Experts throw light on the future of Web 3.0, tipped to be one of the fastest growing sectors
Web 3.0, tipped to be one of the fastest-growing sectors in the next decade, was the subject of an insightful BusinessBreakfast talk hosted by Sharjah Research, Technology and Innovation Park (SRTIP) at its headquarters.
Web 3.0, also known as Web3, is the third generation of the evolution of web technologies. While it is still evolving, what is absolutely clear is that Web 3.0 will have a strong emphasis on decentralized applications and make extensive use of blockchain-based technologies. Web 3.0 will also make use of machine learning and artificial intelligence (AI) to help empower more intelligent and adaptive applications.
A number of experts provided a peek into the future that will be powered by Web 3.0. The speakers concurred that Web 3.0 would transform the Web into a dynamic database that operates within the framework of artificial intelligence in order to conduct searches and access information, data, etc. efficiently and smoothly, according to a system of related searches or people-related searches.
A key takeaway of the discussion was that Web 3.0 is the next stage in the evolution of the Internet, built on the basic concept of openness and decentralization, where the data will be stored on decentralized cloud networks and independent storage units. Thus, it will not rely on any central data hubs to provide information to Internet users. Web 3.0-based applications will either run on decentralized P2P blockchains or networks, or use a combination of the two.
The participants, who included businessmen, executives and specialists from the public and private sectors, were briefed on the investment opportunities in the digital economy available to the business community at SRTIP, which is home to some of the most innovative startups, and supports and nurtures entrepreneurs that bring futuristic ideas to the table.
Mr. Hussein Al-Mahmoudi, CEO of SRTIP, touched on the Park’s aggressive steps to achieve a quantum leap in the knowledge investment environment in the region, and underlined the need for increased investments into new out-of-the-box sectors that can accelerate the march towards the digital economy. He urged businessmen and investors to make use of the many advantages offered by SRTIP in an ideal environment that helps companies grow and prosper.
The hosting of the SRTIP Business Breakfast series is part of the Park’s vision to elevate the Emirate of Sharjah as a destination for investment and business and strengthen the economic and investment partnership relations between SRTIP and the business community.
