Have you heard about Web 3.0? Do you know what exactly it is meant for? If “no” is your response to both these questions, then it is surely a great sign. You probably have something new to learn about today.
You might say, “How does my lack of knowledge about Web 3.0 change things?” You are probably thinking correctly. Maybe it does not change much for you right now, but it may possibly have an effect on the future prospects of your business. Amused, right?
Well, fret not because you are in the right place at the right time and you could not have been more thankful! So please allow us to enlighten you about Web 3.0.
What is Web 3.0?
To be honest, Web 3.0 is not just an alteration to the technical reality of this world functioning but the finances as well. You probably know the significance of alteration of finances so, we cannot stress on it more. The banks, loans, insurances, funding, stock market, money, and almost everything, that you are capable of thinking about, related to the financial system is changing while you are gaining knowledge through this blog. Interesting, isn’t it?
Technology disruptions are the easiest way to climb up the ladder of success. But of course, for those who understand them well only.
After taking an all-time whopping high of more than 1.1 Trillion USD, Bitcoin in October 2021 is currently worth more than 800 Billion USD on 15th January 2022. And this disruption has made fortunes to thousands if not millions around the globe. This is exactly why there is so much hullabaloo around the idea.
Are you surprised? Yes? Then, read on!
To put things as they are, this is not an easy change to settle in for those who haven’t yet been so “lucky”. And the advent of Ethereum in the play was the real cherry on top of the blockchain revolution that made everything so exciting.
Now, What is Ethereum?
Wondering what Ethereum is? Well, you can consider it as a cousin of Bitcoin who is just more open-minded. Ring any bells?
Ethereum lets you develop public ledgers, Decentralized Apps (also known as DAAPs), smart contracts among other things. People have even developed their own crypto tokens like SHIBA INU on Ethereum Blockchain Network which currently has a market cap of more than 11 Billion USD in January 2022.
We are sure that this makes sense to you. But you may ask, “What is actually changing with all this? We have been listening to all this valuation of gas go up and down all day in the news, some people getting rich by luck and others getting beggarly in the streets.”
That is a good question. Turns out you are reading this blog quite eagerly.
But What exactly is the Blockchain?
Allow us to do the honors! For a very vague understanding, you can consider it like a well-socialized housing colony, where every house has a unique address and everyone knows who owns which house. Here, all the houses are blocks having unique addresses making a blockchain network.
We don’t disagree with you at all. People have been making and losing money every single day even before the blockchain revolution in stock markets happened. But at the moment, we are more focused on the new technology disruption that this has brought.
Easy, right? Now, you may again ask, “By just making a unique address of linked blocks, does everyone know who owns which block? Is it going change anything for real?”
You must be well aware of the fact that almost every business around us has been built on trust. But deep down we possess a question, “what if?” However, we humans tend to be more skeptical around others than our dogs. Humans are complex beings; however, machines are very simple until they are intruded into. Agreed?
Blockchain solves this problem from the ground up by offering nothing but a trust of ownership of tokens/coins. Here you are trusting a network of blocks that are designed in such a way that is practically incorruptible.
Today, the local public has started recognizing cryptocurrency as money. Some have built NFTs (Non-Fungible Tokens) where ownership of any asset can be verified, others have used it as a bank where people have been lending money as mortgages against cryptocurrency in frozen wallets with smart contracts. Mutual agreements of smart contracts have been signed between parties for insurance and whatnot.
We can go on with examples but sadly, we have limits!
But we believe that sky’s the limit if you can solve the “trust problem”.
Decentralized File System (Inter-Planetary File System- IPFS)
Did you know that in recent years, there has been a rise of a new system as a helping hand for this Web 3.0? We find this very fascinating that your data is not owned by any individual corporate giant in their centralized system rather in a distributed file system on a peer to peer for storing and sharing data.
This has made the web very secure yet scalable. Imagine a web owned by people like us who are running this whole world using a peer-to-peer network. You may wonder how this has helped us?
Well, this has resolved the larger on-chain memory storage issue with the blockchain which has led to an enormous number of ideas and products for the B2B businesses, especially in the area of gaming, healthcare, and insurance.
More and more new technologies and ideas are seeing the light of day, making it possible for a new era of the internet which seems to be more secure and distributed.
But What is in the store for me?
Well, for starters, you could get a glimpse of our future and feel excited. Or if you are interested you can lend a hand to build a part of this technology disruptor ecosystem.
But how can you do that? You have the almighty internet to learn from, however, you can also subscribe to digitizing.biz to get updated on these new technologies and much more. Sounds like a plan, does it not?
Conclusion
Technology always brings a change in society somehow. Some benefit more and some less, but the point is that it takes the evolution of us, the humans, to a new level. Instead of being in denial, we should come forward and recognize that the change is happening and understand it and if very excited, we can lead the path to the future. Till then.
Digitizing your Business 