Like millions of people around the world, I got into Web3 during the global pandemic.
Although I'm a nerd, I've never been a techie, and isolation was a perfect opportunity to prove to myself that I could learn technology too. So I learned Python and took classes in artificial intelligence, machine learning, and data science. All of them weren't too hard, but all of them were somewhat clinically relevant.
Then I came across Web3, which elicited a very different reaction. For me, it resonated.
I've known about Bitcoin since it was born in 2009. It was interesting from a technology perspective, but I never saw it as the answer to the world's problems.
Web3, on the other hand, is fascinating on multiple fronts. The technology, the value, the ecosystem, and the leadership all make sense on a more human level.
In the decade or so since the Bitcoin white paper was released, blockchain has evolved into the infrastructure for a better future for humanity.
So, do we finally have the technology that can unlock human potential at scale?
I was so intrigued that I've spent a lot of time since then researching Web3.
Here's what I've learned.
Without Web3, humanity might have succumbed to the power of the tech giants and their massive Al models. These companies control what information is available to us and how we access it. They manipulate the algorithms that determine the content we see, potentially shaping our thoughts and opinions in ways that benefit their interests.
More importantly, the centralized nature of the current Internet makes it vulnerable to censorship, surveillance and data breaches. This puts our personal information at risk and allows governments and other organizations to control or manipulate us.
Web3, on the other hand, distributes power and control more evenly among users. Blockchain technology allows Web3 users to control their data and how it is used.
But Web3 is not just a better version of the current Internet. It also rewrites the way we function as a society as a whole, eliminating many of the challenges we face.
Here are 10 powerful ways in which Web3 is changing the way the world works.
1. For artists and musicians
Non-homogenized tokens (NFTs) can be used to create and sell unique digital art and music. This allows artists to retain control and ownership of their creations, and ensures that each piece is unique.
2. Content monetization securely Creators
They can tokenize their content and use smart contracts to manage subscriptions or payments.
3. To Improve Supply Chain Transparency and Traceability
Companies can use blockchain to track the origin and movement of goods throughout the supply chain, ensuring they are ethically sourced and of high quality.
4. To Improve The Transparency And Efficiency Of their Processes
Cities or municipalities can use smart contracts to improve the transparency and efficiency of their processes. Cities can use Web3 to manage voting or public records, making it easier for citizens to access and verify information.
5. Web3 Improve Privacy and Security
Individuals can use Web3-based identity management systems to control what personal information they share with others and to ensure that their data is protected from unauthorized access.
6. In The Health Care Industries
Web3 can be used to securely store and share patient health records. This helps improve data privacy and makes it easier for patients to access their health information.
7. In The Financial Sector
DeFi can be used to create new financial tools and services that anyone can connect to via the Internet. This makes it easier for individuals and businesses to access capital, and reduces the cost and complexity of traditional financial services.
8. In The Transportation Sector
Web3 can be used to improve the efficiency and transparency of logistics and supply chain management. Trucking companies can use blockchain technology to track the location and status of their vehicles in real time, making it easier to manage and optimize their operations.
9. In The Energy Industry
Web3 can be used to create decentralized energy markets that allow individuals and businesses to buy and sell renewable energy. This can help promote clean energy adoption and improve the reliability and resilience of the grid.
10. In The Security Sector
A primary concern is to maximize data privacy, allowing users to have complete control over their information and make the decision to share or keep it confidential. Web3 is expected to be more secure compared to previous internet versions, owing to its decentralized blockchain technology.