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The third generation of the internet is here (Web 3.0). The Internet doesn’t seem like a distant word to anyone. Calling it the most remarkable human invention after the light would not be wrong.
It’s not a statement but a reality that, we live in a virtual world. The line between reality and virtuality seems blurred today. But the internet has evolved several times since its birth.
Yes, we are talking about Web 3.0, the next generation of the internet that promises decentralized content regulation and reduces the dependency on giant organizations like YouTube, Netflix, and Amazon. Web 3.0 approves new AI processes, appreciates the Metaverse, and welcomes digital currencies as its payment method.
Ngl, with the evolution of the internet and with the rise in web 3.0, businesses will have unique opportunities to underwrite on the latest technological advancement and rise.
But, do you understand how Web 3.0 Works?
With a good knowledge of Web 3.0, you can generate new opportunities and improve your business. This way you can stay ahead and can experience upper curves in global business.
Let’s explore how Web 3.0 is going to change the IT business and how it’s going to benefit entrepreneurs.
Web 3.0: What It Is?
I know, I said we will learn about how Web 3.0 is going to change the IT business but to understand that you should have a good knowledge of Web 3.0. So, this section will be for the same. However, if you are aware of Web 3.0, you can freely skip this part and move on to the main.
Web 3.0, as the name suggests is the third version of the internet. It is a revolution in how we use technology in our daily lives. Moreover, Web 3.0 uses blockchain technology and offers a decentralized network for all users in this digital age, and incorporates AI and ML to deliver a faster and more personalized user experience.
WWW inventor Tim Berners Lee proposed that we evolve to Web 3.0- an internet service where websites and apps can handle data in a more human-like manner.
Overall, the Web 3.0 experience revolves around three main things- the users, the application, and the data. Moreover, Web 3.0 relies on Artificial Intelligence (AI), Natural Language Processing, and Semantic Web.
Tim Berners Lee considers the semantic web an expansion of the current web. You must be wondering about the Semantic web.
Well, it is a new form of web content where information is assembled in such a way that it is easily decodable by machines rather than us humans.
What All This Means From The Business Point of View
With Web 3.0 you can experience next-level customization. Real-time data integration provides a reliable frame for online transactions. Coming up with the right business model will help your business provide a considerably improved customer experience and provide them with good possibilities for their advertising and promotion.
If you want to stand out on Web 3.0, you have to provide your end-users with a mobile-first experience. This way you can interact better with your targeted audience.
It is also true that businesses that do not accommodate this trend are in danger of being overlooked.
Today, consumers need an integrated omnichannel experience, and they also demand easier and faster retrieval of data.
Web 3.0 transforms the way we use to retrieve data, as it has gone beyond PCs and smartphones and now one can access information anytime and anywhere through any type of device.
Even though Web 2.0 comes with ubiquitous, the IoT is transforming things to the next level, and it will stay for a longer time.
How Web 3.0 is Going To Change The IT Business?
Web 3.0 will change IT businesses in such a way that it will make the entire process more transparent and highly user-centric. Everything that until now was inaccurate about how businesses operated on the basis of user data will be seen as a revolutionary change.
Thus, to answer how Web 3.0 is going to change IT businesses? Both standard and advanced businesses will open doors for blockchain along with the proficiency and technology that comes alongside it.
Soon, you will see your applications confiscating blockchain upgrades, where everything will be fully transparent.
Here are ways listed in which web 3.0 benefits IT businesses.
Customer Relationship Management
Businesses have been and should always focus on Customer Relationship Management (CRM), it’s for a good reason. CRM tools such as Salesforce, have a market share of 23.8%, dominating the CRM software market. Because knowledge of customer needs and desires is important for delivering personalized services and experiences that will in turn increase sales.
Nevertheless, the traditional CRM method has been limited to data availability, making it hard to have a comprehensive view of end-users.
However, Web 3.0 promises to change this. It claims to provide businesses access to affluent data sources. It’s done through social media, browsing history, and some other data sources through which businesses can gain a deeper knowledge of their users.
If the businesses have opulent knowledge they can provide personalized services which in turn will result in improved user relationships and will skyrocket sales. Thus, Web 3.0 will transform the CRM and the way we do business to connect with customers.
Supply Chain Management
Supply Chain Management (SCM) is the drill of planning, implementing, and controlling the functioning of a supply chain. Supply chains are needed to produce and deliver the services successfully to the end-users. SCM is needed to improve the flow of materials, information, and finances to meet the end-users demand.
Since Web 3.0 is developed on the basis of semantic web technologies, it will be an intelligent and more user-centric web where all the data will be interconnected and can be easily processed by machines. The decentralized web 3.0 will make the supply chain more effective and secure, it will lessen the cost, and will improve the quality of services.
The internet has already transformed the way we do business and with the entrance of web3.0 in the picture, there are likely to be more radical changes. Thus, data-driven businesses can acquire new value prepositions and provide new services that were not possible earlier.
Plus, the more you use data the more it will allow businesses to better understand the customers and customize the products and services as per their needs. With web 3.0 the possibilities are endless.
Iyk, web 1.0 was engrossed in providing information, web 2.0 allowed two-way interaction, and web 3.0 focuses on giving users a personalized experience.
The evolution of the web has already started impacting the marketing and advertising field. But, by offering a more personalized user experience. Web 3.0 allows marketers to reach their target audience more effectively.
This will result in a surge in sales and brand awareness for businesses. In the future, companies will surely make a switch to web 3.0 to stay competitive and meet the end-users need.
Web 3.0 is Everywhere!
1. Social Media
Social media is now an intrinsic part of our lives. Social networks hold the power to restyle the way we interact with each other.
Web 3.0 can transform social media equations and how an app development company builds social media applications. With web 3.0 data control coming into the hands of end-users means, turning around the story will become impossible and misuse of data will become non-viable. Just like what happened with Facebook.
2. Currency Exchange Service
Centralization can never work, in the case of currency exchange, the reason is hacking. The solution to stop all this hacking is a decentralized exchange. With Web 3.0 decentralized exchange will gain popularity as it offers a real-time user trade experience without thinking of any issues related to hacking.
3. Messaging Platforms
Messaging is not a new thing for us, this is what we do every single day, be it using Facebook and WhatsApp on the personal side or Slack and Telegram on the professional side.
However, there are two concerns with messaging platforms- unsafe conveyance of messages and reliability of centralized solutions which makes the messaging app more prone to hacking.
The answer to all these issues is Web 3.0-driven messaging apps that run through blockchain to maintain privacy and security.
4. Data Storage
How do you guys store your data? Most of you will answer Google Drive or iCloud. However, for companies, the situation is different as they need an extensible centralized solution for storing their data. In centralized data storage, the information can be influenced or sold for money.
The answer to this problem is decentralized storage that comes with Web 3.0. This is because, in the decentralized type of storage, the files and data are first encrypted and then shared through a p2p network. This is because they are not stored in a single place but on multiple nodes.
5. Streaming Service
Streaming is no doubt the most skyrocketing industry at present time. Netflix and Spotify are some major names in this field. However, even after being the most profitable sector, they come with free allegations that the data is being used for advertisement and the content creators are not being paid accordingly.
Blockchain with decentralization and smart contracts can solve these issues.
The insurance and banking sectors have vouched for being money-making entities. They are changing this image by utilizing the decentralized nature of blockchain. This technology is utilized to make filing insurance claims and minimize false claims through web 3.0.
Web 3.0 is indeed a game changer for enterprises and IT businesses. It will allow businesses to better understand their user base, there demands to improve their product and services.
For IT businesses, web 3.0 will make it convenient and efficient to raise funds and acquire customers.
With only the right approach, IT businesses can capitalize on the new futuristic technology to stay ahead of the competition. Web 3.0 is an opportunity for IT businesses to take their business to a whole new level. The only thing important here is the right approach.
Since you have understood the drill, how about leveraging the services of Extern Labs?
Visit the website today to learn more about web and software development services.