“Blockchain,” has so many use cases.

Web3 is a theory of the internet built on user ownership, decentralization, and blockchain technology. Everyone has access to the internet. A decentralized World Wide Web owned by no one but managed by everyone’s decisions: the Internet’s democratization.

Web3 creates a space where the user’s needs come first. The primary premise of Web3 is that it is an open-source website that is not controlled by any one person or organization. DAO is employed. The digital world is becoming more open-source.

Blockchain and cryptography, which underpin cryptocurrency, play an important role in Web3. While Web3 wants to increase Internet diversity, it also deprives powerful companies like Facebook, Google, and Amazon of their influence. This will be accomplished through decentralizing the Internet.

Web3 is supported by blockchain and is founded on three fundamentals: decentralization, user ownership, and blockchain technology. Current technological trends are propelling Web3. Web3’s rapid expansion is mostly driven by four key trends:

• The development of Blockchain technology.
• The decline in faith in powerful institutions.
• A growing tendency toward the internationalization of AR, VR, and a more digital-first future.
• A drop in popular opinion.

Blockchain Technology

In a layman’s sense of the term “blockchain,” it is that house or warehouse. It serves as the building block for everything else. While many people identify Bitcoin with cryptocurrency, it was the first practical application of a technology known as Blockchain.

A blockchain is a permanent, decentralized, and (for the most part) unhackable digital record-keeping system. At first glance, it could be difficult to comprehend why these seemingly uncomplicated qualities are so groundbreaking. Among the components of Web 3 or Blockchain, cryptocurrency is but one.

Blockchain has so many use cases. Blockchain technology is used in medicine. There’s blockchain in the fashion industry. There is blockchain in music. Any career you wish to pursue has a blockchain component. Identifying challenges in your field of study will assist you in navigating your path to Blockchain.

The fact that no single organization has authority over the storage and hosting of the content on the network is one of the main characteristics of a blockchain. Instead, it is dispersed, securely encoded, and constantly updated simultaneously by dozens, hundreds, or even thousands of separately owned and controlled servers (referred to as “nodes”).

Artificial intelligence will also play a significant role in Web3 (AI). Although Web2 is still in use, the third generation of the Internet will enable AI to comprehend web content in a way that is comparable to how humans do, significantly improving AI. According to CoinMarketCap, AI will not only grasp words but also the emotions behind the words thanks to Semantic Web, a web authoring standard that makes online material understandable for AI and robots.

For example, Google Assistant does not understand fillers, but the new version does when a statement is made. Blockchain is like crude oil, and cryptocurrency is like gasoline.

Originally published at https://enofrank.hashnode.dev.