In our first post of this series, we covered what web 3.0 is, in this post, we'll cover 5 of the primary benefits web 3.0 can bring to the world.
1. Transparency
The benefit of distributed ledger technologies and decentralization in Web 3.0 is that you can follow your own data and inspect the code behind the platforms you choose to use. You don’t need to trust a major corporation. In fact, there may be no corporation at all behind the platform you’re using. (Most major blockchain platforms are being developed by nonprofits.) This hearkens back to the early days of the internet and the original ethos of a free and open forum for exchanging ideas.
2. Fewer Middlemen
Decentralization promises to connect providers directly with consumers. No central authority will take a cut of the profits from an electronic transaction. We won’t be able to eliminate all middlemen using blockchain technology. We will still need reasonable regulation and systems for monitoring fairness, but we will see a shift toward decentralized and trustless networks over centralized institutional control. For example, it’s possible to imagine a blockchain replacement for Airbnb where hosts and guests can connect directly without an intervening service. Even large-scale marketplaces, like a decentralized replacement for eCommerce platforms like Amazon, are possible and under development.
3. Privacy
The number of data breaches and misuses of user data over recent years should give consumers pause when thinking about how they share information online. One major advantage of blockchain and recent advancements in cryptography is that you can secure and track your personal data on the Web. Privacy is important whether we’re talking about civil liberties or identity theft.
4. Data Ownership & Sharing
Have you ever thought about how tedious it is to fill out registration forms online? With Web 3.0, you’ll likely have one personal profile that works across numerous platforms. You’ll own your profile and associated data that you won’t need to give away to corporations. However, if you choose to, data will be easier to share, its accuracy can be verified, and you’ll even be able to sell your data to advertisers or brands.
5. Incentivize Creators
Connecting consumers directly with producers has the added benefit of making it easier to become a producer. Without middlemen and gatekeepers, people around the world can start businesses and find customers directly on Web 3.0. Digital currencies and distributed platforms are breaking down national barriers and social prejudices. All you need is a good idea and someone who is willing to pay you to execute it.
Web 3.0’s Advantages
Web 3.0 is the future of the internet, where applications become smarter, more private, and more decentralized. As the new infrastructure and platforms come online, the experience of using the internet will change dramatically. Today’s internet is an amazing resource, and it enables us to do powerful things. However, it also requires us to give enormous amounts of data to middlemen companies who aren’t transparent about their practices. Web 3.0 seeks to change that and create a more open and transparent internet.