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Web 3.0 and its role in the Supply Chain Management

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Web 3.0 is the third generation of the evolution of web technologies. It is still evolving and will have a strong emphasis on decentralized applications like blockchain based technologies. Web 3.0 will also use the machine learning and artificial intelligence (AI) to provide more useful applications. Web 3.0 will be used in supply chain management in future as it may provide many benefits to its processes. In this post, we will learn about web 3.0 and its role in the supply chain.

Web 3.0

The third generation of web technologies is known as Web 3.0 (Web3). The World Wide Web, commonly referred to as the web, serves as the basic building block of the internet by offering website and application services.

A British computer scientist named Gavin James Wood helped create the Ethereum (ETH) blockchain. In 2014, he was the one who first used the phrase “Web 3.0,” and since then, he has left Ethereum and established his foundation, the Web 3 foundation.

Web 3.0 is still changing and being defined, hence there is no definitive, universally acknowledged definition. However, Web 3.0 will heavily emphasize decentralized applications and utilize blockchain-based technology. Artificial intelligence (AI) and machine learning will both be used in Web 3.0 to enable smarter, more adaptive applications.

The Hypertext Markup Language (HTML) standard governs the design and delivery of webpages with Web 1.0 and Web 2.0 technologies. HTML will remain a core layer in Web 3.0, but how it relates to data sources and where those data sources reside may differ from previous generations of the web.

The design of Web 3.0 may take into account ubiquitous characteristics, semantic web, and AI. The rationale for employing AI is to give people faster access to more accurate data. An AI-powered website should be able to sort through the data and present the information it believes a particular user will find useful.

Benefits of Web 3.0

1. Ownership of Information or Data

The end users will reclaim full ownership and control of their data, and they will benefit from encryption’s security. A case-by-case basis or with permission/need might then be used to disseminate information. Currently, huge companies like Facebook and Amazon have n servers that store personal data on things like credit cards, dietary choices, income, and interests. These data are not just gathered to improve their services; instead, they are sold to advertisers and marketers for billions of dollars annually.

2. Access to Information

One of Web 3.0’s most important advantages is the shift toward data access from any place, which is primarily supported by the widespread use of smartphones and cloud apps. The goal is to guarantee that users can get as much information as they want from anywhere in the world. The development of technology tries to broaden the concept by enabling gadgets to collect user data and enabling smartphone access to computer data.

3. Elimination of the Central Point of Control

Blockchains like Ethereum offer a trusted platform where the rules are unbreakable and the data is completely encrypted. As a result, the intermediaries are taken out of the equation. The user data will no longer be under Apple and Google’s control. No government or other organization will be able to shut down websites or services, and no person will be able to control the identities of others.

4. The Permission less Blockchain

Anybody can create an address and interact with the blockchain network. The authority to access permission less blockchains cannot be overstated. The users will not be restricted on account of their income, geography, orientation, gender, or a series of other demographical and sociological factors. Digital assets and wealth can be transferred efficiently, quickly, cross-border, anywhere globally.

5. Uninterrupted Service

There is a significant decrease in account suspensions and distribution service denials. There won’t be much service disruption because there isn’t a single point of failure. To provide redundancy, the data will be kept on distributed nodes, and numerous backups will prevent server failure or seizure.

Web 3.0 and Future of Supply chain

The global economy continues to place a lot of emphasis and anxiety on supply chain management, particularly given the present shipping backlog at key ports around the world and the decreasing availability of goods on shop shelves.

Due to the transparency of blockchain, businesses can easily monitor and manage their supply chains in Web 3.0. Businesses that eliminate silos are better able to manage time and costs while immediately identifying any issues with production and delivery services. Businesses can also communicate vital details with their suppliers to facilitate delivery, such as production schedules and contract deadlines.

Customers can track the whereabouts of their products at every stage of the production process using a real-time supply chain view.

It will allow for new applications that can track and manage supply chains more successfully for enterprises. Identification of bottlenecks, route optimization, and inventory management will all be made simpler by these technologies.

In a smart contract, the conditions of the agreement between the buyer and seller are directly encoded into lines of code, making it a self-executing contract. The decentralized logic of the app is written in this code. The automatic features that must be executed are specified by the code. Simple transactions or a series of calculated algorithms can both be included in smart contracts. When the front-end user can communicate with the smart contract over the Blockchain, the application is said to be functioning. For which a wealth of tech stack knowledge is accessible via a variety of APIs in the market. Without a third-party addon, you can communicate with smart contracts using these APIs.

In addition, a wealth of data will be made available that may be leveraged to enhance supply chain operations. This information can be utilized to forecast demand, enhance planning, and better understand client needs.

Conclusion

The development of the digital infrastructure required to enable this goal and strengthen supply chains will heavily rely on Web 3.0 technology. There is a growing need for technologies that are more user-friendly, interactive, sophisticated, and secure, and there are more government activities worldwide to build web 3.0. Then, businesses can create cross-platform technologies that take customers’ preferences into account while providing them with access to top-notch and highly personalized content. Customers won’t be abandoned any longer, which translates into superior customer relationship management.

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Shantanu Trivedi
Shantanu Trivedi
Shantanu Trivedi is working as a faculty at the University of Petroleum and Energy Studies, Dehradun. He holds an MBA and a Ph.D. degree in Supply chain management. He has more than a decade of experience in teaching and research. He has published 2 books, 5 book chapters and more than 12 research papers and articles in international journals of repute. His research interest includes Supply chain management, agribusiness, online and distance education, Business sustainability and infrastructure management. He is the reviewer of many international publishing houses. He has presented his work and won awards at many research conferences and symposiums. He has worked on many research with state governments and the government of India. In his spare time, Shantanu loves to travel and explore nature.
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