Web3 is a trending word that is buzzing around the tech world. Web3 is coined as the future of the internet and technology. The tech world believes web3 can provide increased data security, privacy, and scalability.
But what exactly does mean web3, is it software? Or application? Or something related to data analytics. In this article, we are going to talk about Web3 and its role in transforming the future of retail.
History of web
Web 1.0 and Web 2.0 are considered the history of the World Wide Web. Web 1.0 was a static version (basic HTML and emails) of the World Wide Web which was there in use from 1990 to 2004. Users didn’t have much to contribute and it was just like a one-sided data or information-passing channel.
Currently, we are using the most advanced version of web 2.0. The major advance of web 2.0 is, the user can input data to the internet in the form of graphics like images and videos and writings. Social media posts and activities, blogs, comments, apps (both android and ios), etc. are coming under web 2.0. Web 2.0 is the greatest example of how technology can transform the whole lifestyle of a generation. Nowadays Data security and user privacy are big questions in web 2.0 platforms. Whatever you are searching and watching on the internet is being tracked by the apps and services we are using.
Web 3.0 is simply the new iteration of the World Wide Web, characterized by the use of advanced technologies such as artificial intelligence, machine learning, and the semantic web. In this advanced version of the internet computers and humans can interact more naturally and intuitively, and data is more secure, interconnected, and accessible.
What is web3 Technology?
We can say web3 is a part of web 3.0 that evolved by applying more focus is given to decentralization, blockchain technology, and cryptocurrency.
The logic of Web3 was first coined by Ethereum co-founder Gavin Wood shortly after Ethereum launched in 2014.
Decentralization is the biggest key point of web3 technology, which is connected to cryptology, blockchain, cryptocurrency, and tokens. In Web3 peer-to-peer connection is established, so data can’t be changed. That’s why it is called a decentralized platform. So it can provide more privacy and security to user information. Web3 let the users own their data and it assures the privacy of each user’s information.
How web3 can transform the future of retail?
Retail is an ever-changing sector where technology has its own space to rule. Web3 is considered the next generation of the World Wide Web. It has the potential to revolutionize the entire retail business world by changing the way of communication between customers, vendors, suppliers, and retailers.
Decentralization is the key attraction of web3 technology. Retailers can use it by avoiding the intermediaries and middleman fees, connecting directly to the customers, and making business with them. This will enhance the customized and personalized service, and it provides more security to customer data. By avoiding intermediaries, retailers can have more control over expenditure and reduce product prices by maintaining quality.
A transparent way of business can be possible through this decentralized technology. Retailers can track their products starting from their making and can evaluate their quality at each stage. The supply chain transparency and analysis make the product quality higher.
Web3 can provide a more secure platform for online payment and transactions. The security and privacy that w3 technology offers will help retailers to offer trusted payment options for their customers. Customers can make payments according to their choice without worrying about fraudulence.
Using smart contracts in Web3 can also reduce the risk factors of contracts and streamline the business negotiation process. This makes it easier for retailers to set up business relationships with customers, increasing efficiency and reducing the amount of paperwork.
Overall, Web3 has the potential to revolutionize the retail industry, providing a more secure and efficient platform for selling and buying products and services. It also offers businesses greater flexibility and scalability, allowing them to take advantage of new markets and increase their customer base. This makes Web3 the most anticipated retail technology.
