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An Introduction to Web 3.0 and How it Impacts Businesses

By Admin on August 9, 2021

Web

We are constantly connected to devices. These devices communicate with each other to make our lives easier. We’ve become so accustomed to the whole transaction that we don’t even notice that a simple smartwatch app is replacing heavier equipment to keep our health vitals in check and share reports with our physicians at the same time. Magic happens when Web 3.0 meets the enabling technologies.

Let’s dive a little deeper and understand what else in our beloved Web is changing around us as we ask Siri to order our second decaf of the day.

Web 2.0 and 3.0 explained

We are so dependent on the web, and yet we didn’t even notice or realize how it transitioned from the earlier days of static pages to fully interactive websites and now AI-powered decentralized services.

The Web was a one-dimensional window, a repository, to the sought-after information. It all changed with the introduction of Web 2.0 which was a more interactive and participatory version of the web we have seen. Social media websites like Facebook, and photo and video sharing sites like Flickr and YouTube were at the forefront of this revolution.

Currently, we are in a transition phase. We are witnessing the benefits of both Web 2.0 and 3.0 simultaneously. Internet-enabled powerful mobile devices, onboard intelligence, self-sovereign identities, and built-in crypto wallets are all part of the next generation of web – Web 3.0. 

One way to understand Web 3.0 is that it connects smart devices (mobiles, cars, appliances, etc.) and decentralized networks (distributed databases, cryptographic keys) and integrates advancements in machine learning think Siri, Alexa, or Cortana.

Application of Web 3.0 

Also referred to as the Spatial web, web 3.0 is blurring the lines between digital and our physical worlds. Because in the spatial web, information will exist in space as an integration layer over our physical world.

This spatial future is just around the corner and will be completely realized in 5-10 years through growth and convergence of supporting technologies like AR, VR, 5G, geolocation, IoT devices and sensors, AI/ML, and blockchain. 

It will not only improve intuitive interactions but also increase our ability to deliver highly contextualized experiences for businesses and for consumers. It will also present new and unique opportunities to improve efficiency and communication. 

How Web 3.0 can help your business

If you’re in manufacturing, you could introduce 3D product models right from ideation to training factory technician, to marketing and customer support. The spatial web will help your business in ways we can only imagine now. You could use the technology to map out your business, model large facilities for wayfinding, carve out a digital clone of your offline store, optimize logistics via geographical models, or build a digital version of a manufacturing line. The possibilities, cost savings, and perks are endless.

In the not-so-far-away future, equipped with the spatial web, we will be able to ditch our traditional handheld devices for a more immersive one (that we have been seeing in sci-fi movies, of late). One such use case is of surgeons in the health sector where surgeons utilize 5G, AI-powered insights, 3D modeling, and robotics to conduct remote robot-assisted surgeries for which several clinical trials have been conducted in the recent past.

Source: The Good Doctor

Other Applications

IoT in Web 3.0

Everyone knows what a Tesla is. But why are we talking about it here in an article dedicated to  Web 3.0? The reason is that it presents one of the most apt examples of Web 3.0 syncing with IoT. We’re talking about the Tesla OTA (Over-the-air) fix. Owners in America were alerted that a charger plug needed to be fixed as it was causing fires in the car. Instead of recalling the defective batch for a scheduled servicing at the dealership, Tesla remotely pushed a software upgrade to resolve the hazardous issue in over 29,000 cars. This is a prime example of the seamless flow of connectivity between machines and humans. This makes it clear that IoT applications if used wisely saves technology costs, enhances safety, and present an opportunity to differentiate brands.  

Decentralized Browsers in Web 3.0

Browsers like Brave and Opera have already integrated cryptocurrency (digital currency) wallets to facilitate decentralized exchange. These wallets are designed to securely hold crypto coins and serve as a single login to all Web 3.0 decentralized apps called Dapps. 

The utility of Cryptocurrency wallets extends beyond just bitcoins and altcoins. These wallets can store in-game Crypto tokens and virtual items purchased with them as well. Some games reward user’s attention with tokens which can be used for in-game micro-transactions, to build a circular economy. Crypto facilitates the transactions and the goods are stored in your wallet. 

To conclude

To put it simply, Web 3.0 takes what we use today and adds in the power-up of 5G, smart devices and sensors, AI/ML, AR/VR, and blockchain to provide a comprehensive solution that blurs the lines between what’s digital and what’s physical. What we are able to achieve with these industrial 3d models, remote surgeries, and blockchain is staggering and revolutionary but it is what the future is shaping up to be. 

Let’s discuss the possibilities of the web of tomorrow, we’re all ears. 

About Galaxy

We specialize in delivering end-to-end software design & development services. Our mobile team and UI/UX designers are creative problem-solvers with a decade of experience in all facets of digital and interactive design. We create compelling and human-focused experiences delivered through clean, and minimalist UI. Click here for a free consultation!

By Admin

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