The world wide web is now protected using several privacy-preserving technologies that are sophisticated and require in-depth knowledge to understand. Web 3.0 utilizes this technology to give users back control of their digital identities, by leveraging distributed, interoperable and self-sovereign applications.
One of the biggest advantages of Web 3.0 applications is that they are scalable and leave room for improvement. For instance, blockchain technology has emerged as one of the most reliable ways to secure users’ private data. Several Web 3.0 applications are now integrating the use of blockchain technology to create a secure and private identity management system.
PhotoChromic serves as an excellent example of how blockchain technology can improve Web 3.0 applications using NFTs to give users complete control over their identity while making it easily transferable, secure, and private. PhotoChromic creates biometrically managed self-sovereign identities on the blockchain that allows users to present their credentials to an authorized party and have them attested as the truth.
Web 3.0 will fundamentally expand the scale and scope of human and machine interactions, far beyond what we can imagine today. These interactions, ranging from seamless payments to richer information flows to trusted data transfers, will become possible with a vastly increased range of potential counterparties. Web 3.0 enables us to interact with any individual or machine in the world, without having to pass through fee-charging middlemen. This shift will enable a whole new wave of previously unimaginable businesses and business models: from global co-operatives to decentralized autonomous organizations and self-sovereign data marketplaces.
The forthcoming wave of Web 3.0 goes far beyond the initial use case of cryptocurrencies. Through the richness of interactions now possible, and the global scope of counterparties available, Web 3.0 will cryptographically connect data from individuals, corporations, and machines, with efficient machine learning algorithms, leading to the rise of fundamentally new markets and associated business models. The result is akin to a “return to the global village” — daily immersion in the human-centric and highly personalized interactions from which we used to benefit, now delivered at the global scale of the internet and supporting an ever-increasing myriad of human and machine skills specializations