Web 3.0: Giving users control over their data
Web 3.0 has arrived and taken everyone by storm. With so much going on about technology that has the ability to transform ordinary life, Siddharth Zarabi, Editor-in-Chief of Business Today TV in conversation with Sumit Gupta, CEO and Co-Founder, CoinDCX, Pratik Gauri, CEO and Co-Founder of 5ire Blockchain, Ravikant Agrawal, VP – Strategy, Polygon and Antoni Martin, Enterprise Head, Polygon debunks the air on technology and the potential it holds.
Pratik Gauri says Web 3.0 is like infrastructure, but it’s a distributed ledger technology, and when you build a decentralized protocol, the good thing is that it gives power back to the community. “What that means is it’s more secure, it’s more transparent. And it’s more accountable, and the best thing the world has seen. So if you file an FIR and everything is on Web 3.0, even after five years, it’s immutable. That means records can’t be changed.”
The new iteration of the World Wide Web, Web 3.0, is based on blockchain technology, which incorporates concepts such as decentralization and the token-based economy. Dwelling further on the conversation, Ravikant Agarwal explains how blockchain can be used for identity “So we talked about Web 1, where you go to a yahoo.com to get the news, read-only. Web 2.0 is the “where we talk about interacting with social media, Facebook and Telegram. Here you read, write and understand. With Web 3.0, you talk about data ownership. So my identity, I own it today. Say today I go to Facebook, I have data but that data belongs to Facebook. With Web 3.0, that identity, that data would belong to me.”
Antoni Martin shared his views on data, individual security and privacy. He said “You’re unique, but at the end of the day, you’re a different person the way college is, with your football team, with your bank, at work… just one person can have a different personality. The Web 3.0 allows us to integrate into a single point which could be my own identity because not everyone needs to know everything about it, it means I can compartmentalize the data a bit and only show what I want.
With new technology, a user can compartmentalize and not let social media companies create a digital profile by connecting all the dots. A user will be able to create a unique identifier for a particular instance and disconnect everything else.
Speaking on how businesses plan to leverage this technology, CoinDCX’s Sumit Gupta explained, “Web 3.0 is a new internet in the making right now. The new internet is built on blockchain, which solves the problem of trust. We’ve already seen that many companies in the world are already building…so basically any company, any technology company that we have right now is going to basically adopt a key strategy. And it’s a massive shift that we’ll see in the years to come. It’s not just about reading, essentially, the entire internet will be pushed right into the years to come.”
Read also : Google says it’s not trying to be part of the crypto wave, but is building backend services for Web3 blockchain developers