Web 3.0: Giving users control of their data

Web 3.0 is here and has taken everyone by a storm. With so much being said about the technology that has the capability of transforming ordinary life, Siddharth Zarabi, managing editor of Business Today TV in conversation with Sumit Gupta, CEO & Co-Founder, CoinDCX, Pratik Gauri, CEO & Co-Founder of 5ire Blockchain, Ravikant Agrawal, VP - Strategy, Polygon and Antoni Martin, Enterprise Head, Polygon demystifies the air about the technology and the potential it holds.  

Pratik Gauri says Web 3.0 is like infrastructure but it's a distributed ledger technology, and when you build a decentralised protocol, the good thing is it gives the power back to the community. "What it means is it's more secure, it's more transparent. And it's more accountable, and the best thing the world has seen. So if you file an FIR and everything is on Web 3.0, even after five years, it's immutable. This means the records can't be changed."

The new iteration of the World Wide Web, Web 3.0 is based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. Dwelling in the conversation further, Ravikant Agarwal explains how blockchain can be used for identity "So we have talked about Web 1, where you go on a yahoo.com look for the news, read-only. Web 2.0 is where we are talking about interacting with social media, Facebook and Telegram. Here you read and write and understand. With Web 3.0, you are talking about ownership of data. So, my identity, I own today. Let's say today I go to Facebook, I have data but that data belongs to Facebook. With Web 3.0, that identity, that data would be owned by me."

Antoni Martin shared views on data, individual security and privacy. He said "You are unique, but in the end, you are a different person from how the university with your football team, with your bank, at work… a single person can have a different persona. Web 3.0 allows us to embed in a single point that could be my own identity because not everybody needs to know everything about it. That means I can compartment a little bit with data and show only what I want."

With the new technology, a user can use compartmentalize, and not let the social media companies create a digital profile by connecting all the dots. A user will be able to create a unique identifier for a particular instance and disconnect everything else.

Speaking on how companies are planning to leverage this technology, Sumit Gupta of CoinDCX explained, "The Web 3.0 is a new internet in the making right now. The new internet is built on blockchain, which solves the problem of trust. We're already seeing that a lot of companies globally are already building...so essentially, any company, any technology company that we have right now is essentially going to adopt a key strategy. And that's a massive shift that we will see in the coming years. It's not just about reading, essentially, the entire internet is being pushed directly in the coming years."

Also read: Google says not trying to be part of crypto wave, but is building backend services for Web3 blockchain devs