WHAT IS WEB3 TECHNOLOGY ?
- Web 3.0 is the next break in the evolution of the Internet, allowing it to understand data in a human-like manner.
- The Web 3.0 leverages AI, Machine Learning and blockchain technology. It is expected to achieve real-world communication.
- It will use AI technology, Machine Learning, and Blockchain to provide users with smart applications.
- This will enable the intelligent creation and distribution of highly tailored content to every internet user.
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- Web3 products and services are capable of providing digital solutions to real-world problems across multiple sectors – be it healthcare, public administration, law and order, entertainment, education.
- Web3 refers to a group of technologies including blockchain, virtual digital assets including NFTs, DeFi etc.
- The applications of this transformative technology are growing in popularity in India.
- According to a report on Web3 by KMPG, India ranks fifth worldwide in terms of consumer interest in blockchain- based products and services, after the United States, Indonesia, Japan and the Philippines.
APPLICATIONS OF WEB 3 TECHNOLOGY
- Modern healthcare facilities operating under Web 2.0 have become data centres that control and monetise patient information. A prospect that gives rise to serious ethical concerns.
- A decentralised patient information system under Web3 redirects the focus towards patients as central to the healthcare system and not merely a source of revenue.
- Web3 has the potential of providing seamless virtual assistance to patients who may not otherwise be able to access quality healthcare.
- The Government of India 2016 launched the Digital India Land Records Modernisation Programme (DILRMP).
- It is an ambitious project aimed at digitising India’s 800 million parcels of land, whereby each parcel of land is surveyed and assigned a Unique Land Parcel Identification Number (ULPIN).
- Poorly kept land records have translated into millions of land disputes before the courts of India.
- Web3 solutions could go a long way in tackling this monumental problem.
- India’s world-famous IT sector is also making inroads into the metaverse, with companies like Tech Mahindra throwing their hat into the ring.
- Tech Mahindra is exploring use cases such as car dealerships, gaming centres, NFT marketplaces, and virtual banks and intends to provide an immersive metaverse experience for its customers.
- A most interesting new use case that has emerged recently is the use of DLT by crime investigation units in New Delhi.
- Officials are adopting blockchain in Delhi’s Forensic Science Laboratory (FSL) for failsafe recording and storage of evidence obtained from crime scenes.
- Web3 and the metaverse are expected to impact the world of education and learning in a big way, through virtual campuses and ‘gamified’ learning experiences where students can unlock new chapters and earn points.
- There are many use cases for the Metaverse in learning, such as virtual labs, exam simulations, practical skill set training, and so on.
- In India, Mahindra University has collaborated with Tech Mahindra to establish a ‘Makers lab’ to facilitate development in the metaverse.
DISADVANTAGES OF WEB 3
- Web 3.0 technology is more intelligent, efficient, and accessible than in previous generations. However, the technology isn’t quite ready for general use.
- With easier access to a user’s information and reduced privacy thanks to web 3.0, reputation management will be more important than ever.
- Any websites built on web 1.0 technology will become obsolete once web 3.0 is fully implemented on the Internet.
- The motive behind web 3.0 is to make searches swifter, easier and more efficient to process even complex search sentences in no time.
- It will help disintermediate businesses, remove rent-seeking intermediaries, and give this value directly to the customers and providers in a network.
SOURCE: The Daily Pioneer
Syllabus : MAINS, GS3, SCIENCE&TECHNOLOGY