While the financial industry is experiencing ruthless backlash from the loss of value in cryptocurrencies, specifically the heralded stablecoins. On the other hand, the biotechnology industry is positioning itself for success in entering in the next phase of the internet. This blog will be focusing on Web3 in the biotech industry.
Alongside varying market conditions, lingering global challenges such as the Covid-19 pandemic and cross-border data privacy and security regulations are continuing to persist. Therefore, casting a shadow on many players in the biotech industry. However, opening new opportunities for Web3 in the biotech industry to alleviate many of these issues.
Also read: The Role Of Blockchain In Web 3.0 Evolution
What is Web 3.0?
Web 3.0 refers to a new, enhanced, and democratized, internet ecosystem that will be free from any type of central authority.
Web 3.0, as the name itself suggests, is the developing phase or the latest phase of the evolution of the internet. This new technological dimension will be leveraging the power of A.I., machine learning, and the latest technologies like blockchain. For solving the problems of the present-day internet/online ecosystem.
How is Web 3.0 going to be different from the earlier versions of the web?
Web 1.0 or the very first version of the internet was only a straightforward read-only version of the internet. It was not allowing much functionality or flexibility to the users. The users were only allowed to read information from the websites. The second generation of the internet, or Web 2.0, for instance, the stage of the internet that we are at right now enabled a bit more flexibility. Web 2.0 was giving the user to read but also to write, upload, send & receive various forms of content – text, image & video, via the internet.
Web3 in the biotech industry
Web3 in the biotech industry is phenomenal as it is bringing innovation to the medical sector. The three components of web3 in the biotech industry which is revolutionizing the healthcare industry include:
Blockchain – Web3 is built on blockchain technology, a distributed, encrypted database. It is allowing secure storage and transfer of data that the owner of the data can only access.
Metaverse- Metaverse is a virtual world. Various technologies will be driving it like virtual reality, augmented reality, and blockchain. It is offering an immersive space for users.
NFTs – Non-Fungible Tokens are irreplaceable, unique tokens backed by the blockchain to record the ownership of digital or physical assets.
Blockchain, the core of web3 in the biotech industry is enabling healthcare professionals to store patient information through its immutable digital ledger technology securely. On the other hand, a metaverse can be transforming digital healthcare like telemedicine and teleconsultation into a more engaging and immersive life-like space.
The blockchain-based tokens of web3, like NFTs, offer ownership rights to their users. It is enabling the healthcare ecosystem to be patient-centric. While also decentralizing data by transferring ownership to individuals. This is marking a great shift in the healthcare industry.
Also read: What Is Web 3.0 and How Can Businesses Benefit?
Conclusion
Web3 is having the potential to bring radical changes to the healthcare sector. It can decentralize the system. And bringing data back to the users, who should have been the data owners right from the start. However, the data is presently under the control of healthcare giants, who can do anything with it. Even more, they may also be selling it to third parties to gain huge profits without anyone’s knowledge.
Therefore, integrating web3 in the biotech industry will be giving the power over data back to users. As well as helping in handling a structured data management system. Eventually, delivering transparency, accessibility, and affordability to the healthcare ecosystem.
If you are planning to integrate emerging technologies into your business, our experts can help you materialize your vision. Please get in touch with us.
FAQs
How Web3 will be impacting healthcare?
The blockchain-based tokens of web3, like NFTs, will be giving ownership rights to their users. It will be enabling the healthcare ecosystem to be patient-centric while also decentralizing data by moving ownership to individuals. This will be marking a huge shift in the healthcare system.
How Web 3.0 will be changing the world?
Not only do today’s consumers need an integrated omnichannel experience. However, they will also be demanding easier and faster access to information. Web 3.0 will be entirely changing the way people access data as they go beyond PCs and smartphones. Therefore, accessing content anytime, anywhere through any number of devices.
