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The birth of blockchain in 2009 opened the world to a whole new way of communication, interactions, transactions, and entertainment. While the blockchain has shown success in multiple industries, the technology has gained massive traction and praise because of its role in IoT adoption. Tech experts claim that the blockchain can accelerate the adoption of IoT devices all across the globe. This guide explores the concept of why Web 3.0 is actual proof that blockchain can accelerate IoT adoption.
Web 3.0 Features
One of the most significant developments associated with the blockchain space is Web 3.0. Web 3.0 is popularly known as a decentralized web system. It is characterized by features such as -
- Decentralized ownership and transfer of data
- No intermediaries
- Uninterrupted services
- Privacy at the core
- Top security
- No online borders
Web 3.0, Blockchain, And IoT Web 3.0 is the most accurate indicator of how blockchain can accelerate the adoption of IoT devices. So how does it work? These are some of the ways to help you understand its functionality - Cryptocurrencies and NFTs As part of Web 3.0, cryptocurrencies and NFTs clearly show that blockchain can drive more IoT adoption. These blockchain-based assets accurately represent what blockchain can do for IoT. Hardware wallets are already available for such crypto-assets. Moreover, NFTs are explicitly linked to some real-world assets. Art NFTs, for instance, could be linked to their real-time assets, such as art pieces. This way, you can continually monitor them in real-time. That can be made possible by using devices such as sensors and others that can convey real-life data. Such technologies can be quickly developed, hence making cryptocurrencies and NFTs IoT-friendly.
Web 3.0 Blockchain in Supply Chain
The blockchain itself is part of Web 3.0 and proves that IoT adoption is a quick process. Blockchains come in various forms, such as Ethereum, BTC, and Cardano. Some blockchains offer a wide array of advantages to the crypto and general world. For instance, some blockchains offer options like supply chain management. The management of supply chains can work very well only if IoT devices are involved. For instance, the chains can use IoT devices to trace goods during supply and continually feed live data on the conditions of the products to the blockchains. Therefore, as part of Web 3.0, the blockchain use in the supply chain will foster more IoT adoption.
Web 3.0 DApps and DeFi Oracles
The workings of DeFi are also increasingly becoming highly dependent on oracle networks. Oracles are systems that take off-chain data to the blockchain. In most cases, they supply price feeds. However, Oracles could also send information about temperature, distance, and others to the blockchain. Oracle networks need data feeds from IoT devices to collect data such as temperature and distance. Hence, it is true that oracles in Web 3.0 use IoT devices to garner and transfer information.
Artificial Intelligence and Machine Learning
Machine learning and artificial intelligence are becoming a part of our daily lives. Smartphones have AIs that help us in our daily needs. On the other hand, machine learning helps in data processing and predicts consumer needs and behaviors. The IoT has implanted a vast collection of devices that can garner data.
The Metaverse
The metaverse is probably the biggest consumer of IoT devices in the blockchain space today. It is essentially a digital version of the world as we know it. You can create an avatar of yourself in the metaverse and use it to stroll within this universe. But, one thing about the metaverse is that to get the most optimal user experience, you must use a wide range of devices. Following are some commonly used devices - Virtual Reality Devices Virtual Reality refers to computer-generated scenes and environments that look much more real, giving users a top-class experience. Since its creation, the metaverse has been a significant driver of VR adoption. Through Virtual Reality, metaverse offers participants a near-reality experience. The VR devices will allow metaverse users to see the environment and participate. Definitely, the metaverse has fostered the adoption of Virtual Reality devices to bring the best experience.
Augmented Reality Devices
Another class of IoT devices adopted by Web 3.0 is Augmented Reality. AR is where designers or creators enhance some parts of the physical world with computer-generated inputs like sounds, videos, and GPS. Like VR, AR also has massive adoption within the metaverse space. Most projects within the metaverse use Augmented Reality to bring a unique real experience to participants.