IAM, Identity Access Management solutions help to deploy a range of processes to enhance identity authentication and verification within a network. However, with Web 3.0 surfacing, there are new directions in the software industry and how we use the Internet.
Web 3.0, alternatively known as the metaverse, is a recent version of the Web based on blockchain technology. Many experts say the new internet version can improve factors such as the privacy of internet users, data security, scalability, and a variety of others that are not actively present in the older versions of the Internet.
Many leading companies in the world store private user data on their servers, which they also use for development, marketing purposes, and many profit-yielding activities. But the new web version supports decentralized software protocols Web 3.0 that will make users manage their personal data much better and choose how they want their privacy managed. It will also allow applications and organizations to authenticate users much better. In fact, many now claim that Web 3.0 is better for enforcing and implementing IAM.
Tim Berners-Lee, a World Wide Web (WWW) creator, initially referred to Web 3.0 as the Semantic Web, seeing a self-sufficient, intelligent, and open internet that functions with AI and machine learning as a “global brain” and is capable of providing contextual and conceptual interpretation to content.
Web 3.0, as the rising 3rd gen of the Web, facilitates more effective information processing by websites and apps through advanced technology such as decentralized ledger technology, machine learning, and big data. It helps the version to ooze out more user-friendly, transparent, sophisticated, and connected business solutions. As an advanced version of Web 1.0 and 2.0, Web 3.0 has enhanced privacy features, improved data security, and offers a human-like interface.
As the Internet continues to advance, consumer privacy is a matter of concern. But unfortunately, as business owners and organizations fuel their advertisements and marketing goals with private consumer data, they only do a little to secure sensitive details.
A McKinsey study showed that all industries, including the healthcare and financial sectors, received less than a 50 percent trust rate. This decline is primarily connected to records of data breaches around the Internet. Small companies are constantly being hacked, with records of massive costs being exposed to attackers.
Web 3.0 promises to provide a lasting solution to these challenges, including the privacy concerns of many internet users. It has introduced a significant change to how the Internet is used, emphasizing consumer privacy, an issue left unaddressed for quite a while. It would also determine the authentic data owners and how they profit from it. While Web 2.0 focuses on application creation, Web 3.0 features the Web on blockchain technology. It is a system that makes data usage more transparent and difficult to manipulate and secures it from potential breaches.
In essence, data would go back to its owner, a development that could significantly disrupt the technology industry, as data may not be readily accessible to digital corporations.
Different blockchain features are considered advanced technologies, and they include Machine Learning (ML), Virtual Reality (VR), Artificial Intelligence (AI), and Augmented Reality (AR), which are vital factors in technological advancement.
The advancements being accompanied by Web 3.0 development have uncovered assets such as NFT, crypto-currencies, and Blockchain technology. However, in recent times, users have realized the discomfort connected to how browsing data are used for different manipulative activities. Therefore, business owners guarantee that they would actually connect to their ideal audience.
With these trends, the world is shifting to Web 3.0 — a more advanced version of Web 2.0, which is also popularly considered the Internet’s new ‘read/write/own’ era.
Some world giants have invested massively in Web 3.0 technology. The likes of Amazon, Meta, Alphabet, and several others have contributed significantly to it. But then, what are the potential effects of the new Web on the businesses of these tech giants?
The blockchain is usually mentioned together with cryptocurrencies such as Bitcoin, which is very significant to what it is linked to. Introducing the Decentralized Finance (DeFi) feature will allow users to become major partakers and gradually eliminate the role of intermediaries.
Many companies are starting to deploy smart contract technology, which would automatically result in a determined set of instructions verified on a blockchain. Smart contracts feature tends to involve challenges for many new decentralized applications (dApps), which means that third-party roles will be eliminated using this blockchain method.
Aside from software companies, several companies and organizations around the globe are also exploring Web 3.0 ventures and how they are being integrated to boost service delivery. For instance, Dubai is revolutionizing itself into a global blockchain-powered system. In addition, Estonia is executing projects to build itself into a digital republic that would be secured through blockchain and will also provide its citizens access to their e-residency.
In the United Kingdom, several startups have started giving more attention to blockchain technology like Govcoin, which will affect state welfare. However, many businesses are already benefiting from this same technology. They are being able to identify shortcomings in their supply chains and will therefore have to improve quality control at each stage of product development. Walmart’s strategy to track the details in every path of their business processes through the use of the blockchain technology application is a crucial example.