Ever since blockchain technology existed as an academic concept, experts have seen a huge potential in the technology. As Web 1.0 and Web 2.0 made their impact on the world population, everything is still not perfect. In fact, user data in today’s Web 2.0 systems have been under extreme vulnerability in many cases. Such information is stored in centralized servers, and hacks and sales of data happen casually. Being in the stronghold of centralization also gives a few people the power to suppress data they consider might disturb the harmony. Also, governments have been able to shut down websites and accounts of many people they considered suspicious or breaching restrictions.
To combat all these issues, Web3 (or decentralized web) serves to be the ultimate solution that is backed by blockchains. Even though the technology is still nascent, the existing Web 3.0 decentralized applications have already shown enough promise as to why the decentralization of the internet could benefit the world. In this blog, we will particularly look at how the financial sector benefits from Web3 technology.
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what are the Web3 Applications, Advantages & Technology behind web3 applications
