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.
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.
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.
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.
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.
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.