Not many people are aware of the impending technology revolution. We live in a world where large businesses control the web and its algorithms. Additionally, people now value and exchange personal information and online activity. Customers have remained loyal to commercial firms like Apple by being unable to adopt open-source software. For their “exclusive” products, they impose outrageous prices.
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It was just a matter of time before there would be a revolution with these types of restrictions. This uprising is manifested in Web 3, which will fundamentally alter most industries and the technological landscape. If you want to be a part of any technical future, whether you are a consultant or not, you must be familiar with Web 3.
Describe Web 3
Ever hear something referred to as version 2.0? This phrase, which was formerly just developer speak, is now a common expression. It basically refers to an improvement or update that makes something better. A better internet than what we now have is what Web 3 is all about. The foundation of Web 3 is the idea that there will be a change in the balance of power and that the corporate and commercial elite will no longer have control over and benefit from the internet. However, it will be up to the users. It will be standard practice to use open-source software.
According to theory, decentralization (the transfer in power) and blockchain technology will define Web 3. for people who are unfamiliar with or do not comprehend blockchain technology. It is merely a method of storing data, and encryption is employed to guarantee confidentiality. To put it another way, Web 3 will be free of all the tech “Big Brothers” and private information will stay just that—private. Blockchain also has a significant impact on how we bank and conduct business. In general, blockchain is mentioned when discussing cryptocurrencies. However, blockchain technology is much more than simply a place to store your Bitcoin when it comes to Web 3.
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The Role Of NFTs
To put it simply, NFT stands for Non-Fungible Tokens and refers to the ownership of a digital object. Although this might be anything digital, including source code, the most widely used NFTs at the moment are those related to the arts. Most of these incredibly valuable (and exorbitantly priced) items resemble pixelated clipart. But that’s not what we’re here for. According to Web 3, people will be able to claim control of a portion of the internet and provide an NFT to verify it.
Smart Contract On Blockchain, Crypto, and Web 3
It’s nearly impossible to convey Smart Contracts to someone who isn’t a developer or well-versed in cryptocurrency. In the simplest terms conceivable, smart contracts are automations built around specific agreements to eliminate expensive middlemen. You might never need to comprehend what Smart Contracts are if you’re not a developer or custodian of cryptocurrency.
Many people think that Smart Contracts will power Web 3’s operations. However, whether you get the notion or not, smart contracts actually require storage. It is a somewhat pricey activity given the current availability’s restrictions. To make it more applicable, users will essentially have to pay $1+ every like, share, etc. in order to employ Smart Contracts in the operation of Web 3. You understand why this is now not a feasible option?
Effects On The Consulting Sector
It should be obvious that Web 3 will have a significant impact on the consulting sector just based on its fundamentals. A web3 consulting company will affect how the consulting industry functions as well as how consultants approach, assess, and advise organizations. The consulting sector is currently controlled by a select few, much as how the internet is currently in the hands of strong groups and corporations. This will be decentralized by Web 3 and the playing field for both large corporations and small consulting firms will be finally leveled.
How Far Away Is Web 3 From Us?
The global epidemic has undoubtedly accelerated technical progress. However, this does not necessarily indicate that Web 3 is as close as some would have us believe. Consider how many years it took to get from the first ear-splitting shriek of a modem to the interconnected digital world we live in today. We worry that the majority of multinational firms and advertising behemoths won’t give up internet hegemony easily. You only need to consider how frequently Facebook has been sued in recent years. Despite the fact that it had an adverse effect on share prices and their number of active users. Despite their negative reputation, these platforms continue to be major actors in the digital space.
Web 3 is full of excellent ideas like open-source software and many other things that are incredibly wonderful. But before this can actually happen, there is still a long distance to go. This does not imply that as consultants we should dismiss future projections made by digital technology. Recall the worldwide pandemic that utterly took corporations off guard? You certainly don’t want to be one of those businesses or the consultant that persuaded another company to take that decision.
Final Reflections
As a consultant, it’s imperative to be informed on everything business, technology, and consulting-related. There are many resources available to you to help you achieve this, including educational blogs and courses. And even if Web 3 may not arrive for some time, you may still take full benefit of Web 2 right now.
