How Blockchain Development Contributed to The Emergence of Web 3.0?

The Internet is a scary yet exciting place. Every day new technology is replacing the old one. However, imagine a new type of internet that understands your requirements via text, mail, or voice recognition technology and tailor-curates your needs more accurately than before. We have reached the tipping point of this new technology, which experts call "WEB 3.0."

A few early phases of Web 3.0 exist today, but until the internet becomes completely web embedded, its true potential will remain hidden.

Blockchain Technology

Blockchain technology is the structure that stores transactional records, which is also known as Block. And the Block is of several public databases, which is known as a chain. It is a storage that is known as a "digital ledger."In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network. Here the transactional records are stored based on actual purchases. The interesting fact about Blockchain development is that it is so safe that anyone can see it; no one can hack or corrupt it. That’s how advanced Blockchain technology is!

Types of Blockchain

There are four different types of Blockchain. They are as follows:

Private Blockchain Networks

Private Blockchain, as the name suggests, operates on closed networks. They tend to work well for private businesses and organizations. Many unicorn companies use remote Blockchain technology to customize their accessibility and authorization preferences because they wish to protect their data and secure it without any complications. Only one authority manages a private Blockchain network. If you think your company needs a private Blockchain network, here is the list of companies that can help you out.

Public Blockchain Networks

Bitcoin and other cryptocurrencies originated from the public Blockchain. It played a significant role in popularizing distributed ledger technology (DLT). Public Blockchain is known to eliminate certain kinds of challenges and issues, such as security flaws and centralization. With the Ledger Technology of Blockchain, data is distributed and spread across most computer networks rather than stored in a single location. A consensus algorithm is used to verify the authenticity of the information. Proof of stake (PoS) and proof of work (PoW) are two frequently used consensus methods. 

Hybrid Blockchain Networks

The hybrid Blockchain network is also sometimes known as Permissioned Blockchain. They combine public and private Blockchain networks that allow special access for authorized individuals. It will enable them to decide who can participate in the network and what transactions, and who will not be permitted to access anything! Organizations typically set up these types of Blockchain to get the best of both worlds, enabling better structure.

Consortium Blockchain

Similar to hybrid Blockchain, consortium Blockchains have both public and private components. The only difference is that multiple organizations will manage a single consortium Blockchain network. These types of blockchains can initially be more complex to set up. However, once they are running, they can offer better security. Additionally, consortium Blockchain is optimal for collaboration with multiple organizations.

Advantages and Limitations of Blockchain

Here are some of the advantages and disadvantages of Blockchain Technology:

Advantages

The significant advantage of Blockchain technology is the highest level of security it can provide. It means it will protect and secure sensitive data from getting leaked or hacked while making online transactions. Any company that wishes for smooth online transactions should switch to Blockchain because Blockchain technology offers it too well. The best part about it is that it only takes a few minutes to set up and get the transaction smoothened, whereas other transaction methods can take several days to complete. There is also no interference from any third-party organizations like financial institutions or government organizations, which can work as an advantage to the user. 

Limitations

Blockchain and cryptography involve using public and private keys separately and together. Reportedly, there have been problems with private keys. If a user loses their private key, they face numerous challenges. It can threaten confidential data, making this the most significant disadvantage of Blockchain. Another disadvantage is the scalability restrictions, as the number of transactions per node is limited. Due to this, it may take the company several hours to finish multiple transactions and other tasks as well. It can also be challenging to change or add information after it is recorded, which could hamper the smoothness of the process. Thus the responsibility of Blockchain must be given to the experts who can deal with every kind of problem – be it with Ethereum, Crypto wallet, or Smart contract.

Web 3.0

To learn about the correlation between Web 3.0 and Blockchain technology, we need to know what Web 3.0 is! Web 3.0 is the third generation of innovative technology that can process data like a human with the help of technologies like machine learning (ML), Big Data, decentralized ledger technology (DLT), and so on. The original name of Web 3.0 was a semantic web, and it was made to be more autonomous, intelligent, and open internet.

Evolution of Web 3.0

Web 3.0 was born out of older web versions and web tools combined with cutting–edge technologies. The concept of Web 3.0 isn't new, and Jeffrey Zeldman, one of the early developers of Web 1.0 and Web 2.0, has positively supported the idea of Web 3.0.

Web 1.0

Web 1.0 was the web that ran from 1989 to 2005. It was called static web, which was an early and reliable internet of the 90s that offered access to limited information. There was no user interaction back in the day. Only the user pages were created and commenting or any kind of interaction wasn’t possible. Also, Web 1.0 did not have algorithms to sift internet pages which made it extremely hard for the users to find the information that was relevant to them. It was a narrow road where a selected few did content creation, and information mainly came from directories. It was a one-way street with eating the information that was served rather than choosing the needed one.      

Web 2.0

Web 2.0 means the web that was founded in 2005 and is still going on. Thanks to Web 2.0 has made it possible for users to have interactive content. With the help of advanced technology of JavaScript, HTML5, CSS3, etc., it has enabled start-ups to build interactive web platforms such as YouTube, Facebook, Instagram, Tumblr, Wikipedia, and many more. This paved the way for social networks and user-generated content production to flourish. It happened because the data can now be distributed and shared between various platforms and applications. It can be created by anyone and can be interacted with by everyone. Because of Web 2.0, users can access any kind of relevant and valuable information.

Web 3.0

Web 3.0 is the next level of web evolution that shall make the internet an intelligent place that will process information in a human-like manner through the power of AI systems that could run innovative programs to assist users. The Semantic Web is meant to "automatically" interface with systems, people, and home devices. It means that content creation and the reaction and decision making will involve both humans and machines, which will enable the intelligent design and distribution of highly-tailored content directly to the consumer. In simple language, it means that you might not even need to find the relevant information because it will be presented to you on a silver platter.

How Blockchain Development Contributed to The Emergence of Web 3.0?

The emergence of Bitcoin was one of the first motivating factors for outlining Web 3.0. The Bitcoin Blockchain and other protocols helped create the chaotic and complex network. The hackers would have to break into multiple houses all over the globe to access data altogether. It laid the base of the foundation for Web 3.0 definitions as it facilitated the data storage in numerous copies of the P2P network. The protocol guides data security through majority consensus from all participants in the network. The participants worldwide receive incentives in the native network as a token for their contribution to the network’s security and maintenance. 

Blockchain is the base of Web 3.0, as it transforms data structures in the backend of the web. It has supported and contributed to developing a protective layer of the existing internet worldwide. The governance layer allows two unknown people who don’t trust each other to reach agreements and settle transactions over the internet. The functionalities of Blockchain in Web 3.0 would focus mainly on introducing a backend revolution. From a technical perspective, Web 3.0 is a collection of Blockchain-based protocols which are focused on changing the backend wiring of the internet. Hence, we can consider Blockchain as a divided world computer that will change the way we look at the internet.

The development of web 3.0 also focuses on the creation of new social infrastructures which must fulfill the core precedents of the internet. Blockchain removes the need for trusted intermediaries alongside enabling the networks to remember the user interactions or preceding events collectively. So, Blockchain is definitely a significant force in opening up the possibilities for the internet with better decentralization. 

Closing thoughts

Cryptocurrency is the future, and the rapid progress of Blockchain technology is showing no signs of slowing down. Blockchain technology is complex but modern, and in the coming years, it will develop more with Web 3.0. Everything that seemed impossible in the past appears possible in the future with Blockchain, all you need to do is hire the right team of Blockchain developers for your business, and your work is done.