Both of these will also lead to consumers being keener to visit websites.
Blockchain is also unlikely to be hacked because of end-to-end encryption, which means increased data privacy for users and minimal chances of cybersecurity threats. They will have to share control with consumers themselves. In a potentially ‘cookie-less world’, brands will no longer be the sole custodian of user data. The next frontierĬoming to blockchain and the inherent ‘ decentralisation’ it brings with it, Web 3.0 gives the control back into the hands of consumers and communities in many ways. Even in our personal lives, imagine the comfort of having automated homes, workplaces, and public spaces owing to the power of connected devices and IoT. Not just sports, the innovations of Web 3.0 can disrupt many an industry and make or break many a brand.
BOOM 3D KEEPS CRASHING TRIAL
In fact, as per this same FICCI-EY report, metaverse will be crucial to the amplification of niche sports-to enable trial and build stickiness. The Semantic Web, Web 3.0’s initial avatar, is probably the reason we have a digital streaming boom in the world today.Īdd to this the possibility of having 3D versions of your favourite characters leap out of the screen while you’re watching your much-awaited show or playing the latest version of your game. For example, AR technology teamed with geolocation to generate 3D maps would help consumers locate businesses with greater ease. The deep tech stack of Web 3.0 will help brands create efficient customer journeys. The most important shift we foresee is the relationship shared between brands and consumers. Overall, the widespread adoption of Web 3.0 is going to bring in three critical things in its wake. By 2025, India is estimated to have over 50 million avatars in the metaverse, unlocking an incredible virtual commerce opportunity. Moving to a ‘smart’ futureĪs per FICCI-EY’s 2022 report on the media and entertainment industry, avatars and virtual lives will become more prevalent in India. Web 3.0, also known as Semantic Web for a long time, is built on three key pillars -ġ) Blockchain that enables ‘decentralisation’,Ģ) Artificial Intelligence (AI) and Machine Learning (ML) that help to sort data intelligently to offer the best choices to a user, andģ) Internet of Things (IoT) that adds interoperability, connecting the Internet to smart devices in homes and workplaces.Īdd to this oft-spoken about elements like Virtual Reality (VR) and Augmented Reality (AR), the potential of the metaverse and digital assets like NFTs, and we have a future that’s incrementally more exciting than the present, with a bagful of opportunities. He was referring to a potential third generation of Internet-based services that would constitute ‘ the intelligent Web.’ Some other sections believe the term was created in 2014 by Gavin Wood, Ethereum's co-founder. Some believe the term Web 3.0 originated in 2006, introduced by John Markoff of the New York Times. In fact, as per a report launched in December 2021, Web 3.0 and blockchain can add a staggering $1.1 trillion to India's GDP by 2032.Īhead of the 75th year of India’s Independence, let’s look at how Web 3.0 will be crucial to India’s economic growth. Built on decentralisation, increased utility and privacy for users facilitated by digital contracts over peer-to-peer networks, sans any play by Big Tech, Web 3.0 is the next phase of the internet ecosystem that will transform the future of the digital revolution. Those of us who prowl the Internet meticulously would be aware of the latest buzzword to hit everyone’s eye-Web 3.0 and terms like crypto, metaverse, and NFTs.
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