AI and blockchain will most likely aid Web3’s growth and guarantee that its features live up to consumer expectations.
TakeAway Points:
- Blockchain technology and artificial intelligence (AI) will probably help Web3 expand and ensure that its features meet user needs.
- Both blockchain and artificial intelligence (AI) are complementary technologies that each solve an issue the other presents.
- The size of the worldwide Web 3.0 market was anticipated to be worth USD 2.18 billion in 2023.
Blockchain and AI Will Be Essential to Web3 Growth
Forbes notes that the combination of artificial intelligence (AI) and blockchain technology could be the catalyst for Web3 growth. The technological combination of AI’s ability to learn from data and make predictions and blockchain’s transparent and impenetrable data processing capabilities can enhance the Web3 user experience and reduce friction.
For instance, consumers won’t have to give up control over their data or privacy to take advantage of personalized online experiences like music suggestions based on past listening habits thanks to decentralized AI built on blockchain.
Both blockchain and artificial intelligence (AI) are complementary technologies that each solve an issue the other presents. In the field of artificial intelligence, having access to high-quality data is essential for creating algorithms that are precise and successful. The “garbage-in, garbage-out” dilemma states that artificial intelligence (AI) taught on faulty data would inevitably provide faulty outputs.
The “garbage-in, garbage-out” issue is lessened by blockchain’s built-in consensus process, which allows nodes to agree on the “truth” of data. This protocol allows for the verification of data integrity, validity, and accuracy.
AI’s Personalised Experiences can Hasten the Adoption of Web3 Technology
Generative AI has exploded in popularity recently, partly because of its ability to offer tailored experiences based on user prompts.
“For Web3 to go mainstream, the next generation of consumer-facing applications using blockchain must at least match the user experiences of Web2. Personalization will not be optional but essential.” Han Jin, CEO of AI-driven Web3 firm Bluwhale, said.
This approach allows decentralized applications to more effectively engage their current audience and attract new users, thereby optimizing marketing spend.
Knowledge graphs, or, as Jin puts it, “a decentralised AI brain scaling across blockchains,” could be the missing piece that completes Web2’s personalised experiences in Web3. A data science tool called a knowledge graph is used to map relationships between various data points, such as facts, objects, events, and circumstances.
A knowledge graph is frequently used in conjunction with AI because it helps give a heterogeneous dataset structure and meaning. Knowledge graphs—or, as Jin puts it, “a decentralised AI brain scaling across blockchains”—might be the piece lacking to make Web3 personalised experiences comparable to those of Web2.
The relationships between items, facts, events, circumstances, and other data are mapped using knowledge graphs, which are tools in data science. AI is frequently used in conjunction with a knowledge network since it helps provide heterogeneous dataset context and structure. Knowledge graphs are a common tool used by search engines to connect billions of data about people, places, and objects and comprehend the context of user searches.
Web3 Technology Growth is Anticipated.
The size of the worldwide web 3.0 market was anticipated to be worth USD 2.18 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 46% from 2023 to 2032, when it is expected to reach approximately USD 65.78 billion. The rise of the metaverse is driving the Web 3.0 business.
People are using Web 3.0 blockchains to safeguard their data and put an end to concerns about security and privacy from third-party suppliers as the idea of data ownership becomes more and more popular. Thus, the market CAGR is being driven by this aspect.
