Web3 & Blockchain: Role of Blockchain Technology in Web 3.0 Evolution

The growing advance of the Internet in human life in less than half a century is a unique event in the history of humanity. The Internet has undergone significant development since its inception in 1983. We are witnessing a significant shift from Web 2.0 to Web 3.0, which has the potential to create a whole new reality in which to live.

In addition, the process of evolution of the Internet is directly inspired by human expectations of current technologies. The current course of the Internet towards Web 3.0 is also reflected in the increasing role of blockchain in Web 3.0 technology.

What is Web 3.0?

Web 3.0 is the third generation of the Internet that allows users to read, write, and execute capabilities. Also, the third-generation internet is known as the decentralized web. This is made up of different cutting-edge and revolutionary technologies such as Decentralized Ledger Technology, Machine Learning, the Internet of Things, Artificial Intelligence, and Big Data.

In addition, it is anticipated that Web 3.0 will have more user-friendly and interactive features. While keeping the privacy of user data at the center. Furthermore, it is becoming essential for platforms to develop projects on the transparent network, such as blockchain, hashgraph, etc. as per a custom Blockchain development company, blockchain networks will provide fast data connectivity to any corner of the world.

What Role Will Blockchain Play in Web 3.0?

It would be true to say that decentralization is the central concept at the start of Web 3.0. Therefore, current registration technology is sufficiently developed to meet the requirements for transparency and data security in the network.

The main advantages of blockchain come from its decentralization, immutability, security, and transparency. The new Web 3.0 intends to provide its customers with this service.

The blockchain rose to fame with the launch of the first cryptocurrency, Bitcoin. But do you know what advantages blockchain offers to Web 3.0 players? Let's find out.

Decentralization Overcomes The Shortcomings of Centralization

Blockchain's peer-to-peer network gives consumers transparency in areas where centralization is lacking. In simple words, anyone on the blockchain can verify and validate the data in the block. It will create a trustless environment while validating the data itself without third-party intervention.

Improve Data Reconciliation

Blockchain could function as a real-time database for all the companies that navigate it. Therefore, despite keeping the expired data stored on the particular company's server, they can directly access the updated and real-time data from the blockchain. It will help develop a more reliable data management system.

Improve Interoperability

Many blockchains are working on cross-bridge connectivity that links them to other networks. With high network connectivity, interoperability between different systems and networks will be improved.

DeFi Applications and Protocols

Decentralized finance (DeFi) apps for lending, borrowing or trading such as Aave, Compound, Uniswap, and others are getting more and more users every day due to their easy-to-use financial systems. Other than this, every transaction on the blockchain is recorded within the block.

Read Also: Role of Blockchain in Gaming

Furthermore, DeFi platforms will help users to bypass centralized authorities like governments, central banks, financial institutions, and others. It will help them pay additional taxes and remove the requirement for the consent of any authority.

Automation Through Smart Contracts

Through smart contracts, users can lock in predetermined terms and conditions to automate the execution of an agreement. By doing so, all participants can be immediately sure of the result, without the involvement of any intermediary or loss of time.

Censorship-resistant Storage of P2P Data Files

Governments or any authority cannot impose censorship on individuals or groups as it is impossible to intervene or modify the data on the blockchain. This could help consumers maintain their basic rights, such as freedom of expression.

Top 5 Web 3.0 Applications to Know in 2023

Web 3 is the third era in which people interact with the Web. Take a look at these web 3.0 apps to explore the possibilities you might find yourself interacting within the world of pre-Web 3 apps:

Ethlance

A job market that emerged due to blockchain technology, ethlance is an online platform that allows people to apply for jobs. The platform connects candidates with potential employers who will complete the search process for a qualified candidate. It also provides freelancers with opportunities they may not have had before and has removed barriers between employers and freelancers. Ethlance is a decentralized application for employers and freelancers.

It's the first decentralized talent marketplace for professionals that helps them cut costs and make more money. Freelancers can enjoy 100% ownership of their work, while artists and content creators can earn more than anywhere else. All payments are made in ETH, making it easy to connect with clients on a global scale.

Everledger

Everledger is a global distributed digital registry that strives to provide each user with a unique registry. Data can be stored in the cloud and accessed at any time by users. It protects users, banks, open markets, and insurance against fraud.

This business monitors wine, diamonds, gold, and different assets. Everledger tracks where and how an item was used from the moment it was logged in to the moment it was disconnected from the global supply chain. Consumers can use Everledger to protect their purchases by scanning the Everledger label.

This is a major step forward in Internet security because it protects against fraud without the use of difficult passwords or personal data. In addition, the company has a patent on an RFID chip that will allow users to retrieve items via an app, which would be extremely useful for people who frequently lose their keys or smartphones.

Also Read: Blockchain in Healthcare

LBRY

LBRY is a blockchain-based decentralized file-sharing and payment network that powers social media and video platforms.

LBRY is a decentralized digital library that hosts a variety of content types. As a user, you can read, watch, and play on the website. It seems to be one of the first Web 3.0 projects, as it supports music, books, and movies.

Beaker Browser

The Beaker Browser, a free and open-source web browser, is being actively developed by Blue Link Labs. Beaker Browser is a peer-to-peer web browser that allows users to publish websites and web applications directly from the browser, removing the need to host your content on a third-party server or set up and maintain a separate web server.

It is a community where anyone can join, share and improve their applications. It is also a creative tool that everyone can experiment with. It is a browser that runs on the Web 3.0 standard.

Brave Browser

Brave Browser is a new browser that promised to bring privacy and ad-blocking features that were previously only available on desktops. Developed by the Mozilla Foundation, Brave Browser is a faster and more secure alternative to conventional browsers. Due to its security, it has been called the most secure browser ever created.

Brave Browser is a new open-source browser that blocks intrusive ads and trackers and promises to protect user privacy using blockchain technology. It also has built-in cryptojacking protection, so users can support their favorite websites without draining their data plan.

Blockchain in Web 3.0 Examples

One of the prominent examples of web 3.0 with explicit blockchain functionalities is Follow. The autonomous and decentralized organization has created an innovative decentralized social protocol for the next generation of web services. The blockchain-based social tracking protocol intends to offer them complete control of social identities and user data. Web 3.0 development is also focused on creating new social infrastructures that must comply with core Internet precedents.

Blockchain removes the need for trusted intermediaries and allows networks to collectively remember previous user interactions or events. So blockchain is definitely a major force in opening up the possibilities of the internet with better decentralization.

Concluding Thoughts

The world is on its way to the Internet where people have complete control over their data and privacy while allowing companies to exploit it. Blockchain technology will make all of this feasible.

As a result, Web 3.0 will accelerate the fair and transparent use of user data, from personalized search results to cross-platform development tools and 3D graphics. The Internet will become more immersive and attractive in the coming years. Thus, for your own requirements, you should hire ablockchain developer in India to get the best assistance.