CEOs and business leaders from all sectors enthusiastically discuss the impact of emerging technologies and innovations such as the development of Web 3.0, the third iteration of the Internet. Web 3.0 promises a free and transparent flow of digital content and data with privacy and decentralization. Against this backdrop, startups are leading the charge to deliver great technology alternatives for a smooth transition to the new age of the internet, says GlobalData, a leading data and analytics company.
Kiran Raj, Principal Disruptive Technologies Analyst at GlobalData, comments: “A surge in public awareness of data privacy has spurred the movement to fundamentally restructure the Internet. Blockchain-powered Web 3.0 promises to transition the Internet from its information-centric model to a user-centric decentralized model.
Vaibhav Gundre, senior disruptive technology analyst at GlobalData, notes: “In 2021, Google, Meta, Netflix, Amazon, Microsoft and Apple together generated and controlled nearly 57% of global internet traffic. Web 3.0 envisions reducing the influence of big tech by offering decentralized social networks, browsers, data storage, computing, video and music streaming, content monetization, banking, payments based on the cloud and others to create decentralized ecosystems in all sectors.
GlobalData’s FutureTech Series report, “Internet’s Next Revolution: Can Web 3.0 Unlock Decentralized and Intelligent Internet?” reveals the evolving use cases and potential of Web 3.0 in various industries.
Web 3.0 networks provide a fast, convenient and community-governed financial services ecosystem to enable receiving or sending funds, automated cryptocurrency transactions, better collaboration between insurers and brokers, crypto wallets secure and predictive markets. UK based Casha provides a single platform to manage fiat and crypto assets to accelerate consumer adoption of blockchain services.
Media and Entertainment
Decentralized social networks, music and video streaming platforms keep users in control of their data and enable a consumer-centric economy. Users who spend their time or post content on social media or content streaming platforms can earn cryptocurrencies while retaining ownership of their data. Based in Singapore Endorse, a professional network like LinkedIn, encourages users to share their skills and achievements, as well as recommend others. Proofs of skills in the form of certificates or videos can be uploaded to the platform which other users can verify and earn cryptocurrencies. Once approved, the user becomes eligible for the opportunity to win.
Web browsers, data storage and compute services are dominated by big tech players such as google, Amazon, and Microsoft. Web 3.0 startups intend to provide decentralized solutions that promise cheap and secure data storage by leveraging users’ distributed computing. based in the United States filecoin introduces passive revenue streams for users to enable data storage across devices so data is decentralized and potentially lacks a single point of failure.
Additionally, supply chain and logistics, custom fashion, healthcare, identity management, home rental, and telecom networks are poised to witness the penetration of web-enabled solutions. 3.0 in the future.
Gundre concludes: “In addition to Internet users’ data privacy concerns, the increase in demand for Web 3.0 services will be driven by the global regulatory scenario regarding data protection and consent-based use by large technology players The growing popularity of cryptocurrencies and country-specific laws on their use are expected to further increase the popularity of Web 3.0 applications across industries.