- What is WEB 3.0?
- Web 3.0 vs Web 2.0 – Which is better for your business?
- User Interface
- Security & Privacy
- Web 3.0 vs Web 2.0
- Types of Applications:
- State of Data:
- Web 3.0 vs Web 2.0 - How will it be Different for Businesses?
- Lack of Third-Party Intermediaries
- Customer Relationship Management
- Supply Chain Management:
- New Marketing Outlook
- How can Appinventiv Assist you in Transitioning into a Web 3.0 Business?
It is a well-known fact that the internet has evolved from being static (Web 1.0) at its inception to today’s interactive web medium (Web 2.0). This change is because of the radical evolution of the technologies, internet protocols, and demanding user experience requirements. We are now moving to the upcoming version of the internet (Web 3.0). These terms do sound familiar, but what is Web 3.0, and how is it different from Web 2.0? Let us get into the definition and details of Web 3.0 and understand how it matters for businesses.
What is WEB 3.0?
Web 3.0 is an evolving version of the internet where users can view, write, and interact with content. To answer the question of what is Web 3.0, the brief answer is, it is the “read-write-execute” phase. It includes machine-to-machine communication and dynamic applications. This version connects decentralized data sources for a quicker and more individualized user experience. This is also where the metaverse is being built.
In this version, computers can understand data similarly to humans and intelligently deliver relevant content following user requirements. Web 3 is a decentralized internet that uses blockchain technology to protect your data. Instead of computer giants dominating the platforms, it will give consumers ownership stakes in the platforms and applications. Artificial intelligence (AI), machine learning (ML), and the semantic web will all be used in Web 3 technology and enable the execution of this phase. Computer systems will benefit from the semantic web’s aid in comprehending and interpreting the context and meaning of the material. As a result, the end user receives the most relevant and precise result. Although platforms like Facebook and Twitter powered web 2.0, web 3.0 tech companies feature artificial intelligence services or DApps. These DApps run on cryptocurrency tokens, such as Web3 tokens.
Web 3.0 vs Web 2.0 – Which is better for your business?
Superficially, both web versions are similar as the latter is taken as the base, and the newer version is a step ahead. Having said that, the nature of your business will lead to the right version adoption of the web. Let us look at it in a comparative manner to analyze it better, which can help you make an informed decision.
Web2 offers a dynamic user interface providing excellent user experience with real-time updation of the information. The information being shared is controlled by the tech giants. Web3, on the other hand, provides data control to the user making it more secure. However, as it is in the nascent stage, it might be slower than web2.
This is the biggest change that Web3 has brought. The data in the web2 version is controlled by the centralized authority that helps provide a personalized user experience. The web3 version works on a decentralized principle offering complete control to the user.
Security & Privacy
All the web2 applications are, though, controlled by the centralized authority, and the owner decides the security protocols of the data. Whereas the web3 applications do not require your personal information making it secure and safe. The information is provided in the form of tokens. However, this does restrict the opportunity to scale and would require a lot of maneuvering in case you wish to scale your operations.
Based on the control of the data, the transparency level with web3 is automatically enhanced. Blockchain technology helps create immutable entries that are easily accessible to users. Searches for products and services can be made more direct with increased trust.
The operation on the web2 versions demands time and dedicated focus for streamlining the business operations. Web3 facilitates smart contracts enabling transaction ledger availability to everyone involved while providing real-time status and data.
Web 3.0 vs Web 2.0
Let’s compare and understand the difference between web 2.0 and web 3.0 based on specific criteria. Web 2.0 is primarily about read and write-level interactions. The web 2 vs web 3 comparison can be easily made by taking their distinct features and detailed impressions of the user experience they provide. For instance, you can see that web 3.0 places more of an emphasis on the semantic web.
The first criterion is the meaning of the two web versions. The second generation of internet services, often known as Web 2.0, allows for read-and-write functionalities and is thus called the read-write phase. Web 3.0, on the other hand, encourages the development of smart applications by enabling them to use ML and AI characteristics. Web 3.0 applications that stand out include integrated gaming, 3D portals, and multi-user virtual environments. Web3 game development services cater to applications that stand out, including those with integrated gaming, 3D portals, and multi-user virtual environments.
The following crucial criteria for differentiating between web 2.0 and web 3.0 would undoubtedly bring attention to the main objectives of the two generations. The main goal of Web 2.0 was to make it possible for users to engage with online information. On the other hand, Web 3.0 encourages participation so that users can fully immerse themselves in online content. Web 3.0 wants to connect knowledge, whereas Web 2.0 wants to connect people. On a larger scale, web 2.0 concentrated mainly on tagging and end-user experiences. Web 3.0 emphasized empowering users by enabling better trust, privacy, and security. So, it is evident that the target area is an important consideration when comparing web 2.0 with web 3.0. Web 3.0 aims to empower people, while Web 2.0 focuses primarily on community building.
Types of Applications:
The following criteria would be the kind of applications connected to the two versions. Web 2.0 is characterized by web apps. Web 2.0 applications include two-way websites, video websites, podcasts, and individual blogs. Web 3.0, on the other hand, encourages the development of smart applications by enabling them to use ML and AI characteristics. Web 3.0 applications that stand out include integrated gaming, 3D portals, and multi-user virtual environments.
State of Data:
Another significant element in the outline of web 2.0 and web 3.0 distinctions is the status of the data. The network assumes ownership of the data in web 2.0. But Web 3.0, on the other hand, suggests that data should be owned by an entity and shared freely throughout the network.
The features are undoubtedly the last point of comparison between web 2.0 and web 3.0. Web 2.0 introduces a wide variety of web apps and social media apps while enabling improved engagement. It also makes use of interactive advertising. Conversely, web 3.0 offers intelligent, web-based functionalities and applications and relies on behavioral marketing. In reality, web 3.0 provides a beautiful illustration of web technology and information fusion.
Now that we know the difference between web 2.0 and web 3.0 and the upgrades in Web 3.0, let’s see how it will benefit the industrial sector.
Web 3.0 vs Web 2.0 – How will it be Different for Businesses?
Users can better control their data with Web 3.0 using decentralized networks. Privacy and security of the data have always been a concern for businesses that are better addressed in the latter version of the web. Based on these principles, businesses get the following listed benefits with Web 3.0 compared to Web 2.0.
Lack of Third-Party Intermediaries
Internet usage has already transformed how businesses operate. Much more significant changes are coming with the advent of Web 3 technology. The increased ability to share and collaborate on data will probably lead to new business models based on these activities. Small businesses will be able to lower operating costs and improve their ability to compete. Web 3.0 business opportunities will be powered by decentralized blockchain technology, in contrast to Web 2.0. Information may be processed across multiple devices rather than a central server. Companies will be better equipped to manage and use their data to improve their products and services. Data-driven companies will be able to create new recommendations and offer services that were previously unfeasible. Also, increased data utilization would help businesses better understand their customers’ needs and build products and services appropriately.
Customer Relationship Management
The advent of Web 3.0 companies will radically alter how small businesses interact with customers and respond to their inquiries. Customer relationship management (CRM) has historically been important to businesses. A detailed grasp of the demands and preferences of the customer is necessary to deliver customized services and offers that will increase sales and customer loyalty. Yet, employing traditional CRM techniques has proven difficult because they are frequently confined by the data, making it challenging to acquire a complete picture of the consumer.
Social media, surfing history, and other data sources enable Web 3.0 technology to help businesses understand customers’ preferences better. This will enable them to offer customized services and, eventually, a better chance of connecting with customers. Sales will rise, and customer relationships will improve. Customers will also be able to put more faith in company data. In contrast to Web 2.0, data in Web 3.0 will be kept on decentralized networks, making tampering and exploitation more difficult. Access to accurate information about their transactions would be available to customers. They can see real-time supply chains. Consumers will be given reliable updates on the status of their orders, which will increase the credibility of the business. Web 3.0 has the ability to change how businesses interact with their customers and how they use CRM.
Supply Chain Management:
SCM refers to planning, implementing, and managing a supply chain’s operations. It covers the movement and storage of raw materials, unfinished goods, and works in progress. Supply chains are used to produce and deliver goods and services to customers. By maximizing the flow of resources, information, and cash along the supply chain, one of SCM’s primary goals is to meet consumer demand.
Traditional supply chains have made way for increasingly decentralized Supply Chain Networks in recent years (SCNs). SCNs are networks built on information and communication technologies that include suppliers, manufacturers, distributors, retailers, and other participants.
New Marketing Outlook
Web 3.0 will fundamentally change the game regarding providing small businesses with innovative and economical marketing solutions. Local businesses can now reach customers directly with mobile advertisements. It will open up a new universe of opportunities for sophisticated segmentation and marketing research for small business owners. Businesses may target customers more successfully by creating appropriate messaging with access to increasingly sophisticated and nuanced data on customers’ online browsing behaviors. Some of the features of Web 3.0 are already utilized by apps that track real-time data.
How can Appinventiv Assist you in Transitioning into a Web 3.0 Business?
Whether you are a startup or a well-established company trying to integrate the features of Web 3.0 and use it to maximize your growth, the essentials you need to integrate and implement the right AI and ML tools to take your organization to the next level can be achieved by partnering with
- A company that you can rely on
- A company with the right technology resources
- A company with experience in what they are doing
We at Appinventiv provide you with it all. We’ve worked with multiple companies providing them with various digital assistance and upgrading their technical aspects.
For instance, we have created a transparent system in the hotel industry with our Empire app. The app enables our client with real-time guest information and smooth booking services while enabling crypto transactions. This enabled the client to get rid of the intermediaries, thus increasing better customer service and increased profits.
We can assist you with a smooth web 2 vs web 3 transition. We look forward to being helpful to you as well. We love listening carefully to each problem and curbing them with the help of innovative technologies combined with our experienced and knowledgeable staff.
Q. How does Web 3.0 affect businesses?
A. With virtual shops and monetized digital assets, Web3 will promote more incredible innovation and entrepreneurship. By creating a blockchain-based, tamper-proof record of transactions, Web 3.0 technologies can assist in increasing transparency and confidence between businesses and their customers. Customers can monitor where their products are at each stage of the production process using a real-time supply chain view.
Q. How can a company use Web 3.0 technologies to gain a competitive advantage?
A. Web3 will eliminate outside data brokers who don’t often care about customer privacy. These businesses frequently collect data without telling the users and then monetize it. Companies that purchase this data later lose the trust of their clients. By taking data brokers out of the equation, Web 3.0 companies find a solution to this problem. In addition to it, it enables better customer relationship management, supply chain management, and a completely new marketing outlook.
Q. What is web2 and web3?
A. The “read-write” era of the internet, or Web 2.0, began in the latter part of the 2000s. It was an improved model that allowed for user and website interactions. A future version of the internet called Web 3.0 will enable users to view, create, and engage with content. This stage is known as “read-write-execute.” Versatile applications and machine-to-machine communication are included.