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Why More and More Companies Are Embracing Web 3.0

  • updated 1 yr ago

Along with the internet’s benefits, a mess of consumer privacy concerns were introduced with it, as entrepreneurs powered their marketing and advertising with previously private consumer data and very little security surrounding that data. While the internet helped entrepreneurs better understand their prospects, data mining and exploitation weren’t always good for brand perception. In a McKinsey report, all industries, including financial and healthcare, received a lower than 50 percent trust rate. The absence of trust comes from the scale of some very recent data breaches. 

Corporations and smaller companies are often getting hacked, with billions of records exposed. However, the new generation of the Web, or so-called Web 3.0 (also referred to as the Spatial Web or the Metaverse), could solve some of those privacy concerns and determine who owns the data and profits from it.

Returning data ownership to consumers

Web 3.0 promises a fundamental change to the internet, strongly emphasizing consumer privacy — an issue that has been thrown around for a while but not adequately addressed. 

Whereas Web 2.0 featured the internet as a platform for building applications, Web 3.0 features the internet on blockchain technology. Storing consumer data on blockchain decentralizes that data, and makes data use by companies transparent, reportedly protecting it from breaches. Returning data ownership back to consumers can potentially disrupt the tech industry since many tech giants would presumably lose access to the data that gave them a leg up on the competition. 

Continue reading: https://www.entrepreneur.com/article/397262

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