According to SpyCloud’s 2021 exposure report, an estimated 4.6 billion “personally identifiable information assets” were leaked in 2020 alone. Data breaches are common, difficult to prevent, and a clear violation of users’ privacy—but developers think they’ve found a way to take data security out of Big Tech’s hands by storing information in the blockchain instead of on a vulnerable server. It’s a new iteration of the internet, and it’s called Web 3.0, or web3.
On the modern web, when we enter data into a site, that data is stored in a server. Many of those servers are owned by big tech companies like Facebook, Microsoft, and Amazon, who collect our data and sell it to other companies. The majority of data is controlled by a few companies, leaving it vulnerable to hacking and data leaks.
Web3 is considered the next generation of the internet–and it’s focused on making data safer. With web3, data is collected and stored using blockchain technology. Blockchain technology doesn’t have what’s known as a “single point of failure,” meaning that even if someone were able to hack part of the system, they would not be able to access everyone’s information. Web3’s supporters argue that it will give data ownership and access back to individual users. With web3, no single corporation can control everyone’s data through access to a server. But is that a realistic vision for the future? Tech Tmrw, Explored takes a look.