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3 min read

7 Reasons Why Blockchain Technology is Crucial To Web 3.0

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To help you see how crucial blockchain technology is to Web 3.0, we asked CTOs and business leaders this question for their best insights. From blockchain providing content timestamping and structured data to everything getting connected to blockchain in Web 3.0, there are several insights about the enabling properties of blockchain technology that make it crucial to Web 3.0.

What is one reason why blockchain technology is crucial to Web 3.0?

Here are seven reasons why blockchain technology is crucial to Web 3.0:

  • Blockchain Provides Content Timestamping and Structured Data
  • Blockchain Enables Improved Identity and Privacy Protection
  • Blockchain Technology is Secure and Transparent
  • Blockchain Enables Decentralization
  • Blockchain Makes Data Ownership Possible
  • Better Data Processing With Blockchain of AI Things
  • Everything Gets Connected To Blockchain in Web 3.0

Blockchain Provides Content Timestamping and Structured Data

The best use case for Blockchain technology in Web 3.0 is for content creators to time stamp their content as part of their content marketing strategy. This will show original proof of ownership, which is critical to have in case of any IP disputes if someone copies your content. Blockchain time stamping technology can build trust with your audience so they can see every update and change made to your content. In the future, timestamping content on Blockchain may also impact search engine results & schema/ structured data.

Kristen Ruby, Ruby Media Group

 

Blockchain Enables Improved Identity and Privacy Protection

We all use multiple social accounts like Twitter, Reddit, Facebook and Youtube. Although each platform is improving day by day, there are still two significant challenges that remain unaffected. If you want to make any changes to your profile, you will have to update each platform individually. In some cases, you can use social sign-in, which again causes censorship issues. These platforms can lock you out of your entire online presence at any given moment. 

Web3 and Blockchain technology solve these problems by allowing you to control your digital Identity with a Blockchain address and ENS profile giving you complete Identity & privacy protection.

Savan Kharod, Middleware

 

Blockchain Technology is Secure and Transparent

Blockchain technology is the essence of Web 3.0. The blockchain is an immutable ledger that contains data usually pertaining to transactions. Each ‘block’ in the chain carries a little bit of data from a preceding and successive transaction. Once the block is established it cannot be changed and it is the sequence of verified data points that gives the blockchain its security. The chain is visible to all users who are on that blockchain network which emphasizes the transparency of this technology.

Many applications and functions within Web 3.0 will be focused around the concepts of security and transparency. Many Web 3.0 applications and functions will in fact be built on a blockchain system and will require blockchain technology in order to operate. Transparency and security are the cornerstones of the blockchain which makes them the core attributes of Web 3.0.

Katy Carrigan, Goody

 

Blockchain Enables Decentralization

Blockchain is an essential component of Web 3.0, as it allows for digital assets to be transferred without any centralized intermediaries. This is extremely beneficial for individuals living in third-world countries who are less likely to access traditional banking services (i.e., credit cards and ATMs). Blockchain technology also allows for the creation of smart contracts that can be used as legal contracts or agreements between users.

Gisera Matanda, WeLoans

 

Blockchain Makes Data Ownership Possible

For years, the goliaths of web 2.0 have been collecting and profiting from our data while merely rewarding us with meek access to their sites and apps, with centralization of the internet being the stone to their sling. Blockchain eradicates that sling by decentralizing the internet and allowing us to govern sections of it and be owners and profiters of our own data. Today, web 2.0 allows us to store data on centralized servers which are controlled by “trusted” intermediaries.

Blockchain technology allows web 3.0, through peer-to-peer economies and removal of the middlemen, to disrupt the way data is stored and managed (via distributed network of computers known as nodes) thereby removing the power of data ownership from the Silicon Valley wolfpack to us, the rightful owners.

Eraldo Meta, The M-Wek Company

 

Better Data Processing With Blockchain of AI Things

Web 3.0 is the next step in the evolution of the Internet. Blockchain of AI Things for Web 3.0 will allow the processing of data with AI for Human Intelligence, where Computers will analyze and understand the data, using Semantic Web technology & natural language processing.

Blockchain technology will be deployed to run dApps, Defi in an open, trusting, permission-less, nature, and finally, The Internet of Things will be required to get machines to talk to other machines and robots but only so that we humans can control our own data and self-sovereign identities. Those same machines will use incentive programs to mine tokens to achieve decentralized delegate authority and voting rights as PoS or "staking" in decentralized networks. 

Blockchain for Web 3.0 is critical to help avoid the online abuses of Web 2.0 and avoid the monopolized, corrupted, and abusive behavior of the past online. Web 3.0 = Blockchain of AI Things

Karl Weaver, aitos.io

 

Everything Gets Connected To Blockchain in Web 3.0

There could be a single currency on planet Earth as eventually everything gets tokenized and connected to a Blockchain in Web 3.0. The world could become a Token economy world. Web 3.0 is primarily Decentralization. Decentralization is achieved through tokenization. Tokenization is a solution that divides the ownership of an asset into digital tokens. Token economics reflects the production and consumption of materials and services that have been tokenized.

Nilabdhi Samantray, CSM Technologies

 

About Our Guest Author: Terkel creates community-driven content featuring expert insights. Sign up at terkel.io to answer questions and get published. 

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