Social Impact of Web3
Web3 is going to be the world of massive social change with the democratization of access of resources and information to each and everyone. This could empower individuals and communities all over the world. However, Web3 technology, combined with blockchain and decentralization, leads to breaking down traditional barriers and thereby creating equity and inclusion through full transparency.
One of the greatest aspects of Web3 is its redistribution of data. Users can strictly control their data-based decisions in a decentralized Web3 environment, unlike Web1 and Web2, which were governed by data dictatorship. Anyone who wants to get it can access information that is morally right, tamper-resistant, and not possible to censor. Unknown people can really get educated people of restricted-access regions into such an open framework.
Furthermore, it enables the original content creators and enterprisers to realize their true market performances since the intermediaries take a back seat and only focus on widening their approach to markets. Through decentralized platforms, artists can then mint their work as NFTs and the tokenization of assets can help small-scale firms to raise money. This keeps alive the economy of undeserving communities.
In addition, a door for open finance is opened in the decentralizing finance (DeFi) ecosystem. This kind of facility enables people who do not have the traditional bank to go ahead with saving, borrowing, and transacting through another round of fierce security. There will be safe and very clean agreements, potential solutions for curbing corruption and reducing inefficiency.
By moving away from control by institutions of power to the empowerment of the individual, Web3 will create a fairer digital world for everyone to have access to information and resources necessary for their personal and collective development.
~ Regards,
VEIGO (Community Mod)
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I strongly believe there is a whole lot of positive developments web3 will bring to our digital world
I think that the social impact of web 3 is pretty much high however it is in the early stage and we are going to see much more coming on this segment in future.