Will Web 3.0 expand opportunities with the aid of 5G | The Financial Express

Will Web 3.0 expand opportunities with the aid of 5G

With such opportunities, Web 3.0 firms need an encouraging ecosystem to position India well on the Web 3 map.

Will Web 3.0 expand opportunities with the aid of 5G
With such opportunities, Web 3.0 firms need an encouraging ecosystem to position India well on the Web 3 map.

By Ashwani Kumar

Today’s internet has altered the way we live. Try to recall the last time you obtained cash from a bank. You most likely connect with your bank using an easy-to-use app (AI) on your computer, phone, or tablet, and you almost certainly carry out all of your important financial activities digitally or using digital mode. We have also given up a lot of control over our data and privacy as a result of using various apps and services. Our reliance on technology has become so extensive that a slowdown of the internet connection for even a few minutes can disrupt our lives.

Web 3.0 is being built on the foundation that users will have more control over their data and privacy. The third generation of internet-enabled by ultra-high speed 5G connectivity, promises a return to the decentralized ideals of the early internet. It is supposed to run without servers, depending on a network of devices, barring any one entity controlling data. This would basically mean the decentralization of data.

Nowadays, with such a promising internet revolution, ubiquitous, consistent, global, and fast connectivity is needed. Web 3.0 requires advanced connectivity technologies like 5G to operate flawlessly. Expecting a dynamic process underlying the new internet’s user experience, 5G technology will help ensure that all functions are running correctly, without delays.

5G networks will pave the way for superior collaboration opportunities in the virtual world. The latest technology supports the systems to process increased volumes of data in real time and with improved mobility, ensuring a high-quality 3D experience.

Technology-wise, Web 3.0 requires cross-functioning of various emerging technologies such as the Blockchain, AI, 5G network, and the IoT. With the arrival of 5G technology and effectively high internet penetration and availability of cheap internet connectivity, India stands at a significant advantage in taking the first step towards rising as a leader in the next internet revolution and improving access to Web 3.0.

Also, Web 3.0 has the potential to contribute USD 1.1 trillion to India’s GDP, according to a research report from the US-India Strategic Partnership Forum (USISPF), increasing the value of India’s digital economy from USD 5 billion to USD 262 billion by 2032. With such opportunities, Web 3.0 firms need an encouraging ecosystem to position India well on the Web 3 map.

The author is the founder and CEO of Helper World

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First published on: 27-11-2022 at 11:03 IST