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Aushini Das
Mar 27, 2022

How Blockchain is the Building Block of Web3.0?

How Blockchain is the Building Block of Web3.0?
Many people do not have a clear idea about web 3.0 and how it will affect technologies and our lives in the future. Web 3.0 is the next version of the internet that we will be interacting in the future with. When Web 1.0 came in the 90s, we had the basic functionality of sending e-mails to each other for communication and making an essential website. With Web 2.0 in the 2000s and still running, we were able to create a more interactive website, apps, and another animated interface that helped in better interaction with the user for collecting data. It also gave birth to social media, animated and responsive websites, and mobile applications. 

With web 3.0, we enter the Metaverse, which is the digital representation of our physical world. It uses the power of XR (Extended Reality), which includes Mixed Reality, Augmented Reality, and Virtual Reality. Devices such as Oculus Quest and other VR headsets provide you a real-life experience while interacting with games like you are physically present in it. Web 3.0 is all about enhanced connectivity and creating a digital version of your current physical life, where everything can be done in the Metaverse. It can be your business meeting, meeting your friends, playing games with them, working from a virtual office, etc. Possibilities with Web 3.0 are endless.

What Role Does Blockchain Play in Web 3.0?

When we talk about more interaction of users in the Web 3.0 Metaverse environment, it will lead to more data of the user and the concern of privacy for it. Blockchain is the primary support of Web 3.0 as its decentralized platform will help manage the data without any centralized control with any individual or company. It decreases the chances of leaked data and enhances data security. Also, it can process more financial transactions with complete security and privacy. Blockchain also helps assign a unique identity to the users, ensuring that their data cannot be hacked. 

While living in the Metaverse, just like physical life, you will also be allowed to buy, sell, trade, and create objects for trade. However, the money used in the physical world will be of no value in this domain. It is where blockchain would provide you with digital wallets where the payments can be made using cryptocurrency. The same wallets will be used for trades or buying and selling. It can also purchase virtual property, cars, and other virtual assets like NFTs. The same digital wallets can hold your property ownership, digital documents, and more.

Things Required for the Implementation of Web 3.0 And Blockchain

Although there are a lot of benefits when it comes to blockchain and web 3.0, we are still a few years away before it is completely implemented. Some requirements have still not been fulfilled, and here are some of them.

Implementation of Blockchain

Although blockchain is one of the most evolving technologies of the decade, it is still not implemented or used in every part of the world. While most countries have started creating regulations and policies for its use, it will take time until it is globally implemented.

Web 3.0 Friendly Devices

Manufacturers are currently not building smart devices which can support blockchain or Web 3.0 apps. However, companies have started focusing on the same and have created an outline of the requirement for Web 3.0 devices. We might see increased manufacturing of Web 3.0 supported devices in the future.

Conclusion!

Web 3.0 is one its way, and blockchain will be the main building block of the technology as it will be handling the data and providing all the solutions required for this technology. The introduction of Facebook as Meta is one such step for the future and blockchain, and we will soon see other companies jumping into the same pool in the future.

 

How Blockchain is the Building Block of Web3.0?
Aushini is a technical writer with over 5 years of experience in the content industry. Her current focus is on blockchain technology and cryptocurrency. With her excellent writing skills, she makes the world of blockchain reachable to everyone. In addition to content writing, she is an aspiring Data Scientist from IIT Madras.