How Will Web3 Affect eCommerce?
Here’s how Web3 could affect the eCommerce sector in the future
Throughout the years, the Internet has undergone a few drastic changes. The introduction of blockchain technology has resulted in forming a new version of the Internet known as Web3 - the Internet that strives to be secure, private, and decentralized. Naturally, every sector of the World Wide Web could get affected by these changes, including eCommerce.
Let’s take a look at what buying and selling goods could look like on the Internet of the Future.
What is Web3?
Web1 emerged in the early 1990s. Back then the Internet was static, hardly interactive, and mostly relied on using read-only content and links.
Web2 took the online world to the next step. Today’s users are hooked on social media: posting pictures and videos of their daily life, interacting with other people’s content, making online purchases. The list goes on and on.
What Web2 lacks is security. The eCommerce sector, as prosperous as it is, does not guarantee any protection of users’ sensitive data. Some companies even use their clients’ personal information to create advertisements and “once in a lifetime” offers.
This is when Web3 steps us. Through Web3 users gain access to blockchain technology, which allows them to control their personal data, privacy, and finances.
Web3: What eCommerce May Look Like
It’s hard to imagine the Internet with no central authority; however, Web3 claims that users will get to experience full control over their digital assets. Indeed, decentralization is exactly what makes blockchain technology appealing. In Web3, users can run transactions on a blockchain, and participate in protocols with the help of crypto and NFTs. There are so many new opportunities!
Not so fast, though. Web3 needs API-driven technology to connect to blockchains, which is provided by third-party firms. Users might still have to share a bit of their autonomy with bigger corporations. Some experts, nevertheless, deny the accusation stating that running services on a blockchain will be accessible for both companies and users in the near future.
GetBlock in Web3
As a matter of fact, eCommerce transactions could become even faster, cheaper, and more secure in Web3, since they do not require any personal information from users. A Decentralized Autonomous Organization (DAO) plays a key role in maintaining the process by working with smart contracts, which are also open to the public.
eCommerce is unlikely to disappear any time soon. In fact, it can evolve into a never-seen-before digital universe, reliant on blockchain and token-based ecosystems.
GetBlock understands the importance of providing top-notch services for Web3 developers. With GetBlock’s API-driven shared and dedicated nodes, clients gain access to over 40 networks, including Bitcoin, Ethereum, BNB Chain. Entrepreneurs can experiment with their dApps under realistic conditions and come out with the best version of the product, skyrocketing to success.
Moreover, GetBlock’s Blockchain Explorer can retrieve key information regarding the blockchain, making it possible to tailor even the smallest details of the client’s product.
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