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What is Web 3.0 & How Will it Affect Your Business?

08th
February
2022
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Clearwater Staff

In the greater scheme of things, the internet is still relatively new, yet has managed to permeate and revolutionise not just every industry on the planet, but how we each live our day to day lives. And yet, most people only utilise a third of the internet’s true capabilities – social media, email, gaming, streaming videos and music – yes, there is more!

The internet has continued to evolve since its origins, with so many functions now in the world of logistics, analytics and commercial applications, we are now set to usher in a generation in the evolution of the internet built around private ownership: ‘Web 3.0’.

In this article, we explore what Web 3 actually is, and how it could affect your business.

What Was Web 1.0 & 2.0?

Before we dive into Web 3.0, we must first break down what has come before:

Web 1.0

­­It’s hard to think of the Internet as anything other than an ever-growing platform for new platforms and capabilities, but the first ‘version’ is known as ‘Web 1.0’. This occurred back in the ‘90s, and was incredibly sparse, with a small range of homepages and links known by only a few. Users could publish content, read it, and that was about all.

Web 2.0

With Web 1.0 lacking in interactivity, leaving most across the world not recognising the potential, Web 2.0 was the next iteration, and most famously included code that enabled users to open and edit files online, rather than simply just reviewing them. This was the birth of the content consumption we know today, with many creating blogs, operating on marketplaces, and getting active on sites like Tumblr and other forums, all easily found online with a variety of search engines like Google.

Of course, what came next was the likes of Twitter, Facebook, YouTube and so on. This brought mass adoption from the public, and systematically drew more of our attention online, with a range of tech giants emerging and holding hordes of user data.

 

What is Web 3.0?

Today, modern users want more control over their online data and assets. Web 3.0 is working to offer these capabilities as a ‘decentralised’ version of the internet. Simply put, this offers platforms that allow anyone to store data online, where they can have greater control in the governance and protocols of various arrangements.

These platforms are known as ‘blockchains’, which are open systems that are incredibly difficult to hack or ‘cheat’ thanks to sophisticated code, recording transactions and information in a digital ledger without the possibility of being duplicated or distributed unless authorised.

Naturally, this removes the need for any third-party organisations that traditionally commanded such functions, and with the addition of tokens and cryptocurrency, these decentralised networks that ‘belong’ to the public will be dictated and influenced by the public.

To summarise, Web 1.0 allowed users to read content published online. Web 2.0 added the ability to read and edit. Now, Web 3.0 is revolutionising the game by allowing us to read, edit and own what’s online.

 

How Will Web 3.0 Affect Business?

Web 3.0 is still in its infancy, but is coming more into effect as the Internet of Things (IoT) meets various logistical and communication technologies. In this lead-up, however, business owners – especially those who sell products or offer advice services – must start to prepare on how they will develop cloud-based services.

For example, brokers, real estate agents, lenders and other third-party organisations will see their business model erode in place of new decentralised platforms. The way people purchase products is also likely to change, as well as larger assets, including vehicles, machinery, and even houses, with more peer-to-peer accessibility.

You should therefore ensure a seamless experience between your marketing & sales processes, with your network working within cloud-based applications where possible, and integrating with others to avoid duplicating workloads.

 

Future-Proof Your Digital Marketing with Clearwater

How you create awareness around your brand and utilise the information collected on your target market will dictate success in the future. To learn how you can get started with winning campaigns, take advantage of a free discovery session from our specialists at Clearwater today.

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