October 22, 2022

Why Web 3.0 Is Good For Your Business

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As technology adoption witnesses an upward trajectory, the web is constantly evolving, and with each new iteration comes new opportunities for businesses. Web 3.0 represents the latest stage in this evolution, and it offers a number of advantages for companies that are able to harness its power. Business owners are continuously looking for ways to stay ahead of the curve. 

For starters, Web 3.0 is the third generation of the World Wide Web.  It is a network that provides a decentralized, distributed and global control of information. Web 3.0 is the next generation of internet architecture, which will be built on decentralized technologies like blockchain, peer-to-peer networks and other technologies that enable access to information without going through centralized servers.

Powered By Blockchain Technology

In Web 3.0,  users are in charge of their information and identity. Web 3.0 is powered by blockchain technology, enabling decentralized peer-to-peer applications (dApps). A blockchain-powered Web 3.0 is controlled by users rather than a central authority. Because Web 3.0 is based on decentralized applications (dApps), it eliminates the need for duplicate data storage. Therefore, users can control their data and identity and decide who has access to it.

Instead of having to go through a third-party service to gain exposure or to sell their content, users will be able to sell them directly through peer-to-peer marketing. This is actually one of the key reasons that non-fungible tokens (NFTs) are becoming a game-changer.

Web 3.0 presents immense opportunities to businesses.

Transparency & Trust 

Firstly, Web 3.0 technologies can help to improve transparency and trust between businesses and their customers. The use of blockchain technology, for instance, can help to create a tamper-proof record of transactions. This would allow businesses to build more trust with their customers by providing them with a transparent view of their business dealings.

Data Security 

Secondly, Web 3.0 also presents additional data security to businesses, given that it is decentralized. As opposed to a centralized system where all data is stored in one location, making it prone to attacks, in a decentralized system, data is spread across a secure ledger, making it difficult for hackers to access.  

Affordable Infrastructure

Thirdly, Web 3.0 also comes with affordability in terms of infrastructure. Given the decentralization of Web 3.0 applications, the infrastructure required to run a web 3.0 application is much cheaper than the traditional web infrastructure. In addition, Web 3.0 applications do not require expensive servers and data centers. Instead, they can be run on a network of computers provided by volunteers. This makes web 3.0 applications much more affordable to develop and maintain.

No More Third-Party Intermediaries

With web 3.0, businesses can conduct transactions directly with their customers, without the need for a middleman. This results in cost saving for businesses on transaction fees, as well as get their products and services to market faster, ultimately building stronger relationships with their customers.

Need For Training Of Developers

Being a new technology, Web 3.0’s adoption is highly dependent on skilled developers. Based on this realization, Polygon, the leading Web3 blockchain network used by some of the world’s biggest companies including Meta, Stripe, Reddit etc., and Xend Finance, the leading global crypto bank, recently launched the Polygon bootcamp, an eight-week intensive mentorship program and hackathon in Africa. The Polygon Bootcamp and Hackathon are the company’s first in Africa and introduces developers in the region to the Polygon ecosystem using Xend Finance and Polygon technologies.

The bootcamp brought together more than 2,000 developers, working with numerous developer organizations in Africa, including GDG Nairobi, amongst others from twenty African countries, the major ones being : Nigeria, Kenya, South Africa, Egypt and Rwanda. All participants will be awarded with certificates.

Ultimately, businesses must adopt Web 3.0 not only to make them competitive but also remain relevant in the ever-changing digital world.

Shodipo Ayomide, Polygon Technology Developer Relations Team

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