Have you ever thought about how each of us has become commodities in the eyes of the giant tech companies that have a stranglehold on the internet? Amazon, Apple, Google, Microsoft, and Meta are the primary data economy actors who have become gigantic due to the data explosion. These companies thrive and prosper from our data by using it craftily to grow their businesses. Data sharing is the backbone of the present-day internet or Web 2.0. When we interact with various websites and applications, they collect some specific data of users, which they use for customizing feeds and ads according to the user’s taste and preference. This is now set to change as Web 3.0, the newest technology for providing services on the internet is ready to determine the future of the internet.
Web 3.0 and the future of the internet
Web3.0 has arrived and will be a significant disruptor as it promises high data privacy and users having complete control over personal data. The control exercised by users on data will help them earn money by sharing personal information. Every user is a commodity to the tech companies, and such is our affinity for enjoying free internet that we do not mind much about data privacy. Until now, the tech companies exclusively earn by sharing or using our data without caring for data privacy and breaching all norms of ethical business practices. All this is now set to change with Web 3.0, which leads us into a new internet era based on the more advanced blockchain technology.
What is Web 3.0?
There is no reason to consider Web 3.0 as the future of the internet because the technology is already in use. The technology is spreading its wings gradually through various blockchain projects implemented across the internet space and laying the foundation of the new internet. Blockchain technology considers that user data is invaluable to whom it belongs and respects the user’s right to privacy. Moreover, the proponents of blockchain technology believe in the right of users to earn money by sharing their data instead of someone else benefiting from it as it happens now. The foundations of Web 3.0 are in place, as evident from the implementation of projects that allow users to preserve their privacy first and then earn money.
Veil your identity on the web
The most exciting feature of Web 3.0 that uses Blockchain technology super-imposed upon the existing internet technology is that you can stay anonymous when using the internet that uses Web3.0. Decentralized identity is a feature of Web 3.0 that does not require sharing your data to avail services on the internet. For example, when you sign up for a social media account or an insurance company, you have the least control over the data you share with them. The issuers provide you with credentials to store in your digital wallet by assuming a decentralized identity. You need not part with any personal information to identify yourself. You may have to share personal information with the service provider will be very generic, like your age or gender.
Great days are ahead for artists and creators
Web 3.0 has already made its presence evident from the popularity of non-fungible tokens or NFTs, which is a massive blessing for artists, musicians, and creators. Now, musicians have to part with the lion’s share of the revenue generated from their albums with the music producers or streaming giants who provide the marketing channels for their creations. Now musicians can digitize their music and sell it is as NFTs on the internet without needing any support from the traditional marketing channels. Yes, the future of the internet will allow people to use it as their own marketplace and undertake transactions in the most secure and safe ways ensured by blockchain technology.
We have become so much accustomed to data sharing with enterprises despite the concerns of privacy. Are we ready to get out of our comfort zone and take control of our data? No matter how bright the future of the internet might look now, changing our attitude about data sharing is critical to hold on to the gains.
