Why blockchain will remain a big deal in 2023 and beyond

Through the widespread use of social media such as Twitter, Facebook and others, Web 2.0 allowed users to interact with websites, communicate with each other and create their own content – ​​although this was dominated by large websites that set the rules and controlled the data.

Web 3.0 is the latest phase; it aims to create a more democratic version of today’s internet. The concept is centered around the idea of ​​democratization and enabling people to control and own their data. Decentralization will enable internet users to conduct more business peer-to-peer and remove power from large corporations.

The Semantic Web, data mining, machine learning, natural language processing, artificial intelligence, the Internet of Things and blockchain are just a few technologies that can be integrated into Web 3.0. Undoubtedly, blockchain development is essential to develop web 3.0, including Metaverse, NFTs, Decentralized Finance (DeFi) and Decentralized Autonomous Organizations.

Identity

As projected into digital worlds, protecting our unique identity and authentication becomes even more important, especially as more businesses and communications shift online. Currently, identification systems have several flaws and can be prone to errors and fraud.

Blockchain proponents argue that these problems can be solved by using blockchain technology, which also offers a single point of identification and asset verification. Although, as we have seen recently, it is not free from scams and is also capable of being hacked. In addition, some argue that blockchain identification can provide an entirely new form of self-sovereignty. In fact, at the heart of Web 3.0 is this demand for control over one’s personal information and digital data across platforms. Blockchain is where Web 3.0 begins, but its ambition and reach will extend far beyond the internet, metaverses and shared networks.

Great cooperation signals

Although skeptics have tried to disprove the viability of cryptocurrencies as investments by claiming that they are much more risky than other types of investments and that there are not so many applications for the legal use of crypto, large IT companies and financial institutions are continuously increasing. their use. About 74% of institutional investors plan to invest in cryptocurrencies, according to Fidelity Digital Assets, which surveyed more than 1,000 institutional money managers in North America, Europe and Asia.