Just about the time I get things figured out, they change. This is especially true when it comes to technology. Web 3.0 is a fundamental shift on the Internet. The world wide web will become decentralized and based on blockchain. On Web 1.0, most websites were static web pages. On Web 2.0, the web became about the platform and was controlled by large tech companies such as Google, Microsoft, Amazon, and Facebook.
Web 3.0 (sometimes called Web3) revolves around the idea of decentralization, and it incorporates blockchain technologies such as various cryptocurrencies and non-fungible tokens (NFTs). Users will own their data and benefit when and if it is shared or sold. NFTs are now being used by artists to sell their original artwork and music providing a source of income and sponsorship.
The main issue that blockchain addresses is trust. Trust is mathematically verifiable using cryptology. Trust is essential in any transaction. Web 3.0 will facilitate those transactions by providing the necessary verified trust among the parties involved. Smart contracts will be executed automatically as conditions are met. The buying and selling of real estate will begin to see a major disruption as title companies become unnecessary when blockchain will provide a transparent history of ownership. Using Web 3.0 technology, payments to supply chain vendors would be processed without intermediaries, speeding up the process. In 2022 we will see significant change in many industries, especially finance and legal services.
Just as we are at the beginning of the New Year, we are at beginning of Web 3.0. It has already attracted $27 billion in venture capital. Remember, with change come opportunity. The development of Web 3.0 is one important trend to keep an eye on for the opportunities it will provide in 2022 and beyond.