The world is transitioning much faster in an agile fashion with an intensified infusion of technology in everything. Charles Babbage engineered a mechanical computer in 1822, and it took nearly a century to bring the next version of the digital computer. During the 16th – 19thcenturies, technology took almost 100 years to transition from one phase to another. But, in the 21st century, the transition is happening within just a few years. In the 1980s, Dr Martin Cooper made the first-ever phone call using a Motorola cellular phone that weighed nearly a kilo and cost approximately USD10,000. Today you have everything inside mobile phones that cost less than USD1000.
Technology has brought everything closer and distanced you from the physical form of life. In the last 30 years, we have witnessed the evolution of the internet, starting with Web 1.0 in which you had the option to read content but without the opportunity to voice your views: static content presented in a decentralised distribution. In the 2000s, with the advancement of technology, we migrated to a new paradigm, Web 2.0 in which you share your views and collaborate with others through blogs, media channel, etc. But these came to be controlled by a few digital global giants, who may even own your data.
What could happen in the next 10 - 15 years? The evolution of Web3 may bring ownership back to you in a decentralised and democratic way. Web3 is a permissionless computing system that uses blockchain technology to operate in a decentralised environment. It will provide you with the authenticity, identity, and protection that will enable you to own and manage your information effectively.
Will that happen in the physical or virtual world? That may depend on which generation you belong to. The younger generation, or Gen Z, will be more interested in curating content in the virtual world. They have various opportunities to create or buy NFTs. They have digital avatars in any of the Metalands or Metaverse platforms. Millennials or Gen X with a creative mindset will be curious to explore this new virtual avatar world. The notable challenges in these platforms are related to cybersecurity and regulatory concerns.
The virtual world lacks judiciary systems or law and order mechanisms which is an area of concern: Your digital avatars might be assaulted but you don’t know what to do. There have been such instances in recent times. This technology arena will continue to be in the speculative world of fiction and gamification.
The next generation, or Gen V (born after 2020), will get inducted into it as they enter their teens.
Gen V will not know of tape recorders, video cassette players, or even ordinary mobile phones. Even smartphones and SmartTVs may be obsolete for them, and their entry to entertainment and interaction will happen via their digital avatar in the Metaland. Considering the deep penetration of the Web3 ecosystem into human life, we may anticipate that babies born after 2030 will have a digital avatar from day one.
They could grow entirely in the virtual land, learning, playing, and communicating there. Is the world ready for this? Today we have more than 5 billion active internet users worldwide, and nearly 400 million are in Metaverse and engaged in the Web3 ecosystem. Top-notch research firms have identified Web3 and Metaverse as the top Technology trends for 2023 and beyond. So with the advancement of technology, investments, and opportunities ahead, there are a resilient amount of options that Web3 will unmute to scale forward! The State of TN has a vibrant Web3 start-up ecosystem; players like Creatverse, Guardian link, Giottus, and Xerago have made some prominence in the ecosystem, and more new players are emerging.
To accelerate the entrepreneurship ecosystem on the emerging technology front, the Government of Tamil Nadu, Department of IT & Digital Services is conducting its inaugural edition of UMAGINE, an annual Technology, Entrepreneurship, and Innovation Summit from March 23 to 25 in Chennai. This event aims to catalyze the change we want to see in our world..
What could happen in the next 10 - 15 years
The evolution of Web3 may bring ownership back to you in a decentralised and democratic way. Web3 is a permission-less computing system that uses blockchain technology to operate in a decentralised environment. It will provide you with the authenticity, identity, and protection that will enable you to own and manage your information effectively.
Footnote is a weekly column that discusses issues relating to Tamil Nadu
The author is a Digital Futurist (kewyngeorge.com)