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  There is much buzz about Web 3.0 and how it is going to influence the mode of operation in areas of business, technology and sociopolitical and economic spaces. Experts have stated that Web 3.0 will define how we live and work.
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One will naturally wonder what 3.0 is all about? According to Fintex Web, 3.0 is the third version of the internet, which many tech aficionadi and experts have been thrilled, anticipating and talking about for years. It’s been defined as the ‘decentralized web’ and ‘the semantic web’, and has been talked about as the conceivable antidote to the prevailing web domination by the so-called ‘big tech companies. Many tech experts in their various studies have argued and projected that Web 3.0 will increase user privacy and better online security. Yet there are also many other advantages of the technology that underpins it—centred predominantly on blockchain and AR—which businesses are already using now.  What technology does Web 3.0 hold for us all? Existing studies have shown that Web 3.0 is still nascent, however, it will bring the desired revolutionary backend modifications, and we can make inferences about its structure. Unlike Web 1.0 and 2.0, the Web 3.0 blockchain stack has a decentralized network that is highly user-centric. Web 3.0 will be regulated by peer-to-peer technology, this knowledge won’t be controlled by any individual entity. There will be no centralized servers, rather data will be spread among individual devices belonging to internet users. Individual freedom and consumer privacy on the world wide web will become increasingly important.  Therefore, it is expedient that businesses begin to rethink adopting this new Internet technology as there are various benefits of Web 3.0 to businesses. In this article, we shall go through how businesses can use Web 3.0 to gain a competitive advantage.
  1. Enhancing User Journeys
Blockchain technology is at the heart of Web 3.0 functionality. The technology can be used to provide users with simpler and more user onboarding operations. To illustrate how Web 3.0 works, for instance, presently you can use your Facebook login details to log in to several websites. This is the same approach blockchain takes, except that unlike Facebook and other big tech companies that store private data as a third party, in blockchain, users’ data are stored and owned by the user. Therefore, Web 3.0 benefits your business, because of its underlying blockchain technology, in the sense that customers will have a simple way to sign into the business website without having to worry about security details in the hands of third parties or worry about storing data at your end. With this, the problem of security trust has been solved. Therefore, Web 3.0 creates a user-centred onboarding process in the business world. 
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  1. Building Customer Trust
Web 3.0 and its underlying blockchain technology will eliminate the problem of customer trust. In a recent study done by KPMG, there have been growing uneasiness among customers when it comes to data collection practices by the company. Some companys’ databases can be breached and it might cost customers a whole lot of money. According to the KPMG study, 62% of customers stated that companies should do more about data privacy. However, with the advent of Web 3.0, data storage problems will be solved, as storing consumer data on blockchain makes that data automatically decentralized and therefore, transparent. With Web 3.0 and its blockchain components, data breach and identity theft will be extremely difficult. Some blockchain experts believe that returning data ownership to consumers might even disrupt the tech industry. Many tech giants which held huge amounts of data in the past are liable to lose access to the very thing that made them stay competitive.  Furthermore, Web 3.0 will enable smart contracts in which transactions between a buyer and a seller are directly written in lines of code. The implication is the transactions can be easily tracked down and are irreversible. Smart contracts are time-saving and eliminate all forms of conflict. They are cheaper and more secure than traditional payment systems.
  1. Improved Knowledge Of Your Customers
The advantage of incorporating Web 3.0 in your business is that the technology relies less on hard data on customers, as it eliminates the need for third-party ID verification. Still, it certainly offers a new method to connecting with customers and collecting valuable information about their behaviour. Rather than banking on stored data and ad-supported marketing models, companies can use a decentralized model to align economics across all users. With Web 3.0, the company can create user-generated digital content and user interaction which will also be inclined to make consumers more open. Therefore, companies will be able to tap into these willingly published preferences and adapt their product-market fit accordingly. 
  1. Saving Your Company Money
Data and content in the control of users are at the fulcrum of Web 3.0, which eliminates dependence on big techs. For small and medium-sized businesses, Web 3.0 will affect their networks, as it will enable them to be protected from the threats placed by big technology companies. Through Web 3.0, SMEs will not have to pay the exorbitant fees that they currently pay for intermediary services (such as those in the delivery sector), referrals (such as travel bookings), advertising and more. With the influence of the monopoly waning, they will also have increased bargaining power. All of these will ultimately bring about better products and services with fairer pricing.  Featured image source: WebPrecious
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This article was first published on 9th March 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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