According to Market Research Future, the market for Web3.0 blockchain technology will be valued at more than $6 trillion in 2023.Top 11 Web3 Development Trends to Look Out For in 2023 From 2023 to 2030, Web3.0 is expected to increase at a CAGR of 44.6%.
Many people mistakenly think Web3.0’s fate is inextricably related to the turbulent cryptocurrency market because it depends heavily on the blockchain. Cryptocurrencies are only one aspect of the emerging sector, though. According to Gartner, even though the value of cryptocurrencies fell in the first half of 2022, decision-makers shouldn’t assume that the same is true for Web3.0 technologies. The research and consultancy business claims that Web3.0 technology will soon pass the threshold of maximum acceptance, and sectors ranging from food safety to aviation maintenance will tokenize their apps.
Since Web 1.0, the Internet has advanced significantly. The layout and delivery of websites in Web 1.0 and Web 2.0 technologies are defined by Hypertext Markup Language (HTML). HTML will still be a fundamental component in Web 3.0, but how it interacts with data sources and where that data is kept may alter from earlier web iterations.
Practically all websites and applications in the Web 2.0 era rely on some centralized database to provide data and enable operation. Web 3.0 apps and services use a decentralized blockchain instead of a centralized database. Blockchain’s basic tenet is that it functions more like a distributed consensus than an arbitrary Central Authority.
The objective of the Semantic Web is to classify and store data so that a system can understand what particular data means. Or, to put it another way, for a website to produce and disseminate better material, it must be able to comprehend the words used in search queries the same way a human would. This system will also use AI; the semantic Web will teach a computer what the data means, and AI will then use that knowledge.
The third generation of the Web will likely be about several major Web 3.0 technologies, such as the ones listed below, which help define what it will likely be about:
A decentralized ledger known as a blockchain keeps track of all peer-to-peer transactions. This technology allows participants to confirm transactions without needing a central clearing organization. Applications could involve voting, settling disputes, transferring money, and many other challenges.
From a business perspective, it’s critical to think about blockchain technology as a type of next-generation business process optimization software. Blockchain and other collaborative technologies promise to improve business practices between organizations and significantly lower the “cost of trust.” As a result, it might offer substantially higher returns on investment per dollar than the majority of joint internal assets.
Financial institutions are researching how blockchain technology could revolutionize everything from insurance to clearing and settlement. These articles will help you understand these trends and decide what to do about them. Any attempt to alter a record breaks the chain, and since validated copies of the database are dispersed over the Internet, no central authority can control it. While it can be used to store a record of transactions in any application, most people associate blockchain technology with cryptocurrencies, which we’ll cover next.
Any digital or virtual currency that uses encryption to protect transactions is called cryptocurrency, sometimes known as crypto-currency or crypto. To track transactions and produce new units, cryptocurrencies rely on a decentralized system rather than a central issuing or regulatory organization. Cryptocurrency uses blockchain technology to track who owns how much money and how much is in circulation.
Anyone can send and receive payments with this peer-to-peer system from anywhere. Cryptocurrency payments do not exist as an actual physical currency carried and traded in the real world, just as digital records in an online database describe specific transactions. Your cryptocurrency-related transactions are tracked in a public ledger. Digital wallets are where cryptocurrency is stored.
Since encryption is used to authenticate transactions, the term “cryptocurrency” was coined. This indicates that sophisticated code is needed to store, transfer, and receive bitcoin data between wallets and public ledgers. The purpose of encryption is to provide security and safety.
The first cryptocurrency, Bitcoin, was developed in 2009 and is the most popular one. The urge to trade for profit accounts for a large portion of the fascination with cryptocurrencies, with speculators occasionally driving prices extremely high.
Semantic Web 3.
The development of the Web will continue with the Semantic Web. Through search and analysis based on the ability to understand the meaning of words rather than keywords or numbers, the semantic Web improves online technologies required for generating, sharing, and connecting content.
According to Tim Berners-Lee, the Semantic Web’s founder, the ultimate goal is to enable computers to edit data more effectively on our behalf. He continues by explaining that in the context of the Semantic Web, the word “semantic” refers to “machine-processable” or “what a computer can do with the data.” The term “web” refers to a searchable collection of linked resources having URI-to-resource mappings.
Machine Learning and Artificial Intelligence
The use of machine learning technologies and other significant branches of artificial intelligence has skyrocketed in recent years. Our telephones are jam-packed with this technology, which explains how programs like Apple’s Siri work. Natural Language Processing enables you to converse with intelligent agents and have them understand your requests (NLP).
Through the real-time processing of enormous amounts of data, machine learning is also utilized to foresee human desires and behavior. Thanks to the Internet of Things, intelligent network-connected devices are everywhere (IoT). This creates numerous opportunities for acquiring data and using it productively. In Web 3.0, computers can understand information just like people do by fusing this power with natural language processing, producing quicker and more relevant results. They develop in intelligence as they serve user demands.
The term “metaverse” refers to a general trend in how people interact with and communicate with technology in today’s fast-evolving world rather than a specific type of technology. If either of these concepts ever comes to pass, the Metaverse is another ill-defined idea that seems to overlap and link with Web3 ideas. The Metaverse is a theory concerning future internet interactions between people. Virtual reality (VR) and augmented reality create a consistent and integrated user experience (AR). You interact with the Web in a much more embodied way when the digital things you own blend with the natural world in the Metaverse.
To conduct computations and display 2D visuals, 3D computer graphics (as opposed to 2D computer graphics) require a three-dimensional representation of geometric data stored in the computer. Websites and services in Web 3.0 frequently use three-dimensional design. This can be observed in travel guides, video games, online stores, and other locations.
Autonomous Decentralized Organizations
Decentralized Autonomous Organizations (DAOs) offer a healthy and safe way to work with like-minded individuals around the globe. Consider them an internet-based company that is owned and operated by its members. They have internal treasuries to which no one is permitted entry without the group’s consent. Decisions are made through proposals and voting, ensuring each employee has a voice.
No CEO can spend money at will, and there is no chance that a dishonest CFO will tamper with the books. The DAO’s spending limitations are written explicitly into its source code, and everything is open.
The organization’s policies are encoded in a permissionless (also known as trustless) blockchain using cutting-edge contract technology. The broad and expensive administrative divisions traditional organizations have built are unnecessary to maintain operations. DAOs make it practically impossible to commit fraud because every transaction and its history are available for public inspection.
The foundation of a DAO is its smart contract. The agreement specifies the organization’s rules and protects its financial resources. After the contract goes live on Ethereum, only a vote can change the terms. If someone tries to do something that isn’t allowed by the logic and principles of the code, it will fail. No one may use the money without the organization’s consent because the intelligence contract also specifies the treasury. As a result, DAOs are no longer required to have a central authority. Instead, decisions are made jointly, and when votes are approved, money is created automatically.
Distributed Computer Systems (Edge Computing)
To reduce latency and bandwidth usage, edge computing is a networking architecture focusing on bringing processing as close as possible to the data source. As described, edge computing entails moving fewer processes from the cloud to local locations, such as a user’s PC, an IoT device, or an edge server, and reducing the amount of long-distance transmission between a client and server by moving processing to the edge of the network.
For instance, data may be handled locally before being aggregated to a central location. This suggests combining hardware’s computing power at the network’s edges to build a sizable decentralized supercomputer. It is a serious problem not to have enough computing power to analyze the data gathered by billions of IoT (Internet of Things) sensors in smart homes, businesses, and retail outlets. Such demands can be met with the help of edge computing, which also helps save bandwidth and transmit data quickly.
A self-executing contract, known as a “smart contract,” is one in which the terms of the buyer-seller contract are written directly into lines of code. The code is distributed over a decentralized blockchain network, along with the agreements it includes. The programming controls the tracking and irreversibility of transactions.
For reliable transactions and agreements to be carried out between dispersed, anonymous players, intelligent contracts do away with the requirement for a central authority, a legal framework, or an external enforcement mechanism. Smart contracts enable the establishment of legal agreements between parties or the provision of financial services at a price significantly lower than conventional contracts. Additionally, they are much fairer and unchangeable once activated.
According to American computer scientist Nick Szabo, who created the virtual currency “Bit Gold” in 1998, smart contracts are computerized transaction protocols that carry out contract terms. With the use of intelligent contracts installed on blockchains, transactions are transparent, traceable, and irrevocable.
If you use a cloud-based service like Google Docs, you are using a centralized application. Your documents’ data is entirely accessible to Google, which has the right to read, edit, and manage it. In return, we may collaborate rapidly, keep our data in the cloud, and gain access to other cloud-app advantages.
What if you could use these cloud services without being subject to a centralized authority? Decentralized applications, also called “dApps,” are helpful in this situation. Most apps use the Ethereum blockchain for their online computations, which are paid for using Ethereum “gas” costs.
Digital programs or applications known as decentralized apps (dApps) function on a peer-to-peer (P2P) network of computers or a blockchain rather than on a single computer. DApps, or “apps,” exist independently of any authority’s control and management. DApps, typically built on the Ethereum platform, can be applied to various things, including social networking, finance, and gaming.
Apps can function on a blockchain or a peer-to-peer (P2P) network. In a peer-to-peer (P2P) network, where many users are consuming, feeding, or seeding content or performing both functions simultaneously, software like BitTorrent, Tor, and Popcorn Time, for instance, runs on computers.
Key Web 3.0 Technologies
AI, the semantic Web, and universal traits may be the foundation of Web 3.0. Adopting AI aims to deliver speedier, more accurate data to end consumers. An AI-powered website should be able to sort through the information and present the content that it thinks a specific visitor would find interesting. Social bookmarking can be a better search engine than Google because the results include websites that users have voted on. However, humans can influence these results. Using AI to discriminate between legitimate and fraudulent results may produce consequences like social media and bookmarking but without negative feedback.
What propels Web3.0’s expansion
The business, technical, and security factors promoting Web3.0 growth are revealed in the Web3.0 Blockchain Market Research Report. The IT sector saw steady revenue growth despite the COVID-19 pandemic’s devastating effects on industries like hospitality, transportation, aviation, and retail. Users’ demands for 5G technology, virtual and augmented reality, blockchain applications, AI, and machine learning opened up the new market potential for IT. These technologies serve as the foundation for Web3.0.
According to Aarti Dhapte, senior research analyst at Market Research Future, “Blockchain has been a proven technology that has ensured the security of the crypto and NFTs to the next level — today, it is poised to revolutionize the future generation of web technologies finally.” “Web3 blockchain will fundamentally change how the various sectors’ current traditional operations operate.”
Almost every industry is anticipated to use Web3.0 blockchain, including financial services, retail and e-commerce, media and entertainment, healthcare, IT, government, and energy.
The very transparent features of a decentralized Web3.0, where all transactions are logged, registered, and immediately traceable, are attractive to top executives and decision-makers. On the other hand, because of the advantages of Web3.0’s quickly evolving technology, developers and IT teams invest in it.
The blockchain’s advantages are alluring. It increases customer acceptance because it is simple to use, extremely inexpensive, and far faster than conventional centralized operations. Decentralized networks are praised for being safer by the cybersecurity industry because it takes numerous coordinated attempts to compromise a blockchain operation. The industrial sector is being drawn in by integrating the blockchain with IoT for logistics, supply chains, and production line operations.
Data transfer, cryptocurrency-based payments, and simple ownership transfer are all made possible by Web 3.0, according to the paper.
Binance, Polkadot (Web3 Foundation), Helium Systems Inc., Decen traland, Alchemy Insights, and Antier Solutions are among the leading businesses advancing Web3.0.
The significance of the financial sector in Web 3.0
The banking, financial services, and insurance industries are some major proponents of Web3.0 blockchain technology. As new technology is expected to revolutionize traditional economic systems, the weight of the global economy is pushing Web3.0 to a new era.
“Decentralized Finance will play a much more significant role than what it is now,” Chapter said.
The unique features of a decentralized network will also increase security. For example, the insurance sector will see fraud reduced, and insurance buyers can expect premium prices to fall as processes become safer and error-free. Similarly, all digital financial industries will be benefited. Governments are also looking into using blockchain to store land records for election digital voting systems, supply chains, and military and defense applications.
User-centered: What is Web 3.0 blockchain Tech
The concept of Web3.0 implies data ownership and decentralized control. The first version of the Internet, Web1.0, was built solely on content produced by governments, organizations, and businesses. This Web was mainly oriented to information and gradually shifted to a consumer-driven space. Few users of this web version were content creators.
Forbes explains that with Web 2.0, users became creators, turning to social media, blogs, and websites. However, they relied on centralized web services owned mainly by big tech companies. Content creation became a business that required audience building, and advertising became the top revenue income for web tech companies.
The Chapter explains that the attractiveness of Web3 is that rather than accessing the Internet through services mediated by companies like Google, Apple, or Facebook, individuals own and govern sections of the Internet. Unlike data, content, or art hosted on the traditional Internet, in Web3.0, when the content is verified through the blockchain, it has a creator, an owner, and a value.
“Decentralized infrastructure and application platforms will displace centralized tech giants, and individuals will be able to own their data rightfully,” Forbes assured. The Internet has always been about connecting users, and billions are expected to use Web3.0 tech actively on decentralized social media platforms. “Content creators on a decentralized social media equivalent can retain greater control of their digital identity while also being rewarded for the activity and value they create on the network,” Chapter said.
Different industries, different blockchain applications
The e-commerce and retail sector is expected to be the massive end users of this new technology. They will benefit from more secure transactions, new apps and services, and new buying and selling methods. The blockchain is also presented as a solution to privacy concerns — a big trend among global users that no longer want to give away their data to big tech companies.
Other industries are using the blockchain in different ways. For example, healthcare is reimagining the storage and management of electronic health records. “Currently, patient records exist in large, siloed, centralized IT systems, making it incredibly difficult to share data between different healthcare teams and services,” Dhapte explained. The risk of storing sensible patient data on centralized systems — where it only takes one breach-attack to be compromised — contrasts heavily against the security benefits decentralized networks can provide.“Blockchain will enable accurate data sharing between healthcare providers, which simply means accuracy in diagnosis and an increase in treatment effectiveness,” Chapter said. In the pharma industry, Web3.0 blockchain is poised to offer more efficiency in supply chains and transform data management in clinical trials and quality management in the pharma sector. When managed by decentralized networks, supply chain management, IoT, and other digital systems that operate with multiple endpoints can be more resilient to disruption.
Web3.0 challenges: Energy and regulations
The blockchain has been criticized for its massive use of energy. Bitcoin is estimated to use 707 kilowatt-hours of electricity per transaction. While this consumption is significantly greater than other digital and centralized transactions, the crypto-energy problem has become a global concern.Projects like Bitcoin Green — which uses highly efficient proof-of-stake consensus and renewable energy sources — have risen as a solution. These are part of a movement to build a zero-carbon, equitable and feeless blockchain, as TechRepublic reported in July.
But Chapter warns that more must be done to address this challenge.
“The reality is there is not enough renewable energy production to cover all the activities, and if miners completely shift to renewable sources, then there will be an excessive burden on non-renewables,” she said.
Another challenge with no immediate resolution in sight is blockchain regulation. The global legal landscape for blockchain is complex, diverse, and often confusing or completely nonexistent. Should top executives be concerned about laws According to Chapter, they shouldn’t. The Chapter explains that some countries may ban coins, but blockchain technology is not. Around 40 nations have either totally prohibited or restricted the usage of Bitcoin, including China, Egypt, Qatar, Kuwait, and Vietnam.
The development of the Web3.0 blockchain market won’t be significantly impacted by this prohibition, according to Chapter, as other significant nations are actively pushing and supporting the future Web3.0 age. Despite its ban on cryptocurrencies, China continues to employ blockchain technology to strengthen its economy. According to International Finance, by 2020, the Asian nation had given the go-ahead for more than 220 blockchain projects and was moving quickly to issue the digital Yuan.
The Chapter continues, “Other nations where digital coins are prohibited will also wish to take advantage of the potential of the Web3 technology.”
Innovations in Web3.0 that executives should be aware of The demand for Web3.0 developers is at an all-time high, and 2021 will see Web3.0 development increase historically. Industry analysts predict the need for Web3 developers will increase over time, given the maturing Web3 ecosystem.
Bounty programs, frequently sponsored by ethical hackers affiliated with groups like HackerOne, have made significant advancements in cybersecurity and app development. Online challenges are a great way to find blockchain developers who can help with bug hunting and developing Web3.0 code by taking part in bounties and spotting new talents and solutions, according to Chapter.
Web3.0 developers are rewarded with cryptocurrency tokens for completing a bounty. This is a good way for vendors that don’t have developers on their team — or don’t want to allocate additional resources — but need to fix bugs in their existing or upcoming Web3.0 applications.
Rapid Web3.0 developments are occurring everywhere, from the widespread adoption of NFTs and cryptocurrencies to the growth of decentralized autonomous organizations and blockchain-based infrastructure and storage.The Metaverse, the decentralized apps market, artificial intelligence, video games, and machine learning are all topics that leaders, decision-makers, and IT executives should be considering, the research claims. These technologies will hasten the development of Web3.0.
Web 3.0 is now a reality (at least in many cases), not just a pipe dream (at least in many cases). This is all made possible by cognitive technology, like that of expert.ai. So many facets of the Internet depend on language. The options are endless if semantics and natural language processing are the core elements.
By allowing people to exercise their sovereignty, Web 3.0 will increase online equity. True independence requires controlling who benefits from one’s time, knowledge, and actions. Thanks to Web 3.0’s decentralized blockchain technology, people can connect to an internet they may own and be fairly compensated for their time and data, eclipsing an exploitative and unfair web where huge, centralized repositories are the only ones who own and benefit from it. Web 3.0 will thereby hasten user data’s ethical and open use, from customized search results to cross-platform development tools and 3D graphics. In the distant future, the Internet will get more immersive and interactive.