The Web3 industry is growing at an impressive rate, but what does the future hold for Web3, AI, and ML on industries?
The Web3 industry is growing and thriving at an impressive rate. Especially in the last six months or so, we've seen a lot of Web3 projects and games make it to the market or the announcement board. At the moment, experts in the field are talking about the common problems and challenges with integrating digital wallets, merging smart contracts, NFTs, decentralizing projects, and combining them.
When working on and launching a Web3 project, developers always have to deal with these problems. But why Web3? is the question that everyone is still asking. Why should you use blockchain? And what do you think the future holds for Web3, AI, and Machine Learning (ML)?
The article shares the ideas and thoughts of Aleksandrs Malins, Founder and CEO of FortySeven Software Professionals.
How Blockchain Technology is Growing and What It Can Do
Blockchain network technology is at the heart of the Web3 business. The blockchain industry has become a force that is changing the way businesses work, share information, and talk to each other. According to the most recent numbers, the global blockchain market was worth $2.9 billion in 2021. Also, it is expected to grow at a rate of 41.6% per year on average from 2022 to 2028. This growth is due to the fact that new blockchain technology projects are being made. Also, Web3 is being made because more and more people want online transactions to be open, safe, and private.
Everything is linked to something else. The movie The Butterfly Effect shows how the idea of connections can be used in many parts of life. In a similar way, the pandemic has had a big effect on the fintech market, which has led to new technologies being used to better serve customers. The financial services industry has become more open, efficient, and reliable by using blockchain technology. Also, this will lead to lower costs and more people using online transactions. It is expected that the total value of all digital payments made this year will be $9.46 trillion.
How AI and ML can make Web3 technology more useful
Experts in the business world say that in the next few years, there will be a lot of corporate innovations in Web3. This year, a lot of businesses are putting their money into artificial intelligence (AI) and machine learning (ML), which are key to digital transformation. For example, ML-powered prediction models can be used to improve different parts of Web3 apps, such as how tokens are used, how resources are shared, and how the apps are run. Smart contracts based on AI algorithms, on the other hand, can help automate and decentralize complex decision-making processes. By using such advanced technologies, businesses can automate business processes, cut down on the number of middlemen they need, and improve their efficiency, which saves them a lot of money.
In the last six months, one of the most requested features when making a Web3 project has been the ability to make games that fit into the ecosystems of clients. By using Web3 technology, game developers can make decentralized game economies that let players own and trade in-game assets using blockchain-based systems. This has become one of the biggest benefits of using Web3 technology in games. At the moment, 49% of all blockchain activity is Web3 gaming, which shows how popular it is and how much room it has to grow.
Experts in technology say that as time goes on, there will be more creative ways to use new technologies. One example is a project that used blockchain technology in the oil and gas industry six years ago. The goal of this project was to make a gas market where people could buy and sell gas directly from each other. The blockchain revolution is just getting started, and this project is just the beginning.
But there are always pros and cons when the world moves toward using a new technology on a large scale.
What's good about Web3 and Blockchain
In their latest analysis, experts on blockchain technology talk about the pros and cons of Web3. The expert says that decentralization is the most important benefit of Web3. It can be used in many places, like finance, identity, and storage. Also, using blockchain improves security and transparency by making it possible to see transactions and transfers in real time with fewer people involved. Web3 also makes it possible to make digital assets like NFTs that can be used in the metaverse. When AI and ML are used, accuracy, personalization, and ease of use are all improved.
The Problems at the Root
But the expert also mentioned a few problems with developing Web3 projects, such as the complexity of the technology, the difficulty of finding qualified specialists, and the lack of clarity in regulations, especially when it comes to game development and tokenization. Also, a lot of energy is needed to keep Web3 technology running. It's a big problem that needs to be fixed before the developers can move on.
A blockchain technology expert says that putting AI and ML into Web3 could create new opportunities for innovation and disruption in many different industries, which could lead to a more decentralized future. Even though developing Web3 projects can be hard, the expert thinks that businesses will embrace the new paradigm of collaboration and openness more and more as they learn more about what Web3 can do. The expert also stressed how important it is to build a new, open, and prosperous society based on transparency. As businesses keep looking into Web3 and putting money into it, we can expect to see big changes and improvements in the years to come.
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