Web 3.0 Blockchain Market Research Report -Forecast till 2030

Web 3.0 Blockchain Market Synopsis

Web 3.0 Blockchain Market Forecast is expected to flourish once it is rolled out in the industry and awareness among end-use industry verticals.

The term ‘Web 3.0’ explains itself as the third generation of internet services that caters to the need for a platform to run websites and applications in a decentralized manner. However, the Web 3.0 is into its nascent stage of development and is expected to add to the internet’s intellectuality. By this, internet will come nearer to the human intelligence backed with the technologies such as artificial intelligence (AI) and machine learning. Additionally, the Web 3.0 is different from Web 2.0 since it uses innovative technologies like machine learning and AI for creating more personalized content for individual end-user. Further, Web 3.0 is expected to provide security owing to its decentralized operations.

On the other hand, a block having a unique hash (an encryption function) for the purpose of identification and stores information; several blocks form a blockchain connected in a chronological order. Moreover, the information stored into these blocks is permanent, making it more secure for online transactions. Hence, cryptocurrencies such as Bitcoin, utilize the blockchain technology to provide enhanced security platform. These blocks or records with information are stored on to the servers that are connected to internet which are accessible to the internet users only by the owner or it has been shared by someone else.

Key Players

There are few players developing in the global Web 3.0 blockchain market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd., Decentraland, among others. The key strategies adopted by most of the players are partnerships, agreements/collaborations, new product developments, among others.

Besides, the blockchain technology forms the base for Web 3.0 that offers enhanced data security and privacy which is creating new opportunities for the developers of Web 3.0 to attract the internet users. Being a decentralized ecosystem, the data is not stored or concentrated towards a single system node and hence decreases the risk of hacking the websites & other applications. Therefore, users need not worry regarding their personal information being altered or misused. This makes Web 3.0 blockchain technology more suitable for cryptocurrency trading and mining.

Some of the factors that are expected to drive the Web 3.0 blockchain market comprise of data ownership shifting towards the users, increased transparency, and highly secured data security. Whereas lack of awareness regarding the technology are hampering this growth trend in market. However, the market is opportune by rapid innovations and investments taking place in the technology. On the other hand, the market is expected to face several challenges such as dependency over Web 2.0, decentralized operations owing to the need for authentication, scalability, and unstructured operations may result in network congestion.

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