You are currently viewing Important Role Of Blockchain Platforms In Web 3.0

Important Role Of Blockchain Platforms In Web 3.0

Bill Gates claimed in a 1996 op-ed titled “Internet will improve democracy” that free knowledge and communication “will place the citizen in a fundamentally more powerful position than ever before” in a utopian vision of the internet. Web 2.0, or the internet as we know it today, revolutionised society by greatly expanding access to information.

However, it’s safe to say that not everyone shares Gates’ early optimism about democratisation. Web 2.0 was a step in the right direction, but it came with a lot of drawbacks, including data mining, censorship, and security issues. A new and enhanced layer, on the other hand, will alleviate the internet’s current stagnation.

Web 3.0 will customise the internet as we know it today, thanks to artificial intelligence and advanced machine learning techniques.

However, it has yet to completely take off. Web 3.0 will use blockchain to realise the promise of a genuinely decentralised internet.

When it Comes to Web 3.0, We Need to Make Space For Blockchain.

Tim Berners-Lee, the creator of the initial World Wide Web, coined the term “semantic web” to describe the internet’s future, stating that machines will “become considerably better equipped to analyse and ‘understand’ the data that they merely display at present.”

About a decade later, the semantic web became synonymous with Web 3.0, as one of Web 3.0’s primary qualities is its capacity to draw logical links between pieces of data.

Today, tech corporations’ social networks are in charge of linking online pages and sharing data amongst users. It’s still too early to tell what Web 3.0 will look like. It is evident, however, that artificial intelligence, natural language search, and machine learning technologies will be used. As a result, Web 3.0 will combine words and visualisation to provide consumers with relevant and useful information.

The tech sector is increasingly realising that a fully decentralised Web 3.0 requires a blockchain platform. Information can be authenticated and decentralised using blockchain technology.

Surveillance and exploitive advertising based on personal data will be eliminated with a blockchain-based Web 3.0. Individuals will instead have more freedom to connect with one another without worrying about being “watched” by digital companies.

Getting to the heart of blockchain technology

A blockchain is a database that contains a list of transactional records that are shared by all members of a digital network. There is a timestamp on each record, as well as connections to all previous transactions.

Blockchain may appear to those outside of the crypto bubble to be a science fiction concept, yet sectors are gradually adopting it.

According to Deloitte’s 2020 Global Blockchain Survey, 39% of senior executives and practitioners have introduced blockchain into production, a considerable increase from 23% of respondents signifying production in 2019.

A smart contract is a programme that the database stores, while a blockchain is a database. Because it stores the parameters of the agreement between a buyer and seller in lines of code, a smart contract is crucial to blockchain. A decentralised blockchain network hosts the code and its agreements.

Transactions on the blockchain are traceable, transparent, and irreversible thanks to smart contracts. Smart contracts eliminate the need for a middleman in the exchange of money, property, shares, and anything else of value.

The difficulties are addressed by blockchain technology. Web 3.0 introduces

According to an April Statista analysis, Amazon controls a third of the cloud industry on the internet today. According to data from a StatCounter analysis from June, Google holds a little more than 92 percent of the global search engine market share. Web 2.0 provided software companies with the tools they needed to transform the way people communicate online. However, we have come a long way from a user-centric internet.

There is no middleman who controls the data with blockchain technology. As a result, no one has the authority to restrict access to websites and services. Data will instead be sent from centralised servers to a peer-to-peer network (P2P). As a result, anyone may contribute, the code is open, and everyone has access to the same information. Users will be able to regain control of their data and experience a genuinely decentralised internet thanks to Web 3.0.

Blockchain will decentralise and disseminate data in Web 3.0. There will be fewer data breaches as a result. Companies that run applications keep user data on their servers and databases in today’s Web 2.0 world. Even if organisations choose not to sell their customers’ personal information to third parties, hackers can nevertheless gain access to servers and databases. As a result, sensitive data is at danger.

User data will be stored via secure and decentralised data storage methods in Web 3.0. As a result, hackers will have a much harder time taking control of the entire network.

The Internet of Things, a crucial feature of Web 3.0, allows various devices to communicate with one another, which is both convenient and harmful.

With its privacy features and decentralised data storage, blockchain technology will bring security and privacy to the IoT. All devices that communicate with one another, however, must be on the same blockchain. This issue will be solved through interoperability.

Why is blockchain interoperability so important in Web 3.0?

Interoperability refers to the capacity to see and access information across several blockchain systems, and it is a critical component of Web 3.0’s evolving foundation.

“Protocols like AION, Cosmos, Polkadot, ICON, or Wanchain are developing solutions at the bleeding edge of blockchain interoperability,” Frank Golatowski writes in a presentation presented at the IEEE International Conference on Industrial Cyber-Physical Systems in 2019. “Through greater scalability and transaction throughput, interoperability is the catalyst that enables broad commercial adoption.”

Interoperability, in other words, is critical for widespread blockchain adoption.

Polkadot, developed by Gavin Wood, co-creator of Ethereum and founder of the Web3 Foundation, is difficult to overlook among the blockchain systems built for Web 3.0.

Polkadot offers the foundation for a new decentralised web as the fundamental protocol for a vibrant ecosystem of specialised, interconnected yet sovereign blockchains, according to Polkadot. The fundamental characteristic of Polkadot is that it allows arbitrary data to be transferred over any form of blockchain, which is required for a fully technologically advanced Web 3.0.

Conclusion

Web 3.0 is intended to revolutionise the user experience by focusing on data linkage, but a blockchain-based platform will set it distinct.Hackers will find it more difficult to take over a network if they use blockchain. However, for a blockchain to truly transform Web 3.0, it must be able to link to other blockchain networks, which means it must be interoperable. We will finally be able to experience a decentralised internet once this is realised.

Leave a Reply