What the hell is Web3, anyway?

The next iteration of the internet is upon us, with the potential to deliver radical shifts to every industry, including banking. The movement, which is currently buoyed by the prospects of blockchain and virtual reality, has implications for computing, data protection, networking, collaborating, and the very definition of a bank as a trusted intermediary and institution.

It’s neither bird, nor plane, nor superhero. It’s not an app or a singular new piece of technology. To define Web3.0, this year’s latest buzzword notch in the Gartner hype cycle, it might be easier to say what it’s not, rather than what it is.

From large US institutions—such as Goldman Sachs and Meta (formerly known as Facebook)—to the smallest start-ups, there’s a general consensus that Web3.0—or Web3, the latest iteration of the internet following Web1 and Web2—is something we need to brace

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