Financial institutions must prepare for the third generation of the Internet

PETALING JAYA: The goal of Web 3.0, the third generation of Internet services, is to create a semantic Web that has the potential to understand and interpret knowledge and data.

This is according to Singapore-based Smartkarma, which markets itself as an independent investment research network that brings together information providers, institutional investors, accredited private investors, investor relations professionals and executives.

“The redesign of the Web – Web 3.0 – will change the way we work and collaborate,” he said in his Web 3.0 e-book.

“It will be more decentralized and personalized than the Internet we know today.

He said fintech companies will have a natural advantage, but banks and other traditional institutions will be able to catch up as soon as they have access to significant funds and enter into collaborations with innovative fintechs.

“Financial institutions will need to start now by investing and strengthening their internal technology capabilities,” he said, adding that partnership and collaboration will also be essential.

It is also stated in the eBook that Web 3.0 will emerge above blockchains.

“And bitcoin is arguably the most secure blockchain today. Applications built on Web 3.0 can derive their security from bitcoin.

Citing sources, he noted that the underlying technology that enables cryptocurrencies is the same that enables web 3.0 applications.

“Users will have the freedom to own digital currencies and internet assets with similar private keys, and the artificial border between money and data will disappear, paving the way for the emergence of a unified digital society,” said he added.

Smartkarma is a fintech knowledge partner of the Singapore FinTech Festival, which will be held from November 8 to 12.

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