How Web 3.0 is going to shape our lives

The next iteration of the internet, Web 3.0, is anticipated to be more user-focused, safe, and decentralised than the current web (Web 2.0). In addition, Web 3.0 will use Blockchain, AI, and other cutting-edge technologies to build a more open and cooperative digital infrastructure.

Countries worldwide are looking into using Metaverse technologies to give their people better services. It can involve using virtual environments to deliver services in the fields of education, healthcare, and entertainment, as well as developing brand-new avenues for business and social contact.

South Korea has taken the lead in adopting Metaverse technologies, creating a virtual version of its capital city, Seoul, in the Metaverse. This virtual environment enables users to explore the city and interact with other users while providing access to a range of services such as shopping, entertainment, and education.

In 2021, Colombia held the world’s first Metaverse court hearing. The hearing took place in a virtual environment, with judges and lawyers using avatars to represent themselves. It exemplifies how Metaverse technologies can enable remote communication and collaboration. Japan is also exploring the use of Metaverse technologies, with plans to build its virtual world that corporations and individuals can use. This virtual environment is expected to provide new opportunities for commerce, entertainment, and social interaction. A Metaverse job fair was held in Japan in late January this year with around 2000 students and 179 companies participating. An America-based major fast food franchise organized a wedding for 2 of their biggest fans in the Metaverse.

We will see more nations and organisations utilising Metaverse technologies to provide their people and clients with new and inventive services as these technologies advance and mature. With a virtually infinite number of applications and uses in our daily lives, it greatly simplifies data storage, security and verification across various sectors.

Academic degree and work experience certificates on Blockchain: In Web 3.0, these certificates can be stored on decentralized identity (DID) systems that give users control over their personal data. DIDs can also enable self-sovereign identity, meaning individuals can own and control their identities without relying on centralized authorities. It can make it harder for fraudsters to manipulate or forge academic or work experience certificates.

Counterfeit of luxury goods: In Web 3.0, non-fungible tokens (NFTs) can be linked to luxury goods to create digital ownership records that are publicly verifiable. It can help eliminate counterfeit goods and assure consumers that they are buying authentic products.

Ownership of vehicles or electronics: In Web 3.0, ownership records of physical assets such as vehicles and electronics can be stored on blockchain-based registries that are publicly verifiable. It can help reduce the risk of terrorist activities by making it harder for criminals to use these assets for illicit purposes.

Land ownership documents on Blockchain: In Web 3.0, land ownership documents can be stored on decentralized land registries that are publicly verifiable. It can help reduce disputes and forgeries by making it harder for fraudsters to manipulate land records.

Financial crisis due to unsolicited loans: In Web 3.0, financial transactions can be recorded on decentralized ledgers that are publicly verifiable. It can help increase transparency in the lending process, making it harder for banks to grant unsolicited loans to corporates. Additionally, decentralized finance (DeFi) platforms can enable peer-to-peer lending, which can provide an alternative to traditional banking systems.

NFTs and gaming: In Web 3.0, NFTs can be used to monetize digital assets in gaming environments, allowing gamers to buy, sell, and trade virtual assets in a decentralized and secure way. It can create new revenue streams for gamers and incentivize them to invest more time and resources in gaming environments.

Additionally, Web 3.0 is anticipated to improve user data protection and privacy. For example, secure and impenetrable data storage can be made possible by decentralised technologies like Blockchain, where data can be spread across a network of nodes while encrypted. As a result, it could make it more difficult for hackers or other nefarious individuals to obtain or alter user data.

Decentralized identity systems can also give users more control over their personal data by letting them share it only with certain people and remove access when necessary. In addition, users are anticipated to own their intellectual property in Web 3.0. (IP). As a result, users will be able to monetize their works without giving up control over them and will have more control over how their material is used.

Users can directly offer digital assets like artwork, music, and other creative works to customers without using mediators using decentralised marketplaces like NFT platforms. As a result, creators can generate new sources of income and receive a just reward for the worth they contribute.

A more user-centric and decentralised internet, where users have more control over their digital identities, data, and intellectual property, is generally anticipated from Web 3.0. It can improve user data privacy and security while opening new revenue and value-creation possibilities.

About the Author : Sukrit Singh, Co – Founder, XP&Dland