The internet has grown by leaps and bounds ever since its inception. From the simple read-only web pages of Web 1.0 to the interactive and social Web 2.0 that we are using today (catapulted by the rise of social media and user-generated content), we have come a long way and the next evolution, Web 3.0, is underway.
How is Web 3.0 Enabling Decentralization of Data?
The core foundation of Web 3.0 revolves around new technologies such as blockchain, NFTs, virtual digital assets, AI and ML. The central elements of Web 3.0 will involve both technological and social aspects and will help improve user experience and interaction.
When we use social networking platforms, our data is collected, owned and monetized by them. However, in Web 3.0, our data will be stored in a crypto wallet. Users will engage with applications and communities on this decentralized platform through the wallet and will be able to restrict access to their data when they log off.
To explain Web 3.0 better, food delivery services store customer data and sell it to restaurants and organizations to regulate the advertisements we see. By decentralizing this data, we can restrict large corporations from accessing our information and using it for their benefit.
The Diverse Applications of Web 3.0
Web 3.0 is about bridging the gap between the physical and virtual worlds. New-age technologies such as AI, metaverse, etc. would enable connectivity of both the worlds. They will not only streamline ever-growing crypto transactions but will also lead to the emergence of newer use cases. Furthermore, Web 3.0 will help people buy assets, like virtual real estate, through partial ownership and remove intermediaries. All in all, it will change the way we work and operate.
Data Security Will Be the Key
It is the blockchain technology that will build the key data security feature of Web 3.0. It will help store information in an organized manner in the form of blocks that will be immutable and validated through asymmetric cryptography like keys or digital signatures. This will empower users to access apps and content with enhanced security. The layers of security, including data anonymization, end-to-end encryption and requests for permission to access data will be inbuilt into the platform’s design. Because of this, issues such as hacking and cybercrime will be tackled easily with Web 3.0.
The Progressive Future
India today accounts for 11% of the world’s crypto and Web 3.0 talent, thereby making it the third-largest Web3.0 talent market globally. Our country has over 450 Web 3.0 start-ups that have raised $1.3 billion in funding in the last two years, as of April 2022.
Web 3.0 comes with a promise of taking centralized control away from large companies and giving power to the average users. Its ultimate goal is to establish trust on the internet by ensuring users have control over their data. Web 3.0 will have a ‘read-write-own’ model that will help secure data. In today’s digitally-driven world, it is emerging to be the next big thing and India has the potential to lead this revolution.
However, for this, we would first have to move away from the centralized systems. We would also have to embrace risk-based regulatory approach. Additionally, bringing together Web 3.0 start-ups, policy experts, investors, large companies and Government entities will further help drive India’s Web 3.0 potential.
The Bottom Line
With its core promise of decentralization, Web 3.0 will prompt tech companies to reinvent their user-information centric strategies in the times ahead. However, since the knowledge around this topic is limited, there is scepticism associated with this subject. On the other hand, if implemented effectively and utilized optimally, Web 3.0 has the potential to contribute significantly to the country’s GDP. All in all, the quicker we can embrace the concept, the faster we can build a thriving Web 3.0 ecosystem in India.