Understanding How Web 3.0 Will Affect Business in the Future
Krishna Jadhav has observed over the previous three decades, the Web has undergone a significant transformation. Since Web 1.0's early years, when the internet primarily served as a channel for transmitting text-based information, a lot has changed (Boudlaie, Nargesian and Keshavarz Nik, 2019). Rich media content has now arrived due to the shifting tides of fast-increasing consumer requirements and the arrival of Web 3.0. Web 3.0 is the next significant advancement in how we access and exchange information online. Soon-to-be-released AI-enabled search engines are already having an impact on user behaviour. The user's experience will be personalised in this next Web generation to meet their wants and tastes (Figure 1). Data that any organisation, such as governments, cannot suppress will be accessible to users.
Figure 1: SEMIoTICS interoperability framework
(Source: Hatzivasilis et al., 2018)
Since it is on their own devices, Suffice it to say that will be the next stage of corporate development. Before delving more into Web 3.0, it is vital to clarify that Web 3.0 and Web3 are not synonymous (Bergquist Mcneil, 2022). Although Web 3.0 and Web 3 cannot be seen theoretically or practically in isolation, they should not be used interchangeably. Web3 is a more advanced decentralised blockchain-based Web (Figure 1). Semantic Online is a new type of web content in which data is arranged so that machines rather than humans can decipher it. According to the official W3C website, "Seman
tic Web technologies enable anyone to develop web-based data repositories, define vocabularies, and write rules."
(Source: Lundberg and Petrén, 2022)
Personalisation: Web 3.0 pushes personalisation to new heights. Real-time data integration can help to make online interactions and interests more relevant (Figure 2). Adopting the proper business model may help firms give a considerably enhanced client experience while providing numerous advertising and promotion opportunities.
Mobile-First Experiences: If you want to capitalise on Web 3.0 and better engage and reach your target audience, you must provide end users with a mobile-first experience. Businesses that do not react to this trend risk falling behind. Consumers today want not just an integrated omnichannel experience but also easier and faster access to information (Hatzivasilis et al., 2018).
In Krishna Jadhav’s conclusion, Web3 may be thought of as the progression of Web 3.0. This concept is built around the idea of a decentralised Web, focusing on blockchain technology, encryption, and cryptocurrencies. It also includes the application of virtual reality (VR), augmented reality (AR), and, most recently, the metaverse.
Bergquist Mcneil, L. (2022). Blockchains, smart contracts, and stablecoins as a global payment system: The rise of web 3.0. https://www.diva-portal.org/smash/record.jsf?pid=diva2:1671071
Boudlaie, H., Nargesian, A., and Keshavarz Nik, B. E. H. R. O. O. Z. (2019). Digital footprint in web 3.0: social media usage in recruitment. AD-minister, (34), 139-156. http://www.scielo.org.co/scielo.php?pid=S1692-02792019000100139&script=sci_arttext&tlng=en
Hatzivasilis, G., Askoxylakis, I., Alexandris, G., Anicic, D., Bröring, A., Kulkarni, V., ... and Spanoudakis, G. (2018, September). The Interoperability of Things: Interoperable solutions as an enabler for IoT and Web 3.0. In 2018 IEEE 23rd International Workshop on Computer Aided Modeling and Design of Communication Links and Networks (CAMAD) (pp. 1-7). IEEE. https://ieeexplore.ieee.org/abstract/document/8514952/
Lundberg, L., and Petrén, M. (2022). DApp Revolution: An Investigation into the Nature and Business Models of Web 3.0 Decentralized Applications. https://odr.chalmers.se/handle/20.500.12380/305006