Web 3.0 Along with Blockchain Impacts the Digital Era Disruptively
Web 3.0 is the most disruptive technology, poised to bring revolutionary changes to the entire digital world. It allows anyone to create, utilize, and modify the internet with open-source software. Meaning, the interactions between users are not governed by a trusted third-party regulatory body, and anyone can participate without requiring permission from governments or regulatory bodies.
With Blockchain, Web 3.0 becomes more human, where Blockchain drives the data collection and management process across the web. Web 3.0 Blockchain technology enhances data transparency without having to collect data in a centralized manner. The technology also makes it possible to transfer digital assets and wealth cross-border in a time and cost-efficient manner.
Blockchain Serves as a Key Enabler for the Web 3.0
Blockchain plays a crucial role in data storage and management, offering a unique collection of data or a universal state layer. In addition to introducing machine learning and connecting machines through IoT, web 3.0 runs on decentralized protocols. The convergence of Blockchain in web 3.0 exhibits network interoperability that allows automation using smart contracts, seamless data integration, and censorship-resistant P2P data file storage.
One of the prominent examples of web 3.0 with explicit blockchain functionalities is decentralized automation in organizations. The groundbreaking decentralized social protocol of Follow intends for the web 3.0 services that offer complete control of the social identities and user data.
The development of web 3.0 focuses on the creation of new social infrastructures needed to fulfill the core internet precedents. Blockchain eliminates the need for trusted intermediaries alongside enabling the networks to collectively remember the user interactions or preceding events. This signifies that Blockchain is definitely a momentous force in opening up the possibilities for the internet with better decentralization.
Why Businesses Need Web 3.0 Blockchain
Web 3.0 Blockchain changes the way businesses operate and internet users interact with the digital world. The implementation of web 3.0 allows businesses to become transparent and highly user-centric. Businesses can leverage the capabilities of web 3.0 to Blockchain upgrade their apps so as to make them transparent and open to all to access.
Web 3.0 Blockchain Benefits across Industries Drives the Market Growth
The Web 3.0 Blockchain market is poised to reach USD 6,187.3 MN by 2023. Further, during 2023 to 2030, the market valuation would expand at a 44.6% CAGR. Increasing focus on decentralized data ledgers and Web 3.0 Blockchain benefits in cryptocurrency are two major driving forces. The market witnesses heavy investments in the research & development of innovative technologies.
The benefits of Web 3.0, especially in the cryptocurrency industry, are attracting heavy R&D investments. Cryptocurrencies are poised to transform the way people interact in gaming and enable non-fungible tokens (NFTs). Besides, the ability of Web3 to avoid internet hacks and leaks by offering data security and privacy boosts the market size.
As Web3 penetrates more deeply, the market is expected to garner significant traction in the next few years. Cryptocurrencies are poised to transform the way people interact day-to-day and gaming and non-fungible tokens (NFTs). Moreover, the prominence of Web 3.0 Blockchain applications in several domains, including BFSI, healthcare, and retails, escalates the market’s growth.
On the flip side, the lack of integration capacity would hamper market growth, delaying the adoption of blockchain technology. Nevertheless, advances in analytical capabilities in communications and expansion of existing 3G/4G and 5G technologies would support the market increase throughout the analyzed period.
Developments in the Web 3.0 Blockchain Industry
On May 03, 2022, Fifa, the global soccer governing body, announced a partnership with Algorand, a Blockchain firm, to aid in developing its Web 3.0 strategy. Through this technical partnership, Algorand will help Fifa develop its digital asset strategy for Web 3.0 in line with the soccer body’s sustainability goals.
As a Blockchain partner, Algorand becomes Qatar 2022 World Cup regional supporter in North America and Europe. Algorand will gain branding inventory across Fifa’s assets, as well as other promotional opportunities. The deal also designates Algorand as the 2023 Women’s World Cup sponsor.
Algorand is always focused on building technology that promotes inclusivity, opportunity and transparency for all. Fifa is the most recognized and distinguished organization in global sports, and this partnership will showcase Algorand’s blockchain potential in transforming the experience of the world’s game as expected.
The collaboration clearly indicates Fifa’s commitment to continually seeking innovative channels for sustainable revenue growth and further reinvestment back into football, ensuring transparency to its stakeholders and worldwide football fans, a key element of its vision to make football truly global.