The current web architecture, Web 2.0, may well be user-friendly and familiar, but there is plenty of indication that this formula is starting to break down, giving way to a new internet. The greatest concern about Web 2.0 has been the centralised control over data: at the moment, ‘Big Tech’ companies like Google and Facebook act as central databases for a vast amount of user information.
The advent of new technologies is allowing for decentralisation, bringing about marked disruption. In 2018, we saw the start of scrutiny over the way tech companies deal with user data. In Europe, the implementation of the General Data Protection Regulation (GDPR) in the wake of the Cambridge Analytica scandal shows that the public and authorities are sitting up and paying attention. The need for a new internet structure has never been more pressing, so on the horizon now is an environment in which users keep control over their own information: Web 3.0
Technology experts say that Web 3.0 will be powered by blockchain, as the technology is decentralised, therefore user-centric. While users are optimistic about the future of the internet, the Big Tech companies are faced with the challenge of re-inventing themselves to embrace the latest developments and focus on delivering high value and security to their users. Equipped with considerable capital and some of the finest minds in the tech workforce, these companies are uniquely positioned to make the most of the next phase of the blockchain revolution.
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