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Web 3.0 in India to boost digital economy?

Web 3.0

Web 3.0: All you need to know

The third version of the internet, known as Web 3.0, is built on Blockchain Technology. A smart, independent, linked, and open internet is what Web 3.0 aims to build. One significant trend that is anticipated as we approach Web 3.0 is decentralisation. In essence, it is a theory that distributes power from a single individual or group to the entire population. 

One of the first countries to support Web 3.0 technology was India. India now has more than 230 Web 3.0 start-ups, according to the Cryptotech Industry in India 2021 research by NASSCOM and WazirX.

Web 3.0’s progress in internet technology increases the likelihood that technology may be weaponised, cyber threats will increase in frequency, and problems with national security may occur. It is crucial to carefully assess Web 3.0’s future viability.

But first, let us know a little about the different versions of the web that exists: 

  • Web 1.0

It is regarded as the beginning of the web’s development, when the majority of the content that was available to users was “Read-only,” allowing them to only read it without really engaging with it. 

Search engines, portals, and news websites all had content in this category.

  • Web 2.0 

The main innovation brought about by Web 2.0 is interaction. It became increasingly common to “like” things on social media, “comment” on videos, and share fascinating stuff. 

Additionally, during this era, advertisements began to appear on pages based once again on these data points, and the monetisation of content began to increase.

  • Web 3.0 

Web 3.0, a visually dynamic, semantic, and geographical Web with the concepts of decentralisation, openness, and increased user utility symbolises a new stage in the growth of the internet. 

It incorporates a variety of disruptive technologies, including blockchain, augmented reality, virtual reality, cloud, edge, the internet of things, and cryptocurrency, and it runs on an analytics layer powered by AI for data-driven insights.

What are the advantages of Web 3.0?

  • Open and Transparent Network:  

Web 3.0 is an open network where all programmes and applications are created using free and open-source code. 

In essence, the community has access to the development code, which is a virtual resource, and the development process is maintained open. 

  • Direct Communication Between Vendors And Customers: 

Web 3 technology can also do away with middlemen, enabling direct communication between sellers and customers.

This is primarily made possible by non-fungible tokens in static digital art, but similar systems might be easily implemented in music, movies, and other media.

  • Seamless Ecosystem 

Web 3.0 uses smart protocols on blockchain that do away with the need for middlemen, transferring the centralised control over data held by platform businesses into the hands of the users. 

Promoting a seamless, trustless, and permissionless ecosystem.

  • Personalised Experience 

The distinction between the real world and the digital world could become less clear. For instance, in an AI-powered Web 3.0 e-commerce scenario, suppliers would be better able to comprehend the wants of the buyers. 

Buyers who are interested in those products and services will be shown by them. Additionally, customers will see more relevant and helpful marketing.

  • Independent Monetisation 

User-generated material normally belongs to the platform it is published on in centralised content management, however, Web 3.0 can empower producers by offering them more opportunities to profit. 

This will help almost 2 million Indian freelance content producers.

What are the cons of Web 3.0? 

  • Further increase in cyber crimes 

Some analysts claim that Web 3 regulation would be challenging. They further assert that decentralisation may result in the emergence of novel forms of cybercrime. Among other things, it might cause a rise in online abuse and cybercrime.

Given that the value of unauthorised transactions is rising as a result of increased overall transaction volumes, cryptocurrency-based crime is still a serious problem that has to be addressed.

  • Regulatory lacuna 

The regulatory landscape for the Web 3 industry in India has not yet been fully established. Furthermore, many nations have not yet adopted space and established precise norms for its use.

  • Lack of grievance redressal mechanism 

Due to its decentralised structure, it presents the issue of who to contact in the event of complaints and who is responsible for data breaches.

Conclusion 

India’s socioeconomic progress has been shaped by technology. This technology has improved societal outcomes and increased inclusivity. 

For instance, India has developed low-cost, high-impact tech for better-life innovation through Aadhaar, Jan Dhan, UPI, and CoWin for immunisation. 

India may follow suit and take advantage of this early Web 3.0 development stage by taking the initiative and acting as a catalyst. 

Web 3.0 has the potential to boost India’s digital economy’s value. In order to position India favourably on the Web 3.0 Map given these potentials, the startup ecosystem needs to be supported and given incentives.

The internet will continue to develop as all technologies do, and in order for Web 3.0 to be a powerful engine for global economic growth, states and business organisations must act quickly to create open, moral, and interoperable platforms with strong standards.

 

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