Looking ahead into Web 3.0

Author : Administrator

Published on : 2023-01-18

The web has rapidly evolved in the past three decades. From the early days of web, where internet was primarily used for sharing text information to today’s Web 3.0 which enables individuals to share and interact via audio, video, and images, the web has come a long way.

Web 3.0, also known as Web3 is the upcoming 3rd generation of web evolution where apps and websites will be able to process information through advanced technologies such as big data, machine learning, and decentralized ledger technology. The ultimate goal of this technology is to create more intelligent, user-friendly, connected, and open websites. Web 3.0 is based on blockchain technology that combines concepts such as token-based economies and decentralization. Though still in the early development stage, web 3.0 is rapidly gaining traction with the rising popularity of cryptocurrencies and blockchain systems.

Web 3.0 is an advanced version of 1.0 and 2.0 with enhanced data security, privacy, and more human-like interaction. One of the key advantages of web 3.0 technology is that the end users can take full ownership of the data and can choose which information they want to share with other businesses.

The global Web 3.0 market is expected to reach USD 81.5 billion in 2030 and register a robust revenue CAGR of 43.7% during the forecast period. Factors such as rapid advancements in blockchain technologies, high demand for web 3.0 services across various sectors including BFSI, e-commerce & retail, media & entertainment, IT & telecom along with healthcare.

However, lack of well-developed infrastructure for deploying web 3.0 technology, dearth of IT expertise, rising concerns of data security etc., are a cause for big concern.

We at Ideal Tech Labs believe that Web3 will continue to play a key role in enabling innovative change by creating faster, safer, and more convenient solutions for all. We would be focusing our operations on Web3 based technologies to purely create and offer digital options to solve the rapidly changing landscape. Our main focus with regards to Web3 technologies will be on AI, ML, Decentralized Technology (Blockchain, Smart Contracts), Big Data etc. Industries we could like to make an impact with our products / services include Retail, Logistics, Healthcare, Banking & Finance. Businesses – both traditional and new, will open the gates for Blockchain and the capabilities the technology brings alongside. The world will see our apps getting a Blockchain upgrade, where everything will be made transparent and open to access for all. Businesses will also have to look into new ways to conduct their business in an era where everything from banking to data will be open and transparent.

We feel that small businesses will be the most to gain in the whole Web 3.0 scenario, ITL’s expansion of its US based operations will ensure that we will be there alongside your businesses for a smooth transition during this phase.