Blockchain Technology will lead the way to Web 3.0
The advancements in the Financial world, mainly the launch of crypto created a ripple effect. This led to the demands of a truly decentralised web after the success of decentralised finance. Let’s read how Blockchain Technology will lead the way to web 3.0
A Decentralised Web 3.0
We live in a world where every business has intermediaries. Whether you want to access your financial instruments, you want to buy produce, buy tickets or gain access to social media. The intermediaries in Financial world have full control over your assets and they charge us for even small money transactions. This is time taking and costly process which further cemented the desire for a truly decentralised financial world. And now it is possible through Crypto Assets via Blockchain technology.
Now users demand for a truly decentralised internet, Web 3.0, and big tech giants are the ones in the crosshair. People want a decentralised web where they have privacy and redundant intermediaries. They want their data safe and not used by the middlemen for their own profit.
Blockchain Technology will lead the way to Web 3.0
Blockchain is the technology which has made decentralisation possible. It is revolutionary, the way data is stored, verified and accessed. Its unique architecture allows a network to stay in consensus for a data source without relying on one point.
You can understand it as a network of computers. Data verification is done through the network and each entry is verified before storing it in a block. These blocks are connected chronologically and form a chain. This is how this technology got its name as Blockchain.
This allows for secure data management. Data tampering or changes is not possible in Blockchain data management. And till date this is the most secure way of managing huge amounts of data.
Next comes Smart Contracts
Smart Contracts are another piece of the crypto puzzle which was instrumental in the success of Blockchain technology. Smart Contracts are contracts with pre-built conditions. Once the conditions are fulfilled, a smart contract is executed. You do not need to know the other party to execute a Smart Contract. This unique feature has been the backbone of the DeFi revolution too.
In recent years, NFT and Metaverse occupied people’s interest. They were instrumental in bringing much publicity to the decentralised digital world. It gave artists freedom to sell their work as they want with simple Smart Contract executions.
The demand for Web 3.0
The success of digital world has opened many possibilities. Now engineers and developers are employing Blockchain technology to build innovative apps and P2P services. You do not have to share your whole life to access these decentralised apps.
However, every big change requires investment. And again investment comes from big venture houses or even above mentioned tech giants. Therefore, the most important question is will the internet be truly decentralised? Will this vision of a decentralised social app where you can communicate is possible?
The Bottom Line
There are many factors which are helpful to understand the size, stability and growth potential of a Blockchain ecosystem. When there are successful projects, more would naturally follow soon. But the injection of capital is mandatory to build activity around such a visionary project. So that it can attract more potential developers and investors too.
Blockchain is expanding and showing the way in which it can benefit the millennials. There is no doubt that Blockchain Technology will lead the way to Web 3.0. However, investing in innovative and revolutionary projects is equally important to make this possible.
