We live in a time of innovation and wonders. Our lives are not the same as technology is weaved and integrated into it. IoT is just one of the examples of how digital transformation can make our life easier. But can we make it better? Safer? Yes, Web3 is the answer to that. Blockchain technology in IoT will make it secure and faster.
What is Web3.0?
Web3 or Web 3.0 is the next generation of world wide web. The concept of the web3 is simple, it’s a decentralized system that incorporate blockchain technology and token-based economies. The original version of Web3 was known as semantic web which mean machine to machine communication but that is not the current definition of it. There is more than one way to describe web3 but in the simplest words, Web1 was read only, Web2 was read and write only and Web3 is read, write and own.
The other part of decentralization is the ownership. One of the reasons behind this concept is that most of the Web2 is own by large corporation and control by the government. This takes away control from the user and their data’s privacy and security. With Web3, you have control over your data and no one can access it.
Decentralized Autonomous Organizations (DAOs)
One of the most innovative and corruptionless solution to create an organization that is run by the users. Anyone can join a DAOs with a token and a token act as a share in the company. It will provide you with certain privileges like voting on changes and other important factors. DOAs are the organizations which is run by certain rules agreed upon by the members. This decentralized community of Web3 users decide the future of the DAOs by voting. All the information is available on the platform about changes, proposals and voting history.
This is a very important subject and it covers every single internet user. Do you own any of your data? No, you do not. Your data is saved on the server of big corporation and they owned your data. Your social media profile is the same, they allow you to use their services for free in exchange for your personal information. When you buy any online services, like a song, you don’t own the song, the company lease it to you. Web3 is the answer to all of these problems. In web3, your data is stored on the blockchain. All of the user data is encrypted, which means only one person can access it.
One simple example is Google ID, you can use one single Google ID to access all the Google products and many more. But with Web3, your digital wallet act as your identity. You only need one ID to access all the information or use any services on Web3. This will eliminate the hassle of creating multiple profiles on different website. This is not only useful but important as well because now no one can block your ID. In the current version of internet, websites or companies can simply block or delete your ID and it will erase your digital identity. This will not happen with Web3 because your Identity is connected to your digital wallet, mostly a cryptocurrency based and no one can delete that.
Web3 is decentralized system, which mean no companies or government can control anything. Anyone can access it without permission. One of the reasons behind this concept is giving power back to the users. Now we do not need to abide by the rules of companies in order to use their services.
Currently online payment is setup with banks and companies that operate in payment processing. In Web3, we will not need any third-party interference. Anyone can send and receive payment through cryptocurrency.
You may also explore: Ways Blockchain Could Influence Web Design In The Future
What is IoT?
IoT or Internet of Things is a network of physical object or things embedded with sensor, software and technology to communicate and exchange data with other system over the internet. This is one of the revolutionary technologies that is changing our life every day. The objective of this technology is to make our life better by eliminating human interaction time with the machine.
Every IoT devices have 4 layers that are incorporate throughout its architecture.
This layer allows IoT devices to translate physical data in to digital. It means devices gathers data like temperature, pressure, etc. and create a digital data collection.
This layer sends data to other devices. This layer contains DAS (Data Acquiring Systems) and network/internet gateway. It will collect the data, analyze it, convert it from analog to digital and send it to other devices.
As the name suggest, this layer process the raw data. Data is stored here after being analyzed and preprocessed. Once the collection of data is processed, it is stored here and ready to access by software application for further action.
This layer is human interface layer. In this layer, users can directly interact with the device. They can give direct command, access data and operate the system.
How Web3 can Fix IoT Security Issue?
IoT is relatively secure but there are some concerns regarding Web2 IoT devices. Unencrypted data transfer between devices, malware attack and less than desirable version of security upgrade could make the whole network vulnerable.
In order to fix this issue, we need to create Web3.0 based IoT Applications. Web3 have higher standard of security measures that can be applied on IoT application. One of the biggest advantages is using Blockchain technology in IoT. Blockchain will allow IoT application to send data through blocks.
Consensus mechanisms is another option to communicate between devices. Just like Web3, it will create trustless system that can directly connect devices without intermediate.
Blockchain will solve the issue of communication by using cryptographic identity to store messages in the block. Every entry is private but still accessible and traceable. Once we extend this to whole network, it can prevent any malware or DDoS attack. With the help of Web3 and Block chain, we can make end to end digital transformation services through new generation of IoT application.
Why Web3 in IoT is the Future?
People are more conscious about their Data and privacy now more than ever. This is one of the major concerns in past years and if we do not solve the IoT vulnerability, it will get worse. Web 3.0 based IoT application can transform the digital presence in our life.
Blockchain technology in IoT can keep the communication secure through encryption but yet accessible. It will make the data temper proof and only available through decryption. It will also reduce cost by automating the validation process by blockchain.
There is no doubt that IoT is the next big thing in the market. The global IoT market size is projected to reach USD 650.5 billion by 2026. By implementing Web3 and Blockchain technology to IoT application, it will ensure the success of IoT in the future. This will allow more companies to develop custom IoT application while ensuring the safety features.