drastic changes. Web 3.0 is expected to bring about a lot of transformation in the way the businesses work and function. The way in which the interactive and ‘smart’ nature of the internet has progressed, the platforms are expected to become more user-friendly and interactive. This would be a great leap forward for the digital world.