Hi there everyone, TheRingMaster is back as usual with another Web 3.0 based blog. Well this blog will not touch on one particular potential, aspect or challenge of Web 3.0 but all of its potential.
Of course I can't possibly talk about everything Web 3.0 is capable of doing in my little over a thousand words blog but I hope to give you a good enough picture of how the entire world we live in would look like if every system running was operating on Web 3.0 technology.
It's no doubt going to be a better world than what we have if we can manage to pull this off the right way - Yeah sure Web 3.0 has its downsides and shortcomings but so does anything else on earth right?
Built on blockchain technology, Web 3.0 has therefore some advantages such as decentralization, transparency, power to the people and true ownership. Despite these advantages which are what most citizens seem to want, government tends not to go along with them because they want all the power.
I actually think that an entire world running on Web 3.0 may not be a distant utopia at all but rather a real possibility that could change our lives significantly.
- With the little experience I've had on the Hive Blockchain, I can boldly say that I'm enjoying the Internet a whole lot better than I used to. To be honest Hive can get very exciting when you make friends with the right people. I'll admit that we still have more developing to do in improving the scalability and effectiveness of Hive and all other Web 3.0 platforms with the dApps but it's still pretty good.
In a world run fully by Web 3.0, Governments would operate on decentralized platforms using Web 3.0. This alone in itself will transform the entire world because we would see a more honest government that's working for the people instead of themselves. Corruption and embezzlement by politicians will be way less because transactions become more transparent and so funds needed to improve parts of a country will go to the right places and serve it's purpose.
Businesses would be managed quite differently. In our current world it seems a lot of Giant companies have monopolized the business sector securing all the profits and money to themselves so dictating prices and value to their benefits and against the people or in this case, customers. All of this can be solved with Web 3.0.
Also our educational systems would function uniquely, and transportation networks would become more efficient.
I'll take my time and touch on a few crucial aspects of any economy and the briefly show you the transformative power of Web 3.0.
Government - Transparent and Accountable
In such a system where our government operates using Web 3.0 what can happen is that our public expenditure would now be tracked in real time allowing citizens to know exactly where the taxes have gone. This is going to be a very important role Web 3.0 plays because let's face it, sometimes it's not true that a country is poor but the money is just being mismanaged. The interesting thing I've come to realize is that building a country's wealth is like building a person's wealth, the same principles apply. As an individual if you mismanage your income, you're on your way to abject poverty. If the tax is used for the right things any country at all no matter how broke or disadvantaged it is can rise.
Another good thing about Web 3.0 is how it will ensure the right things to be done during elections. Voting will be done through tamper-proof smart contracts resulting into zero fraud plus ensuring that every ballot cast is counted correctly. That way the person the people actually chose will be in power. We will hopefully have less self centered greedy people in power and have men and women that stand in integrity for their nation.
Even public service delivery like welfare or healthcare can be effectively streamlined
which will reduce the number of intermediaries using blockchain. This means that those benefits can go to the right people without any delay or corrupt incidences.
Education - Personalized and Decentralized
One very important aspect of our world and any economy at all is the educational system. Honestly a lot of the problems a nation faces stems from wrong or poor educational systems. Under Web 3.0 learning becomes personal and decentralized. Decentralization brings access of resources to anyone under that system. So imagine an entire globe's worth of schools materials available to students just fingertips away. That way everyone would get proper education.
A typical student in a poor part of Africa could get access to the same quality educational tools as a student in a rich part of America. Now that way, how good a student can be after graduation will not have the lack of educational resources as a factor. This would remove a lot of limitations and bring about more adequate people in the economy.
Transportation - Independent and Effective
I shared a couple of days ago the role of Web 3.0 in autonomous vehicles of the future and in relation to autonomous, efficient, and user-centered transportation, it is very possible for Web 3.0 to revolutionize it.
The question is what if we had a system of self-driving cars that were able to communicate among themselves in order to optimize the routes and minimize road congestion? - That's where the world is leading towards. There will be less accidents and your Autonomous Vehicles can find the best routes to get you to your destination quick and safe at the same time.
Blockchain technology and Web 3.0 could also be used in ride hailing services which would making payment transparent and secure. Also the public transit networks would be able to use real-time data to adjust routes and schedules dynamically. No more wasting time waiting for rides that seem not to come.
For more details on what Web 3.0 is capable of doing in the autonomous Vehicles sector I shared a blog recently.
Web 3.0 Role in The RoboTaxi Industry - Monetizing Your Cars
Finance - Risk-Free And All-Inclusive
When it comes to what Web 3.0 and Blockchain can do in transforming the financial sector we're already experiencing it quite a lot with cryptocurrency.
Yes I agree that crypto can be volatile so payments or transactions made using it could be more risky but that's why we have stablcoins.
- Take Hive for example, some people can already go to a shop or store, purchase anything they want there and pay using HBD as payment. This is making payments easier, more convenient, and faster.
Thanks to Web 3.0, financial services would be more secure, transparent and accessible. There are online services that I personally can't access because of their payment method. For instance in some countries, PayPal is banned and so assuming the citizen of that country got an online work opportunity but they only paid through PayPal, that would mean the citizen can't work and get paid. However if the citizen was getting paid in crypto, it would have been a different story. This is what I mean by crypto and Web 3.0 would make finance services all inclusive.
So instead of our traditional banks there would be decentralized platforms where smart contracts are used for transactions which is good because it would minimize intermediaries and that would affect costs positively.
Now with the all inclusive aspect I just spoke on, let's say for instance, any person across the globe can access banking products through their smartphones only by availing financial inclusion services globally. This may well lead to boom of peer-to-peer lending, microfinance loans or even decentralised insurance targeting underserved populations. In other words we'll have more access to more financial aid.
Empowered and Transparent Businesses
In a Web 3.0 world, businesses would operate with an unprecedented degree of transparency and efficiency. I actually believe that more advantage will be given to customers in this situation.
The Supply chains of any organization could be traced through the blockchain so that every stage in the process from raw material to finished product is transparent and verifiable. That way the capital for your organization is used for the right things saving you a lot of money.
This would not only eliminate fraud and inefficiencies, but it would also give consumers power to choose wisely on the products they buy. The beautiful thing is that it's Blockchain so the smart contracts can automate agreements, meaning we would be eliminating legal intermediaries and speeding up each business transaction. In the end, companies can function in more decentralized organizations with decision-making processes that are more democratic or inclusive rather than a few big players in the game having all the power and influence over the direction of the company.
Secure and Patient-Centric Healthcare
I haven't talked a lot about Web 3.0's role in
the Healthcare industry so I will be doing that a few days from now but it's quite a lot.
Healthcare will certainly change to be more patient-centric as Web 3.0 allows for secure sharing of medical records through blockchain technology. Good news is that patients will have full control over their health data by determining who has access to it and why they need it.
This I believe would help the healthcare providers understand patients better leading to personalized treatments based on one’s past medical information which would be available to the doctors all time.
Decentralized and Fair Entertainment and Social Media
Classic example, the Hive Blockchain. We the content creators can distribute our works directly to consumers (the readers , watchers or listeners) this way, we will be fairly rewarded without intermediaries taking a lion share of revenue. One thing I love about Hive is that each blog I write creates a share of the revenue for both myself and all those that supported it. This is much better than Facebook or YouTube taking a huge piece of the revenue for themselves instead.
In a decentralized world, all social media platforms will give us power over our own data and ensure privacy is protected. In my opinion this is how it was supposed to be in the first place. It would include transparent algorithms for content distribution that help reduce misinformation propagation. We'll be having better content online I suppose.
The Challenges
I'll admit it's not going to be easy to get the entire world running on Web 3.0. For starters the technology itself is still in its early stages and not exactly efficient in operating at a larger scale. But thankfully developers and programmers are working hard to improve that side.
Also there's a battle we'll have to fight against the government and centralized cooperations that want to maintain control and power over the market. The interesting thing about Web 3.0 is how it levels the business playing field to a point where it's pretty hard for single organizations to control the entire market. The government seeks to maintain ultimate power and control over everyone so they keep setting laws and regulations against Blockchain, Cryptocurrency and Web 3.0. Some governments go as far as banning crypto. Despite all their efforts and attacks, Blockchain thrives.
Also we need to get to a point where different blockchain platforms as well as decentralized networks are be capable of communicating together effectively so we can create a stronger Web 3.0.
Nonetheless, secureness from hacking or fraudulent activities has to be ensured in decentralized systems. Most people are scared of systems that are technical and exposes them to fraudulent activities. We need to improve the security of Web 3.0 to create a great image of it in our world.
I am hopeful that as we keep improving the Web 3.0 technology, all these issues will be resolved and adoption can be successful. The world will certainly improve and progress with Web 3.0. I actually believe that most of the confusion, wars and unfair treatments can be resolved with proper establishment of Web 3.0 in our world.
Thank you so much for taking the time to read this blog. I hope you're inspired by the future potential of this technology.
- I'll leave you with this - In order for Web 3.0 to be a success, it is important that users should know and trust these new technologies. This means educating them and creating a welcoming online environment for them.
Let's Make Web 3.0 Great ✊