It’s hard to escape the furore surrounding Web3, or Web 3.0, which is based on blockchain and smart contracts, described as the next generation of the Internet,
Alex Pryor, head of digital innovation at iOCO, says the main principle behind Web3 is decentralisation. “It’s about moving digital ownership away from centralised companies, governments and traditional financial systems, and placing more power in the hands of individuals.”
Supporters of Web3 claim it will broaden the democratisation of the Web, and cut out the middleman by decentralising finance, for example. Similarly, instead of using “free” tech platforms, which aren’t really free at all as we pay with our data, users can be active participants in the governance and operation of the actual protocols.
This means instead of being customers of the product itself, people can become contributors and shareholders. “Web3 can be understood as the “read/write/own” phase of the Internet.”
Unpacking this concept, Pryor says Web1 was about 'read' – creators could only put up content, and users could only consume that content, not share it. It was static, much like paper.
[Web 3.0] is about moving digital ownership away from centralised companies, governments and traditional financial systems, and placing more power in the hands of individuals.
Alex Pryor, iOCO.
“Web2 was about mobile and the cloud, it became 'read/write. This phase enabled a shift towards user participation and interactivity. Instead of being limited to “read” only capabilities, users could now 'write'.
With Web3 it’s about 'read/write/own', Pryor adds. “It is decentralised and distributed, and its immutable records add to its security. Augmented and virtual reality will become more widespread, as will the Internet of things. The cloud will only get bigger, and the way we interact with data will change, as will the processing power we use to do it.”
WEBINAR:
Back to the future: A practical guide to embracing tomorrow’s technologies, today
8 February at 11:00
The question, is how do companies fit into this new Web3 paradigm?
To answer this question, as well as to unpack the relationship between Web3 and blockchain, non-fungible tokens and crypto-currency, Pryor will be presenting an ITWeb Tech Trends for 2022 webinar on 8 February. Her session is entitled “Back to the future: A practical guide to embracing tomorrow’s technologies, today".
Pryor will discuss what companies need to do to prepare for Web3, as well as how cloud, machine learning, and AI fit into this space. In addition, she will explain how Web3 will drive a fundamental shift in how we give value and trust.
“It’s an evolving concept, but organisations need to gear up for the future, and this Webinar will help them do exactly that,” Pryor says.
The virtual event will be moderated by communication strategist Thami Nkadimeng, while other iOCO executives joining Pryor will be Paul Spagnoletti, digital & technology business executive, Varsha Ramesar, cluster executive for data and analytics, and Conrad Steyn, CEO of iOCO Advisory.
Share