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How Web 3.0 is Impacting the Financial Services Industry?

How Web 3.0 is Impacting the Financial Services Industry?

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In the world of the internet, we are on the verge of a revolution. Superfast 5G data rates, open data formats and software, increasing and extending capabilities of artificial intelligence (AI) and machine learning (ML), and precipitous improvements in blockchain technology will all contribute to this revolution. Web 3.0 is the third generation of online services and the next step in the web’s evolution.

Web 3.0 is the newest buzzword taking off like no other in tech and venture capital. And if you’ve found yourself wondering what it exactly is and how it can revolutionise financial services and education, you’ve landed on the right page as here we will discuss everything in detail. Web 3.0 is regarded as the third and the latest generation of the internet, which can be referred to as a decentralised online ecosystem based on blockchain technology. 

Today, in this article, we will discuss how Web 3.0 will Revolutionise Financial Services and Education in today’s world. So, without any further ado, let’s get into it. To better understand web 3.0 and why it is different from what we are using today, let’s drive to the early days when web 1.0 and web 2.0 were a thing. 

What is Web 1.0 – Static Ready Only Version

Most participants were concerned consumers who were limited to exploring or navigating only specific websites. The Web was powered by HTML, CSS, and other first browsers. Hence, most of the time, web 1.0 is connected with the era of statics websites. If you look at the images or text of this era, those are mostly basic and do not carry high resolution. 

Most importantly, there were no good search engines. Imagine a life without searching your queries on the internet? Well, it may seem intimidating today. However, it was the reality in the late ’80s to early 2000s.

What is Web 2.0: Managed By Tech Giants

The introduction of web 2.0, also known as the second stage of web evolution, brought an unsaid evolution in the internet world. At this point, everyone was talking about creating and posting content. Terms like Facebook and Youtube were pretty common; as a result, Berne Lee named it the “read-write” Web.

“Web 2.0 is the business revolution in the computer industry caused by the move to the internet as a platform, and any attempt to understand the rules for success on that new platform.”

Tim O’ Reilly.

Rich web applications, web-oriented architecture, and the social web are all part of the Web 2.0 paradigm. It refers to changes in the way web pages are designed and utilised by people, without any technical changes.

What is Web 3.0: Definition

According to experts, this new version of the Web, web 3.0, can become our reality sooner than you expected. As we already know, web 1.0 and web 2.0 have had several deficiencies that led our way to web 3.0. One prominent example of web 3.0 is bitcoin, the first-ever cryptocurrency. Web 3.0 is referred to as a “read- write-execute” web. According to Wikipedia, this term was initially coined in 2006 by John Markoff of the New York Times.

Web 3.0 is a decentralised web that is powered by machine learning and artificial intelligence and uses blockchain technology. The end outcome is a human conversation in the actual world. Users keep custody of their data and material, and they can sell or trade it without losing ownership, jeopardising their privacy, or relying on third parties. Users can log into a website without their internet identity being monitored under this business strategy.

How Will Web 3.0 Revolutionise Financial Services?

Leaders and CEOs discuss the impact of web 3.0 technology on financial services. Most of them revealed that the financial services are accelerating after the introduction of Web 3.0. Recently, the veterans from the banking and insurance industry came together to discuss web 3.0 impact and how it is influencing businesses for good. Here’s how. Let’s have a look.

  • Enchanting customer’s experience 

Within a short span of time, it can be recorded that web 3.0 has transformed the way financial institutions interact with their customers on a day-to-day basis. The bank can now provide hyper-personalised insights for easy management of the business. Web 3.0 is also helping tech players to boost their services, leading to enhanced user experience. 

  • Radical changes ahead 

Although it’s too early to commit anything; however, the chances are pretty visible already. Banking and insurance veterans believe that the cross-payment across borders will be available at a low cost round the clock five years down the line. There are still some parts of the world where sending payments is a difficult process. To some extent, technologies like blockchain and smart contracts have bridged the gap; however, there is a long way to go. 

  • Policymakers onboard 

Till now, you must have understood that there are plenty of opportunities in the financial sector, and it holds a lot of potentials. However, it’s time for policymakers to come to the board and reevaluate and redesign the policies for advancement. Experts believe that technologies like blockchain can be of great help as it is immutable, transparent, and permission-based. 

How Web 3.0 Will Revolutionise the Education Sector?

The impact of web 3.0 on the educational industry has been tremendous over these years. Here is a list of benefits of web 3.0 in the educational sector. Let’s have a look – 

  • Reduced expenses 

You, believe it or not, education was an expense. After the introduction of web 3.0, the expenditure on education has reduced drastically as today everything is available with just a click on the computer screen. 

  • Improved teaching methodologies 

After the evolution of 3.0, teachers are designing and developing more critical projects backed by multiple reference sources that help students better understand a particular topic. 

  • Learning 

Now, learning has become much easier and faster, as time consumed for gathering and accumulating learning material is now saved as you can learn anything at any time on your computer with just an internet connection. 

The Final Words 

With the regular technological advancements, the world is moving towards a more advanced working culture, making it easier for people to manage life, especially in the financial services and educational sector. Both these sectors are developing, and a lot of its credit goes to the web 3.0 revolution. 

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For more interesting blogs on Web 3.0 and Crypto Market, Subscribe to BuyUcoin Blog 

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