Page 26 - BANKING FINANCE APRIL 2024

ARTICLE

THE FUTURE OF

BANKING:

NAVIGATING THE

TRANSITION TO

WEB 3.0

Overview of Web 3.0 subsequent phase, Web 2.0, ushered in a paradigm shift with
a strong emphasis on interactive collaboration and two-way
The inception of the World Wide Web (commonly known as
the 'web') in 1989 marked a revolutionary turning point that communication, thereby transforming the web into a
dynamic and participatory platform.
has profoundly impacted the global landscape. Over the
ensuing decades, the web has undergone continuous
evolution, introducing new tools and techniques that What constitutes Web 3.0?
significantly enhance the overall user experience. Web 3.0 represents the third evolution of internet services,
seeking to leverage machine learning and distributed ledger
This evolutionary journey can be delineated into distinct technology (DLT) to craft more intelligent, interconnected,
phases: Web 1.0, Web 2.0, and the nascent stages of Web and open websites. Its overarching goal is to digitize the
3.0, each characterized by unique offerings and features. world by creating seamless connections among people,
Web 1.0 represented the read-only web, predominantly processes, data, and various entities.
focused on static information dissemination, providing a
foundational structure for basic data sharing. The At the core of Web 3.0 lies the principle of decentralization,
a fundamental departure from the concentration of power
in major tech companies, aiming to empower individual
users. This decentralization is actualized through blockchain
technology, with specifically designed portals and
applications facilitating access to Web 3.0, commonly
referred to as decentralized applications (dApps).

Web 2.0 faced limitations, relying on entities like web
hosting services and operating in a more centralized

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