Blockchain and artificial intelligence are revolutionising the Internet. Web 3.0, which is touted as the third generation of the World Wide Web, will be the next big thing. Blockchain is a shared database in which information is stored in blocks linked together with the help of cryptography, which refers to the process of securing information and communications through codes. Web 3.0 will run on blockchain-based technologies and decentralised applications, and will also use artificial intelligence and machine learning. In technology, decentralisation refers to the distribution of information, control and functions among multiple nodes in a network, instead of the data being centralised within a single entity. In other words, the authority is transferred to a distributed network. Blockchain technologies and Web 3.0 have immense potential to revolutionise climate science, healthcare, and agriculture, especially in India.
Blockchain is similar to spreadsheets in the fact that information is entered and stored, but the difference lies in the way the data is structured and accessed. Web 3.0 is envisioned to be decentralised, which means that there will not be any central controlling node, no permission from a central authority will be required to post something on the Internet, and there will be freedom from censorship and surveillance, according to Tim Berners-Lee, the inventor of the World Wide Web. While Web 2.0 allows information to be stored at a fixed location, in the form of a unique web address, Web 3.0 will allow information to be found based on its content, and to be stored in multiple locations at the same time. The advantage of Web 3.0 is that people will have more control over web content, and Big Tech will not be able to hoard customer data to monetise it. Also, it can be used as the infrastructure for the metaverse.
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How blockchain and Web 3.0 can revolutionise climate science
Decentralisation is expected to fervently facilitate climate science. Of late, climate change-induced extreme weather events have increased in India. Blockchain and Web 3.0 can facilitate the collection and secured sharing of large amounts of environmental data, and allow researchers and institutions to collaborate on a global level. Decentralisation will allow more structured sharing of information, as a result of which more effective strategies to mitigate climate change can be devised.
“Web 3.0 and blockchain technologies are the transformative forces that are reshaping the digital landscape, and their utility extends far beyond borders, making them particularly impactful for the people of India. These innovations offer a promising path towards a more inclusive, efficient, and secure future, with profound implications for climate science, agriculture, and healthcare. In India, where the impacts of climate change are increasingly felt, Web 3.0 and blockchain can revolutionise climate science. These technologies can facilitate the collection and secured sharing of vast environmental data, fostering collaboration between researchers and institutions globally. This collaborative approach is crucial for devising effective strategies to mitigate climate change and adapt to its consequences,” Praveen Tiwari, Co-founder of Netsol Water Solutions, Greater Noida, Uttar Pradesh, told ABP Live.
Also, the blockchain technologies used to develop Web 3.0 will ensure data integrity, which is of utmost importance when it comes to sharing climate data. This is because data integrity will reduce the risk of manipulation. Moreover, carbon credits can be sold and bought using these technologies.
“Web 3.0 enables decentralised data sharing among global researchers. Blockchain ensures data integrity, crucial for climate data, reducing the risk of manipulation. Smart contracts can automate carbon trading and incentivize sustainable practices,” said Sreevidya Satish, Co-founder & VP Operations, Dhiway, a Bengaluru-based blockchain technology company.
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How blockchain and Web 3.0 can transform India’s healthcare sector
India's healthcare sector has made tremendous strides, from vaccine development to disease eradication. Integrating technologies such as blockchain and artificial intelligence will enable the healthcare system to achieve more milestones. This is because blockchain technologies will allow electronic medical records to be decentralised, and telemedicine will be enhanced, increasing accessibility to and affordability of rural healthcare.
Explaining how Web 3.0 and blockchain can be a "game-changer" for India's healthcare system, Tiwari said, “Decentralised electronic health records, secured through blockchain, can grant individuals greater control over their health data while improving interoperability among healthcare providers. Telemedicine platforms, powered by Web 3.0, can extend healthcare access to remote areas, addressing India’s healthcare accessibility challenges.”
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Also, when medical commodities are transported from the manufacturing site to hospitals and consumers, there is a need for trust and transparency. This is where blockchain comes into the picture. It will help overcome hurdles such as counterfeiting drugs, and inefficient tracking. Data silos, which refer to collections of data held by one group and not easily or fully accessible to other groups within the same organisation, can be prevented with the help of blockchain technologies.
“In healthcare, blockchain ensures secured, interoperable patient records. Patients can control access to their data. Smart contracts can automate insurance claims, reducing fraud. Blockchain ensures trust and transparency by securely tracking the journey of medical products from manufacturing to delivery. Blockchain mitigates issues like counterfeit drugs, inefficient tracking, and data silos. It provides a shared platform for real-time data exchange, enhancing visibility, reducing errors, and improving patient safety,” said Satish.
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How blockchain and Web 3.0 can be a game-changer for agriculture
India is a global agricultural powerhouse, the world's largest producer of milk, pulses, and spices, and has the world's largest area under wheat, rice and cotton, and agriculture contributes to about 18 per cent of the country's Gross Domestic Product (GDP). Since agriculture is the backbone of India's economy, integrating technologies such as blockchain will increase agricultural productivity manifold.
For instance, farmers will be able to sell their produce at fair prices if smart contracts are introduced, and marketplaces are decentralised. Trade of agricultural products will also be enhanced, both at the national and international levels.
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“Agriculture, the backbone of India’s economy, stands to benefit immensely from Web 3.0 and blockchain. Smart contracts and decentralised marketplaces can empower farmers by ensuring fair prices for their produce and reducing middlemen’s influence. Transparent supply chains, enabled by blockchain, can guarantee the authenticity and quality of agricultural products, enhancing both domestic and international trade,” said Tiwari.
In other words, blockchain will improve the transparency and traceability of the agricultural supply chain, and allow farmers to access decentralised weather data. All this will allow them to practise smart farming.
“Blockchain can enhance the transparency and traceability of the agricultural supply chain, ensuring the authenticity of organic produce, fair trade, and quality assurance. Decentralised weather data can aid precision farming, improving crop yields and resource management,” said Satish.
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In what other ways can Web 3.0 help India and the rest of the world?
Web 3.0 is projected to provide people with a lot more benefits than social media, streaming and online shopping. Web 3.0 applications are also called decentralised apps or dApps. Since Web 3.0 will use technologies such as natural language processing, it will allow computers to understand information in a way similar to how humans understand. As a result, computers will be able to generate faster results.
The biggest advantage of Web 3.0 will be enhanced data privacy. If people living in rural areas are introduced to such technologies, they will be able to handle their financial assets better.
“Web 3.0, with its emphasis on data ownership and decentralisation, can significantly benefit India. It offers improved data privacy, vital in today's digital age. For instance, Verifiable Credentials, a Web 3.0 concept, can empower Indians to securely control and share their educational qualifications or professional certifications without relying on centralised institutions. And, Web 3.0's decentralised nature can bridge information gaps and enhance financial inclusion, particularly in rural areas. Decentralised applications (dApps) open up new opportunities for Indians in global markets and digital finance, fostering entrepreneurship and innovation. In a concise manner, Web 3.0 promises greater data control, improved access, and enhanced economic prospects for India,” said Satish.
Therefore, blockchain and Web 3.0 will enhance data integrity, transparency, and automation, make climate science, agriculture and healthcare systems more robust, and allow the practice of efficient, sustainable, and secure operations.