By Rahi
The internet has come a long way since its inception in the early 90s. Beginning from fetching information for users to read with web 1.0 to empowering them to build businesses, make connections and explore the infinite possibilities with web 2.0, it has certainly made a mark on everyone . However, these advancements have certainly come at the cost of privacy and security.
While tech giants argue that they utilize data to build better products, the ownership of the data has breached the consent and privacy of users and made them vulnerable to sophisticated cyberthreats. Enter web 3.0, the third iteration of the internet, built on the core decentralized technology that promises to address the concern of data privacy and security and provide users with its ownership.
More commonly known as Web3, the technology has gained popularity in the past couple of years owing to the rise in NFTs and cryptocurrency. Built on the decentralized infrastructure of blockchain, Web3 strongly focuses on decentralization, transparency, and user ownership.
While Web3 faced a few hiccups in 2022 due to the downfall of major crypto-related projects, continuous innovation and technological evolution will soon witness its mainstream adoption. In fact, as per BlueWeave Consulting’s latest market report, titled “Web 3.0 Blockchain Market,” the market will reach a value of USD 38.14 billion by 2029. As such, it is critical to be aware of the growing trends in Web3 to be able to exploit emerging opportunities.
Here are five Web3 trends to watch out for in 2023 and beyond:
In 2023, the usage of decentralized applications (dApps) will not be limited to IT and fintech but will witness adoption in healthcare and real estate. As developers try to build more connected and seamless Web3 experiences for users, interoperability between multiple DApp platforms will continue to increase. There will also be a greater emphasis on improving and simplifying the user experience for the widespread adoption of the technology.
Most of the criticism received by Web3 technologies often stems from their energy consumption due to the consensus mechanism in place. For example, bitcoin, the popular cryptocurrency using the Proof-of-Work mechanism, consumes a high amount of energy. In fact, as per a 2022 report by Arvix, titled “An Analysis of Energy Consumption and Carbon Footprints of Cryptocurrencies and Possible Solutions,” the energy consumption of bitcoin by July 2021 was in the range of 26.41 TWh to 176.98 TWh, equivalent to the total energy consumption of Sweden and Thailand.
With energy becoming scarce and the nations strictly pushing for carbon emissions, Web3 enterprises will strive to become eco-friendly in their practices and usages.
The introduction and success of the Proof-of-Stake mechanism (PoS) to reduce energy utilization by 99% have brought hope to the Web3 community. Going forward, Web3 companies will continue to keep a sustainable mindset for the success of the industry.
One of the key features of Web3 technology is interoperability, which refers to the ability of different applications and platforms to connect and communicate with each other seamlessly.
This allows for the creation of a more integrated and interconnected digital ecosystem, where users can move their data and assets across different applications and platforms without any barriers.
For brands, Web3 offers the opportunity to create more advanced touchpoints and deliver a more personalized and seamless experience for users. By leveraging the interoperability of Web3, brands can connect with users across different virtual platforms and offer a cohesive experience that is tailored to their preferences and needs.
Overall, Web3’s interoperability and decentralized approach offer a more flexible and adaptable framework for building and using applications. This opens up new possibilities for innovation, collaboration, and growth in the digital economy.
As Web3 continues to disrupt various industries, governments are recognizing the need to regulate its impact. Recent incidents of scams and the collapse of prominent crypto exchanges like FTX, Celsius Network, and Voyager Digital have added momentum t for regulation. This makes it crucial to establish enforceable regulations that increase trust in new environments, including metaverse and other Web3 applications.
To demonstrate their commitment to the Web3 ecosystem, countries like the US have already introduced regulations. Colorado has become the first state to accept cryptocurrency as payment for taxes and state fees. In Asia, China and India are expected to introduce significant regulations in the Web3 space in 2023.
Web3 is a nascent technology that is yet to fully penetrate to every facet of society. In order for it to gain widespread adoption, trust must be established, and innovations must be developed to support various industries and empower users. Despite these challenges, Web3’s potential to build a better future cannot be ignored, and enterprises should monitor emerging trends in the Web3 space to maintain a competitive edge.
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Five years ago, end-users may have been willing to wait 10 seconds or so for a video to load. They may have put up...
Rahi’s A/V team is getting ready to head to the Infocomm Conference in Las Vegas June 2-8. This information-packed...
In the beginning was the data center, a centralized place where an organization’s IT assets were implemented and...
Data center operators are always looking for ways to save money and improve efficiency. Having the right tools can...
Energy costs eat up 25 percent to 60 percent of a data center’s operating expenses. For large facilities, that can...
The Rahi team is wrapping up International Telecoms Week at the Hyatt Regency and Swissôtel in Chicago. It’s been...
Microsoft recently announced plans to open its first data centers in the Middle East in 2019. Amazon will open its...
Storage capacity planning has always been challenging, and the difficulty has increased along with escalating data...
What is GDPR? How Does It Impacts Data Center Decision Making? Organizations around the world are focused on May 25th,...
Ever-increasing IT demands are driving data center modernization initiatives that leverage private cloud and...
Many organizations will face the need to relocate their data centers at some point in time. They may find that they are...
The shift from on-premises infrastructure to the cloud continues at a rapid pace. A recent study found that 93 percent...
Rapid advances in artificial intelligence (AI) are being enabled by the graphics processing units (GPUs) Nvidia...
“If you can’t measure it, you can’t manage it,” is an old business school maxim that’s just as applicable to...
Many organizations are opting to move into a colocation facility rather than build out or expand their own data...
High-density data centers are all about efficiency. IT managers look for technology solutions that deliver high levels...
According to the latest data from IDC, the worldwide market for converged infrastructure increased 10.8 percent year...
Data growth continues to accelerate, straining storage infrastructures and pressing organizations to find ways to...
For many years, the rack has been the standard unit of measure for data center resources. We talk about physical space...
Given the ever-increasing business demands for IT services, physical space is at a premium in many data center...
Given the ever-increasing business demands for IT services, physical space is at a premium in many data center...
No one wants to think about a disaster crippling or even destroying their data center. But even as hurricane season...
The Role of Tape Storage in 2021 and Beyond As data volumes continue to grow at a mindboggling rate, many...
Power is a fundamental component of data center operations. A highly reliable power source that maximizes system...
There are a number of reasons why data center densities are increasing. Business demands on IT are growing, and IT...
The cloud and mobile have made applications and data more accessible than ever. At the same time, they’ve made...
In our last post, we discussed the critical importance of digital transformation in today’s hyper-competitive...
The concept of “digital transformation” has gotten a lot of attention in recent years. It involves not just the...
Deploying and maintaining IT infrastructure on a global scale is challenging for even the largest enterprises....
Although organizations are moving more applications and services into the cloud, certain workloads still require the...
We’ve all heard the statistic. Eighty percent of the IT budget goes toward keeping the lights on in the data center....
In Greek mythology, the Hydra was a many-headed serpent that could grow two new heads whenever one was cut...
The fragility of the electric grid was demonstrated once again as Hurricanes Harvey and Irma caused widespread power...
They say that moving is the third most stressful event in life, following death and divorce. If the millions of...
The prefabricated building concept dates back to the early 19th century, when London carpenter Henry Manning developed...
There are a couple of Irish phenomena that have been making headlines lately. One is a loudmouthed mixed martial arts...
Cooling efficiency is a top priority for today’s data center operators. Increased data center densities enable...
Data Center Infrastructure Facebook recently provided an inside look at its mobile device testing lab when it allowed...
There’s nothing new under the sun, or so the saying goes. That’s certainly the case for out-of-band management, a...
In the previous post, we discussed why structured cabling is critical to the Internet of Things (IoT). Organizations...
We could trot out the statistics about the billions of Internet-connected devices, objects, sensors, corporate assets...
In a previous post, we discussed why data center operators are expanding beyond major metropolitan areas to build...
“Location, location, location” has long been the mantra in real estate. The idea is that location is the most...
Staying cool in the summer is at the top of everybody’s list. The same is true for data centers. Data centers have...
How many times have you experienced listener fatigue while listening to your ‘favorite’ playlist on a long trip?...
Do you have a favorite restaurant? What makes you want to always go there? What makes you loyal to them even though...
You remember the saying, ‘Prevention is better than cure?’ That saying is much more relevant, given how almost...
Staying connected is the current way of life. Bandwidth boundaries are blurring and with that, data centers are...
Understanding Data Center Consolidation Given the ever-increasing business demands for IT services, physical space...
The days of owning all the IT products and services within a company, are obsolete. With newer technologies edging out...
Spring cleaning can be hugely satisfying. The same is true while sprucing up your data centers. Data Center Dynamics...
When businesses grow they also need to pay attention to managing their data servers. Owning and operating a data...
The Internet of Things (IoT) has redefined the way we consume infotainment, and how we live our life day-to-day....
Most IT solution providers focus on compute, storage and networking technologies. Rahi Systems is uniquely qualified...
Japan IT Week brought together over 90,000 attendees to discuss the latest’s technologies and software from around...
Overview – In a matter of 60 seconds, today’s Internet handles hundreds of new websites going up, thousands of...
Overview – NTT Communications has established an IoT Office to provide customers with secure IoT solutions that...
As the digital universe continues to expand, data centers are grappling with the constant challenge of keeping their...
If you ask an ordinary man, where the hosting services are done, he is bound to say the US. It is true that most cloud...
“Through this new offer, Schneider Electric is addressing the latency, bandwidth and processing speed challenges...
Power & Cooling trends at top as the top challenges faced by almost all Data Center Operations & Management...
SAN JOSE, Calif.–(BUSINESS WIRE)–ZPE Systems® today unveiled NodeGrid Serial Console™. This new generation of...
Rahi Systems has consistently been above the national average for the % of women employed in the company. Our local...
In today’s rapidly-changing environment, it is paramount for businesses to be swiftly able to connect and...
Blockchain technology has revolutionized the data that would have been difficult to predict a few years ago. What...
Phishing has become a rage in the threat actors' community to start exploiting people. While the technique isn’t...
For years, data center power and cooling requirements remained relatively stable, enabling organizations to plan...
Data centers play a critical role in the efficient operation of businesses, providing secure and reliable hosting...
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