Web3’s Paradigm Shift: Blockchain’s Role in Decentralized Connectivity

Abstract

From the beginning of the World Wide Web, humanity has been demanding social interaction and online activity from the Internet. From Web 1.0 to Web 2.0, users have been offered participation and co-creation tools by the web to mold their internet. This change in the architecture of the internet is what Web3 introduces as decentralization is a leading concept now. The underlying blockchain technology used by Web3 has the possibility to revolutionize all the centralised models of trustless transfers, secure asset ownership, and decentralised administration. The use of smart contracts and DApps promotes transparency and automation and consequently minimises the role of intermediaries. The financial inclusiveness is enhanced and made accessible for unbanked access to global banking services using DeFi. Web3 also meets the Metaverse at a point where the virtual experiences in an immersive nature and user-controlled are actualized. This paper discusses blockchain in Web3 comprehensively from the technology building block, applications, issues, and research trends of the future. This research identifies the overall influence of blockchain on internet governance, economic systems, and social interaction during the decentralized era from the perspective of how the blockchain can reframe the entire portion of Web3.