Blockchain

Web3, towards a decentralized internet thanks to blockchain

Self Sovereign Identity for users that can build peer-to-peer relationships


At Wealize we firmly believe that the developments of the current internet, Web 2.0, will lead us to Web3 -or Web 3.0-, a decentralized internet thanks to blockchain technology. Right now we are still in the early days of this concept. But Web3 is already under way and there is strong evidence suggesting a fast and wide implementation of a new online ecosystem.

Web 1.0 was the internet we had before the dot-com bubble, approximately between 1991 y 2004. It was the first phase of the internet. Users consumed only content. it was a read-only static web. Consequently, there was no interaction. But protocols were open, decentralized and governed by the overall community. This inspired confidence and brought a message of respect to data privacy. 

The contradiction of Web 2.0 -  a participatory culture but dependant on big corporations and centralized systems

Interaction arrives with Web 2.0. This stage of internet evolution brings a new generation of dynamic sites that allow people to collaborate, share and generate information or contents. It is the social networks Web. In fact, it has been called the Social Web. 

It should be an exciting web for the user because of the interaction and participation that it promises. However, in this phase of the World Wide Web evolution, big companies like Facebook, Google, Apple or Amazon take root, and emerge silo centralized services dependent on big corporations. That is the counterintuitive feature of Web 2.0: users are the actors -the real players- of a community, but they do not participate in its governance. 

Though Web 2.0 is a participative internet, it is more centralized than ever. This means that users are creators but do not monetize their creations. The big corporations monetize these creations by establishing silo services. It is a real contradictory situation: people have almost infinite possibilities of interacting on the internet, generating and sharing contents, but negligible opportunities to control and monetize their own data, to manage and administer their digital assets. And in this incongruent context, Web 3.0 arises promising a smarter, opener and true user-centered internet.

Web 3.0 encourages users participation and restore the control over their digital identity and assets

We stand before what could be the best version of the World Wide Web until now: a decentralized internet that is accessible for everyone and at the same time, respectful with the privacy and autonomy of everyone. We stand before a new internet that combines the decentralization of the Web 1.0, the participative vision of Web 2.0, and the advances of next generation technologies in Artificial Intelligence and Big Data to improve the users experience.  

Web3 places the users at the center. Users are considered creators and owners of their digital assets and they can monetize them. We say Web3 is at an initial stage because not all the general population users already know Web3 or have discovered the importance of collectively hosting and controlling data through a decentralized system. 

Decentralization is key to transitionate to Web3. Many voices are speaking up for a decentralized model in which users have the control over their digital assets and data. And this is so because each time that we interact on the Internet, copies of our data are sent to the server of a service provider.  We lose control over our data. We lose our digital sovereignty. Decentralization solves this bringing the control back to the users, the real players of the online community. 

_blog (2)

Blockchain is driving decentralization and making Web3 a reality

Web3 is also known as the Semantic Web. This concept involves web principles being extended from document to data. Thanks to Big Data and Artificial Intelligence, the Semantic Web interprets the users metadata and can offer a more personalized interface. Though Big Data and AI are fundamental to Web3, the technology that really let us go a lot further is Blockchain.  

The introduction of Blockchain is allowing the creation of a decentralized web. Blockchain is really bringing us the Web 3.0 because it is leveraging the power of peer-to-peer networks. The Web 3.0 blockchain uses principles of peer-to-peer connections and integrates cryptography and consensus algorithms to scale systems of decentralization. 

This concept -'peer-to-peer' relations-, means that users can do direct transactions, without intermediaries, while keeping their data and providing the minimum identity details. This is what would make it difficult for big companies, like Facebook, to benefit from users' data by obtaining information about political opinions or consumer preferences.

Web3 promises to restore the digital sovereignty of the user thanks to the decentralizing power of Blockchain, the technology that became known with the launch of Bitcoin. Though the possibilities of peer-to-peer communication draw an exciting digital landscape, Blockchain is so far more commonly known for pushing cryptocurrencies, Decentralized applications (dApps) in gaming, finance or social media, or NFTs (Non Fungible Tokens) in the Art, Sport or Music industries. Many are skeptical with these technologies, but they are very important for Web3, because they open opportunities to the users to create and monetize their digital assets. 

Main benefits of Web3 for the users

  • Privacy and autonomy.
  • Control. The users are the owners and managers of their data. They decide and authorize which credentials and assets they want to share and with whom. 
  • Monetization. The users monetize their digital data and assets. 
  • No censorship. 
  • Better content sorting and more intelligent searching thanks to Big Data and AI. 

At Wealize we create digital products employing blockchain and other technologies. We believe in a world in which people own their digital data and can manage their digital identity and assets with autonomy and privacy. Because of that, we embrace this change to Web3 with enthusiasm and commitment. And we show that through our digital solutions. 

You will find this commitment and enthusiasm in many different projects. We encourage you to have a look at our articles: Self-Sovereign Identity and Blockchain in the Healthcare Industry, where we give details about a pilot project of a vaccination card for the Spanish Andalusian Health Service. RedODOS, a blockchain platform to support NGOs efforts to protect women and children, or POLDER, a solution aimed at smart cities for the exchange, re-utilization and monetization of data.

If your organization is considering moving one step forward introducing decentralized data management systems, at Wealize we have the experience and we are looking forward to helping you achieve your goals.

Let’s start a project

 

Similar posts

Get notified on new content from Wealize 

Be the first to know about new projects, insights to build or refine your product development function with the tools and knowledge of today’s industry.