Web 3.0 and Data Analytics – Part 1
Blog | May 5, 2022 | By Sachet Kashyap
I recently got intrigued by the advancements in Blockchain Technology and Crypto Industry and started reading about it, and it turned out to be a rabbit hole. I am still not able to fully fathom the endless possibilities this new technology brings but one thing is for sure, future looks bright. Being a data analyst, I wanted to find some sort of a relation between my current work and Blockchains and as it turns out, it is one of those areas which exists but is not explored to its full potential. In this multipart blog I would attempt to find the synergy between these two areas and see if Data Analytics can play a pivotal role in Blockchain Technology space.
So, what is Web 3.0?
To better understand Web 3.0 and what sets it apart from the Internet we know and use, we must first look at Web 1.0 and Web 2.0. Web 1.0 called the Static Web, was the original internet that offered access to limited information. In the 1990s, the websites were built with static HTML pages, so they only displayed information, with users being unable to change the data. As a result, there was little to no user interaction, and the first internet was more like a one-way highway where only a select few created the content and the information came from directories. Web pages were designed for information consumption and served from expensive servers.
Even though the current internet generation has changed things considerably, it has drawbacks, such as centralization, surveillance, and exploitative advertising.
Here is where Web 3.0 comes in. The third generation of the internet is aimed at being an open, intelligent, decentralized internet. It is thus also referred to as the Decentralized Web, where data will be interconnected in a decentralized way. Internet applications and services will be powered by distributed ledger technology, with the most common one being the blockchain. Also, AI and machine-learning algorithms will play a crucial role. The aim is to use them to provide faster, more relevant data to end-users. That is why Web 3.0 is also called the Semantic Web. Websites using AI should have the ability to filter the available data and provide the user with the information that it finds appropriate. The aim is for AI to enable machines to interpret the meaning behind the data, that is, their semantics, and, therefore, deliver considerably smarter user experiences.
Advantages of Web 3.0
The first steps toward Web 3.0 have already been taken, with decentralized infrastructures and application platforms being the focus for many developers and internet users. Here are some of the benefits of Web 3.0 as we envision it now: Decentralization
Web 3.0 will have no central point of control, which will displace centralized tech giants and enable individuals to regain ownership of personal data. Decentralization and blockchain technology will thus change the way data will be used and monetized, with the individual being the one in control of it.
Greater information availability and interconnectivity given the decentralized nature of Web 3.0, larger data sets will be available, which means there will be more information for algorithms to analyse. This will further help the individuals get more accurate information that will cater to their specific needs. Increased browsing efficiency, the developments we’ve seen in the last few years have made search engines better at showing relevant results. A personalized internet experience by applying semantics in the Web and enabling machines to decode meaning through data analysis, Web 3.0 will deliver a personalized internet experience. For example, by leveraging smarter AI systems, Web 3.0 can improve advertising and provide users with ads that are useful and relevant to their needs.
Large corporations and centralized repositories have dominated the internet, leaving individuals with reduced control. Web 3.0 aims to change that by making the individual a sovereign. Its decentralized protocols will enable individuals to connect to a new internet generation where they will not only own their data but will also control who profits from their time and information. Furthermore, the use of smarter AI algorithms and machine learning will ensure a more relevant user experience.
Hope you have a better idea of what Web 3.0 is and the number of opportunities it brings. In the subsequent blogs, I will explore the different types of Blockchains and how can we read data from them in turn to perform – Analytics.
Read Web 3.0 and Data Analytics – Part 2: https://resources.useready.com/blog/web-3-0-and-data-analytics-part-2/