What is Web 3.0? How to Get Business-Ready in Web3?

What is Web 3.0?

Web 3 is a term used to represent the third major version of web technologies, i.e. the world wide web and the internet. It is believed to spawn intelligent applications by means of machine learning and artificial intelligence.

The term Web3 was coined by Gavin Wood, co-founder of Ethereum and founder of Polkadot in 2014 while he was discussing a blockchain-based decentralized online ecosystem.

The transition to the third version of the web has already started. However, it isn’t clearly defined yet. Consequently, it would take us a few decades before we can fully transition from Web 2.0 to Web 3.0.

Semantic Web is another moniker for Web3. Its aim is to make internet data machine-readable by leveraging the concept of the Internet of Things.

Technologies Driving the Web 3.0 (Web3 Tech Stack)

Web3 is an assortment of various technologies that are already revolutionizing the way humans interact with real-life objects and computer systems over the internet. As such, it is a complex ecosystem with many parts. Let’s go through them, one at a time:

1.Blockchain

Blockchain is the backbone of cryptocurrency. It can be understood as an enormous decentralized and encrypted online database where modifications aren’t possible, i.e. it is immutable.

A blockchain node is a computing system that runs and stores an implementation of the blockchain network. Every transaction is stored on each node of the blockchain network. This makes it, theoretically, impossible to forge transaction data thus, rendering the medium secure.

2.IoT

The Internet of Things is a state-of-the-art technology that tries to connect household devices with the internet to facilitate data sharing with one another.

The whole idea of web3 is to allow machines to read data available on the internet. This is made possible by IoT. Computers will be able to interpret data collected by IoT devices in turn by leveraging AI.

3.Automation

Artificial intelligence is the scientific field of making computing systems self-reliant so that they can do tasks on their own with little to no human intervention. For doing so, AI systems require feeding data. Right now, AI is empowering mobile app development, web development, marketing, healthcare, education, and other markets.

AI is the overarching topic that encompasses other groundbreaking tech concepts like natural language processing (NLP), machine learning (ML), and deep learning (DL). It is also related to data science course, which is another potboiler topic in the tech space.

How to Do Business in Web3 as a Mobile App Development Company?

Transitioning from Web 2.0 to Web 3.0 is ongoing, and it won’t end anytime soon. Instead, it will go through a state of slow transition – Web 2.5 – where we will see Web2 systems adopting web3 protocols.

Web3 can disrupt the app development process by introducing decentralization. The evolution of the web is just like updates received by an application, which are meant to make it more accessible, dynamic, and interactive. To ensure that your business is ready to develop web3 mobile apps you need to:

1.Develop a Sound Understanding of Web 3.0

Before jumping onto the web3 bandwagon, you need to understand thoroughly what you’re dealing with. Web3 is still an evolving concept bringing new technologies and tools to the table every now and then.

You need to make arrangements to educate yourself and the decision-makers of your business in web3 to develop a robust understanding of the concept. To learn the intricacies of the third evolution of the internet, you can leverage books, online courses, webinars, video tutorials, YouTube video lessons, etc.

2.Hire Skilled Developers

The next step is to hire developers with relevant skills. In addition to facilitating upgrading the skills of your existing developers, you must hire devs that have a high-level understanding of Web 3 and a proven work experience in developing mobile applications powered by it.

As it is a new trend, finding experienced developers might not be easy. You need to contact an experienced Web 3 development company that can thoroughly understand your requirements and provide you with a relevant talent pool.

3.Train Your Workforce

Web3 has many technologies to work with. Therefore, you need to ensure that your workforce is well-equipped with the required skills. You can organize webinars, discussions, and learning sessions detailing the concept and its associated technologies and tools.

Working on small demonstration projects that can also serve as portfolio items for your business is a great idea to train your employees.

4.Market Yourself

Once you’re ready to offer Web3-ready mobile apps, you need to develop an effective marketing strategy to reach out to your preferred clientele.

Marketing is an important aspect of spreading and expanding your business that is often overlooked by organizations. It is an essential tool of business growth that necessitates learning, creativity, and continuous experimentation.

Key Applications of Web 3.0

As blockchain is at the heart of Web3, there is the possibility of improving almost all aspects of life, from banking and finance to education and travel. Let’s know some of the most important ones, one at a time:

1.BFSI

Web 3.0 will be able to transform banking, financial services, and insurance via AI, immersion technologies, and blockchain. Web3 banking lets users and owners (of platforms, services, et cetera) connect directly to financial systems.

Owing to the decentralized nature of Web3, there will be no intermediaries involved. Hence, the transactions won’t include additional expenses like transaction fees and processing charges.

2.Blockchain and Cryptocurrency

A cross-chain bridge is a solution to enable interoperability among different blockchain networks. Tech giants like Meta and Google power Web2. Their equivalent for Web3 is DAOs or decentralized autonomous organizations.

Cross-chain bridges, DAOs, dApps, DeFi, and NFTs are just some of the many implications of Web 3.0 in blockchain and crypto. An NFT is a token stored in a blockchain with a cryptographic hash that makes it unique.

Decentralized finance leverages decentralized blockchain for facilitating the delivery of financial services. All cryptocurrencies including bitcoin and altcoins are Web 3 applications serving as a replacement or digital equivalent of fiat money.

Decentralized applications a.k.a. dApps are applications built on blockchain that leverage smart contracts. This enables logging service delivery in an immutable ledger.

3.EdTech

A contraction for educational technology, EdTech is becoming a sprawling industry generating billions of dollars worldwide and offering lucrative jobs while helping students and everyone who loves teaching to connect and interact.

According to Holon IQ, there are a total of 30 EdTech Unicorns with a combined worth of $89 billion.

AI, which is a core web3 technology, is making the delivery of EdTech services better. Introducing AI to an edtech service facilitates businesses to provide personalized learning experiences.

Web 3.0 also means better ways for educators to teach. Leveraging technologies like VR and AR allows teachers to not only speak but also demonstrate their lessons and promote the active involvement of students.

4.FinTech

It is the segment that explores implementing technology in financial systems and services. Kirsty Rutter, the Fintech Investment Director of Lloyds Banking Group has labeled Web3 as a key fintech trend to watch out for in 2023 and later.

5.Gaming

Video gaming is benefitting from all sorts of futuristic tech, may it be VR game development, non-fungible tokens, or Web3. Unlike other industries that are still finding out ways to implement web3 technologies, video games are already making headlines for leveraging concepts like VR, AR, blockchain, and NFTs.

Such video games are available for all platforms that include computers, dedicated gaming consoles, mobile devices, and the web.

6.Travel

Web 3 will also have a significant impact on the travel industry. We are starting to witness it with immersion technologies (AR, VR, and MR) facilitating travelers to virtually visit a place and making the tours more personalized.

While virtual reality can enable travelers to explore a location before making a booking, augmented reality can help make business and professional travel more formal and personalized.

7.Others

In addition to the market segments mentioned above, web3 will have a huge impact on the following industries:

• Healthcare – VR and AR apps allow better treatment of diseases and develop better ways of treating various illnesses.
• Logistics – This industry is yet to find anything groundbreaking with web3, but once it will, there will be no turning back.
• Manufacturing – Manufacturing is another market segment that is being revolutionized by the advancements in Web 3.0.
• Retail & Ecommerce – Basically, the idea of Web 3.0 is to eliminate the use of fiat currency and replace it with cryptocurrencies.

Conclusion

Over time, more and more businesses will onboard the ship of Web 3.0 by realizing the opportunities it brings. If you’re a business looking to get Web3-ready then it is apt to make necessary modifications to your business and take it to new heights of success in the impending evolution of the internet.