‘Hey Siri, turn up the volume by 5 points’ there goes the music up without you having to reach out for the remote – something we saw only in magic shows and movies! This is exactly what Artificial Intelligence is doing for the world today, making living easier, advanced and unimaginably fast. As we find AI seeping in different parts of our lives, the term Web 3.0 has also found its space on the shelf, and Apple’s Siri, Amazon’s Alexa, Google’s Assistant with their voice recognition software is one of the perfect examples of it. These voice assistants are now integrated with smart everyday home devices, which are transforming the way humans interact with or use them.
Web 3.0 is initiating a digital revolution that will make manual communication techniques a thing of the past and will introduce an ecosystem where no one organisation or platform will be able to control your actions on the internet, a much needed upgrade to the current scenario we are in.
Transitioning from 2.0 to 3.0
Web 2.0- the current medium of technology, that the world has been running on since 1991, has transformed the way communication and transactions took place across the globe. However, it also had a lot of loopholes like being prone to widespread cyberattacks, forging a digital divide, and being a threat to digital transactions as well. In an attempt to safeguard users from it all, Web 3.0 was birthed as the third generation of the internet in the early 2000s but it is only now that the idea has come to the forefront for the common public. Web 2.0 was considered to be only a read-write web, but Web 3.0 is being considered as a read-write-interact web which means it will let you interact with content including 3D-graphics as well. Web 3.0 is a decentralized way of networking online that processes user data in a faster way to provide a personalized user experience.
Being built on the technologies of artificial intelligence, machine language, and semantic web, Web 3.0 is turning up as a safe haven for the new generation of internet users. Interpreting human mannerisms and understanding the context of user queries, Web 3.0 aims to deliver an evolved, more diligent and accurate answer. The fact that Web 3.0 is based on blockchain technology, makes it decentralized, which means no more mediator interference will have to be ensured before making any digital exchange anymore. Unlike in Web 2.0, with Web 3.0 users would find it easy to share and transfer their data, promote information to advertisers without an incumbent risk of a data breach or privacy corruption.
Prospective perils of Web 3.0
While we are talking about the advantages of Web 3.0, it’ll be perfunctory to turn a blind eye towards the possible liabilities that come with it. It is no secret that decentralization would vouch for an easier and safer space of communication, but it would also limit the medium of reversing any action once made online. Since people are very well versed with the older versions of the internet, getting used to this modern approach would consume time and effort for all to understand its usage, risks, issues that come along with it. Despite innumerable measures and claims made for safety, the absence of a specific and dedicated law and regulation over the network will result in risks that all stakeholders will face, without robust protection or recourse.
Post the advent of Web 3.0, reputation management will also be a major task for companies. As important for brands to maintain credibility in the market as it is, Web 3.0 will increase anonymity and indirect competition, and decentralisation will also, perhaps reduce monopolistic behaviour or trends in the industry. Once we look beyond the concerns it causes, decentralisation could be the much-needed answer against tech-giants and their prominent monopolistic behaviour.
With Web 3.0, companies would be required to be on the top of their reputation management game with cutting-edge market intelligence, user-friendly policies and attitude, and stringent marketing aptitude.
To avoid any such fiascos on the way, the makers of Web 3.0 have themselves drafted a series of legal documents that come hand in hand with the use of the network. Also considering how this complete iteration is based on blockchain, it becomes all the more essential to get acquainted with the legalities involved here:
- Investing Prospects: Investment here can only be done via cryptocurrencies or NFTs or any other decentralized currency that comes up in the future. As more and more companies are jumping into the metaverse today, users need to be very careful with making these exchanges as the legal ramifications of this going wrong could be very costly and complex.
- Intellectual Property and Royalties: IP issues are a matter of concern that every buyer or seller here would need to give major focus on especially if they are dealing with NFTs.
- Money Laundering: Like said above, the absence of regulation changes a lot of things and since no mediators will be involved during this exchange, it is always suggested to make sure transparency is maintained and that you are 100% sure of who the person on the other side is.
- Cyber Threats: Since blockchain technology is all about protecting privacy, it makes it very hard to identify any accused in any case of a data breach. Therefore, just to be on the safer side it is advised for all users to stay in touch with organizations that finesse these safety measures.
- State Laws: Apart from the international and federal laws, do not forget to understand and follow the jurisdictions allotted by your government on the technology as it is still in the hay-way position in a lot of areas.
Allegations against leading search engines for using monopolistic practices to control the way searches, purchases and interactions are done on the internet have been far too many in the recent past. This majorly impacts the interest of users, Web 3.0 will hand more power to the users, each user’s content and data will belong to them, with lesser threat of misuse or theft. With centralised technology, this issue would perhaps be resolved without the giants influencing the move.
All said and done, Web3.0 is an open and ubiquitous technology that is destined to bring a paradigm shift in the internet game. From Apple’s Siri and Wolfram Alpha to Steemit and Sola, this new wave of revolution is making changes in the world and it undoubtedly is the time to embrace it with open arms, while definitely ensuring all safety measures.