Technology has transformed our lives in many ways, and financial activities are not an exception. To check the balance of your bank account, you might rely on banking apps to understand the transactions and financial activities. In the process of doing this, we had given up our control of data and privacy. In the absence of a value settlement layer, web 3.0 comes as the need of the hour. With the advent of Web 3.0, the world aspires to head towards a decentralized space of the web.
Any Idea about Web 3.0?
If you are now aware of what Web 3.0 is, here’s it! It has a lot of things like IoT, AI, blockchain, and many more which form a part of the decentralized web. The new technology also helps the finance transformation to move into a new phase. The Web 3.0 coupled with the 5G technology is geared to provide customers and businesses with a new finance experience. Nevertheless, Web 3.0 is expected to drive $1.1 trillion in revenue every year and widen the employability scope in the finance sector.
Web 3.0 a Game-changer
A financial system is a network of organizations that cover banking, investment, insurance, stock exchange, FOREX, and other financial institutions. Whether it is a transaction, loan negotiation, claims on future income, or a financial asset, everything is driven according to the will and wish of a central bank or central financial institution or authority. To make ownership available, a stunning shift is enabled by the introduction of Web 3.0 technology. Web 3.0 allows a decentralized, intervention-less economy that is more transparent, resilient, and secure for users to have control over their data and privacy. Said that, let’s dive into understanding some prospects of the new semantic web.
- Finance folks will depend on Web 3.0 more as decentralization would encourage more data ownership than ever before.
- Decentralized apps can be outlawed as large corporations may lose control over the internet.
- Enhanced personalization experience. Business owners might be interested in knowing other competitors in the field and hence want to take a glimpse into their business and web 3.0 becomes an apt choice to personalize their web browsing.
- Web 3.0 can give financial leaders better visibility and online presence to speak their business ideas, innovation and leadership stories to fuel the marketability and profits of their services.
- As all data is maintained on nodes, decentralization averts any chances of suspending accounts and service disruptions.
