Every Consultant Should Know What Web 3.0 Is - Do You?
There is a technological revolution brewing that not many are aware of. We live in a world where the web and its algorithms are in the hands of powerful corporations. Also, our personal information and online behavior have become precious commodities to trade with. Commercial brands such as Apple have kept users hosta…uhm…we mean loyal by making the use of open-source software impossible. The are charging exorbitant prices for their “exclusive” products.
With this kind of restrictions, it was only a matter of time before there would be a revolt. This revolt comes in the form of Web 3 which will drastically change the technological landscape along with most industries. Whether you are a consultant or not, knowing the ins-and-outs of Web 3 is crucial if you want to be a part of any technological future.
What is Web 3?
Ever heard people call something version 2.0? Where this once was merely developer jargon, it has turned into a general saying. It is essentially referring to a better version of something – an upgrade/update. Web 3 is exactly that: a better version of the internet than we have today. Web 3 is based on the ideology that there will be a power shift: the internet will no longer be controlled by and benefitting the corporate and commercial elite. But, it will be in the hands of the users. Open-source software will be the order of the day.
Theoretically Web 3 will be characterized by decentralization (the power shift) and blockchain technology. For those who do not know about or understand blockchain technology. It’s simply a way to store data and encryption is used to ensure privacy and confidentiality. In other words, Web 3 will be out of the hands of all the tech “Big Brothers” and private information will remain just that – private. Blockchain also has a lot to do with the way that we bank and transact. So generally blockchain is also used when talking about cryptocurrency. But blockchain technology when it comes to Web 3 is much more than just where you park your Bitcoin.
NFTs & their role
NFT stands for Non-Fungible Tokens and refers to the ownership of a digital something (to put it in layman's terms). Although this can be anything digital, even source code, the most popular NFTs currently doing the rounds are those of the art variety. These highly sought-after (and outrageously expensive) pieces mostly look like pixelated clipart. But, we’re not here to judge. In terms of Web 3, it means that users will be able to own a piece of the internet and prove ownership thereof with an NFT.
Blockchain, Crypto and Web 3 being run on Smart Contracts
To explain Smart Contracts to someone that’s not a developer or neck-deep in crypto is almost impossible. To put it as simply as possible, Smart Contracts are automations based on certain agreements in order to cut out costly middle men. If you’re not a developer or keeper of crypto and still don’t understand what Smart Contracts are, you might never need to.
Many people believe that Web 3 will be run on Smart Contracts. But, in reality (whether you understand the concept or not), Smart Contracts need storage. Based on today’s limited availability, it is a pretty expensive exercise. To make it more relatable, to use Smart Contracts in the running of Web 3 users will essentially (in today’s terms) have to pay $1+ per like, share etc. You see why this is simply not a viable option at the moment?
The impact on the consulting industry
Just by taking the basics of Web 3 into account it goes without saying that Web 3 will have a huge impact on the consulting industry. Not only will it impact the way consultants approach, evaluate and advise businesses, but it will also impact the way the consulting industry works. Just like the internet is currently in the hands of powerful organizations and corporations, the consulting industry is also being dominated by a selected few. Web 3 will decentralize this and finally level the playing field for small consulting businesses and big corporations alike.
How far away are we from Web 3?
The global pandemic has definitely ramped up technological advancement. But, that still doesn’t mean that Web 3 is as imminent as some would want us to believe. Just take how many decades it took for us to come from that first ear-piercing screech of a modem to today’s digital world of interconnectivity. And we’re afraid that most global corporations and advertising giants are not going to let control of the internet go without a fight. Only look at Facebook and how many times it has been taken to court in the past couple of years. And even though it took a toll on share prices and their number of active users got a knock. These platforms still remain key players within the digital realm – despite their terrible reputation.
There are a lot of extremely positive things about Web 3 that’s jam-packed with good intentions such as open-source software. But we still have a long way to go before this can become a practical reality. This does not mean that as consultants we should stick our heads in the sand and ignore digital predictions about the future. Remember the global pandemic that caught businesses completely off guard? Well, you don’t want to be one of those businesses and you definitely don’t want to be the consultant who advised another business into that position.
Final Thoughts
As a consultant you need to stay on point and in-the-know when it comes to all things regarding consulting, business and tech and there are numerous ways you can do that such as informative blogs and courses. All of which you will find on our platform here. And while web 3 might still be a ways off in the future, you can still use the current Web 2 to the best of your advantage.
