Let’s start with a very basic understanding of the internet i.e web 1.0 and web 2.0 before diving into web 3.0. The topic of blockchain has been in the news for quite a few years. It is tech that will completely change the way we look at the internet. It is a state of the computer application of cryptography and computer power…

What is Web 3.0?

During the early days of the internet, it was created so that two computers could communicate with each other. First, web 1.0 gave the capability for devices to communicate on a network where one host can disperse information and other devices can see the information. Web 2.0 leaped and gave access to interact seamlessly with other devices all over the globe thanks to the tech giants out there who made the internet accessible to all. Web 2.0 made its growth mainly through the enormous amount of data collected, assuring so-called privacy. A lar ge portion of the data on the internet is owned by big tech companies out there.

Web 3.0 is mainly developed from blockchain technology that gives users ownership of their data on the internet. It is just that simple, making the internet owned by everyone and ensuring privacy through complex cryptographic algorithms. It is aimed at changing almost every field that includes finance, healthcare, media, etc

Blockchain:Tech of the future
Now that you know about the basic of web 3 let's look into the technical aspects of blockchain technology. The blockchain simply means a chain of blocks let me explain each block will have a set of transactions that will be recorded the transaction may even be a search or a payment that you made on the network. Each network will have its cryptocurrency that is used like bitcoin, Ethereum, etc. The network will have nodes (Devices) that validate the transaction and record it into the block the user then he/she will be rewarded in the cryptocurrency of that network. One who is on the network can either be a normal user or a node. You may have heard of the term crypto mining it simply means validating the transactions by running cryptography algorithms thereby getting rewarded.

In simple terms, when you are making a payment on web 2 the bank validates the payment by checking your bank balance but on web 3 fellow users of the network validate your payments.

You may question how it secures our data, the answer is your data will not be saved in the centralized server but will be theoretically present on every device on the network in the form of cipher. Every device will have a copy of the blockchain each copy needs to be updated after every single transaction. When it comes to data security hacking is technically impossible as your data will be on millions of devices all across the globe. The identity of the user on the network will be a hexadecimal cipher code so you are just a number traveling across devices.

Applications of Block Chain

Crypto currency
The finance sector will be affected to a large extent due to the rise of cryptocurrencies such as bitcoin, Ethereum, Matic, etc. This revolution will replace large financial organizations and provides authority to everyone. Just imagine you need not obey the Terms & Conditions of some company blindly.

Medicine and Healthcare
The Health care sector will have quite impactful effect. It can help hospitals store their patient's data on a decentralized network in a more secure way that includes all the details of the patient that includes his/her medications etc. As it is decentralized any doctor can easily access the patients' data without the need to look through all the records. Just imagine even before the patient arrives in Infront of the doctor he will have the complete medical record of the patient.

It has a variety of applications in almost every field that we come across in our data day life. I would recommend every one of you to try out the web 3 space because the blockchain will be a mainstream tech a few years from now. So anyone willing to build a business then blockchain can be your choice.

Decentralized Apps
The idea of decentralized apps is purely based on the concept of a blockchain that distributes the user’s data across all devices to ensure security. This gives users freedom of speech where they can express their views and also surf the web without revealing their data to some XYZ company.

NFTs and Digital Media
The media space has seen a rise in a new sector called the NFTs which are the digital assets that are sold online. NFTs can be of any sort of audio, video, blog post, or even an image. Many popular organizations have sold their logos as an NFT. There are a variety of platforms that allows one to sell their artwork online for cryptocurrency one can check out Opensea

Conclusion

This blog was to provide you guys with the basics of web 3.0 and blockchain, the major takeaway from this was that web 3.0 is not only for the developers and content creators but it's for everyone. Just take a few minutes to appreciate the whole development and developers who are responsible for providing a secure and entirely new approach to the internet. This is just an introduction to blockchain in the successive blog posts I would be posting a detailed blog on cryptocurrencies and explaining to you guys how one can get into the web3 by developing NFTs. Special note I will also be posting the blog on how can one develop their first decentralized application.

Thank you for reading please share it with your friends
You can checkout my other blogs here

Top 3 Tech apps to try today

Pannaga Perumal ・ Mar 9 '23