Web 3.0 is coming, but what is it?

The impact on customer service may be significant: Web 3.0 offers both companies and consumers all kinds of new possibilities and ways to communicate, do business and exchange data. And to reduce the volume of contacts that companies now generate themselves as a result of errors.

tech update is the Ziptone section on emerging technology relevant to customer engagement. We briefly explain what it is, how it works, why it is relevant, what the pitfalls are and we ask the reader's opinion: Hot or Not?

What is it

Web 3.0 is currently a concept that is seen as the next phase in the development of our current internet, in which control over personal data (online assets) plays an important role.

How it works

To understand the difference between web 3.0 and the current internet, it is useful to briefly look at the earlier development phases of the internet. The Internet began in the mid-90s as an online source of information for users to consume, now referred to as Web 1.0. One-way traffic was central to this. There are not many examples of web 1.0 available anymore.

About ten years later, the use of forms and the rise of social media and blogs made it possible for consumers to post information themselves and/or to interact with each other or with companies. One of the best examples of a web 2.0 application is Wikipedia.

This web 2.0 is therefore also called the 'social web'. The largest social networks have now gradually come into the hands of large companies, as a result of which user data is centrally stored by those companies (think of Facebook, nowadays Meta).

Web 3.0 contains as an ideal that this is done away with. Data and content remain the property of the maker and the dependence on large platforms such as YouTube or Facebook disappears, but the role of intermediaries also disappears. With the end user and the data owner back in control, web 3.0 is also referred to as the decentralized web. The latter is made possible by blockchain technology, with which users can exchange things of value with each other. Central to web 3.0 are matters such as control, direction and ownership. It is expected that web 1.0, 2.0 and 3.0 will coexist as different phases of the internet. The approach of the web 3.0 ambassadors is that the power of the tech giants can be broken.

Web 3.0 is primarily about (supporting) tooling. Some of those applications already play a role in the Metaverse, which is mainly about a new form of (end-user) experience.

Why is it relevant

Companies are working on a large scale to create value using the data they have. In addition to commercial opportunities, knowledge about your customer or prospect also offers opportunities for a good one governance and good customer service. The downside is that large (tech) companies mainly earn money from customer data. Therefore, the interest in a other way of managing personal data has been growing for years, with people's data once again primarily belonging to people. For companies with (intensive) customer contact, it can be interesting for the distinctive character to join initiatives at an early stage that place the ownership of data with consumers. This not only gives customers a sense of security, but can also provide convenience. For example, because as a consumer you do not have to provide data every time, but you give companies and institutions permission to collect (all relevant or very specific) data from your personal data vault.

This growing attention to what companies do with data also gives companies an opportunity to become transparent in this area or even offer concrete benefits to customers who share their data. Web 3.0 offers possibilities to make agreements about this and to record them in code.

In addition, web 3.0 (through the application of solutions such as NFTs and smart contracts) will enable new business models and new service models. With smart contracts, companies and individuals can, for example, conclude reliable smart online agreements that safeguard a shared financial interest.

Just pay attention

1. As soon as the balance shifts and the majority of companies return ownership of data to the customer/consumer, certain products and services will no longer be free – think of social media accounts. Large tech companies such as Google and Facebook sell data to other companies so that they can target advertising and earn money from it; or companies with free services attract advertisers because they have many users. The financial models behind products and services can therefore change. The moment providers start charging for these types of products and services, the number of users can fall sharply. This could happen, for example, with communication apps that are currently still free.

2. Web 3.0 is still a concept and not reality. In addition, web 3.0 is currently also an abstract and highly technical concept that will not immediately be able to bind large groups. When web 3.0 becomes accessible and practical, the question is who will make it possible – both financially and technically. As a result, the decentralized character may be killed again by new 'big tech' players. The development of web 2.0 also ultimately yielded a different result than originally envisaged. Before web 2.0 became big, there were high expectations about the democratic added value of the social web. Everyone should have access to information, but also be able to add, participate in the discussion and take part in decisions!

3. There are still few web 3.0 fans who have an answer to the question of what will happen to the current data collections of big tech companies if web 3.0 becomes more and more popular. Other obstacles to web 3.0 are the lack of regulation (with security and crime risks) and the energy consumption of supporting technologies such as blockchain and bitcoin. (Ziptone/Erik Bouwer)