Web 3.0 Insights and Its Benefits to Businesses in the UK

Recent statistics have revealed that about 43% of the 2.5 million Web 3.0 users are ready to adopt it in its early stages fully. This round-up gives a brief insight into Web 3.0 and the benefits it carries for business in the U.K.

Web History

At first, there was Web 1.0. It is also called Internet 1.0 or a server model. Web 1.0 uses a central computing and information storage model. Web 2.0 is a second version that allows users to make and share data/content via the internet. Web 2.0 relies mainly on blogs, media sharing, and collective strategies to distribute information.

Web 3.0

Web 3.0 is the next technological leap in the future of the World Wide Web, including features such as dapps (decentralised applications), blockchains, and smart contracts. Web 3.0 alters our means of accessing information and decentralises the internet, creating a web resembling the one invented by Tim Lee.

Benefits of Web 3.0 to businesses

This new web comes with several advantages for businesses.

1. Smooth Business Processes

With the installation of the Web 3.0 application, businesses in the U.K. will be able to store a ledger of all its involved parties. In addition, firms will be able to come up with supply chains and manage them with ease. Web 3.0 will also implement automation of contracts via smart contracts making business operations effective and easy to manage.

2. Elimination of Brokers

Business owners will no longer need the services offered by third parties because of the introduction of decentralised, blockchain, and smart contract applications. Removal of third parties will ensure that businesses remain competitive by cutting down on costs. Web 3.0 will give every business owner the power to interact directly with consumers without external influences.

3. Transparency

Web 3.0 is designed to ensure that every transaction can be tracked in case of any complaints. This system’s transparency will help a business gain more customers, as consumers prefer getting services from a firm they trust.

Even more, businesses will be able to keep a record of all their transactions and supply-chain undertakings via a trustworthy decentralised ledger. This means that for any order made by a customer, the transaction details will reflect on the blockchain, where everyone can view them.

Conclusion

Web 3.0 has promised to make business activities safer, easier, and more effective by removing the need for third parties. Connecting owners of businesses directly to their consumers will not only develop a stronger bond between them but also make enterprises grow significantly.

Image Source: Adobe Stock

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.