One of the most prominent topics in the modern world is data and data privacy. Over the last couple of decades, the internet has essentially become an indispensable part of our society, with usage ranging from work to entertainment, to communication, to just about anything you can think of!
Whilst the internet has developed, however, our data has become less secure. Nowadays, you need only click on a website, and your personal information is already being harvested, assimilated, and then sold to third parties. At times, it can even be dangerous. When it comes to identity thefts and scams, a large portion of cases can be linked back to data brokers, of which there are 4,000 operating worldwide – with an industry worth approximately $200 billion.
There have been answers, of course. There are companies, for instance, who make it possible to delete your data from the internet and opt out of data brokers, which helps to keep your information safe and control what data you are releasing to the world. But for those who aren’t in the know, data continues to be put at risk simply from using the internet and allowing privacy to be sacrificed.
The Future Of The Internet
So how will this change in the future? Well, experts estimate that Web3 will be worth $163 billion by 2030. This has the potential to entirely change how we absorb and share our information. For those unaware, Web3 is the next generation of the internet, built around a blockchain network and run with decentralised applications – otherwise known as dApps.
If you’ve heard the term “blockchain” before, it’s probably something to do with cryptocurrency. As an entirely digital form of finance, cryptocurrency is currently run through blockchain technology, which essentially cuts out the need for intermediaries and allows the users to efficiently take control.
In the future, however, it is predicted that the entire internet will be decentralised in nature, which is bound to change a few things when it comes to how our data is collected.
How Will Web3 Change Data Privacy?
According to experts, Web3 will be more transparent, secure and user-centric. Whilst Web2 relies on middle-man and centralised servers, Web3 will be run by its users, meaning the users have the control over their data and can choose how it is used and who can access it.
To explain a little further, it is the intermediaries of Web2 who take advantage of our data – collecting it mostly to focus their marketing campaigns and send targeted ads that are based around us as individuals. With Web3, however, users will interact directly with dApps, without any intermediaries to harness their data and use it without their knowledge.
Sounds too good to be true, right? Well, that’s because it is. Although Web3 might give control back to the user, it is not without its own security challenges, and the concept itself is in its infancy. Whilst it has the potential to entirely change the internet, there is still a bit of time to wait until it really starts to impact our lives. Until then, it is crucial that we do everything we can to protect our data now and ensure our internet experience is a safe one.