Forget what you’ve been told. Cloud computing, software as a service (SaaS) and possibly even cybersecurity are bad investments. For the true believers, blockchain technology is poised, after years of hype, to trump all before it. Investors keen to understand the next chapter of the internet should forget the FAANGs, so this thinking goes, and focus instead on the world of smart contracts, decentralised networks and tokenisation.
Today, the internet is defined by its user-generated content, usability and dominance by a cluster of companies. It is sometimes referred to as Web 2.0, itself an evolution from the one-way information flows of the early internet.
Web 3.0, by contrast, has no agreed definition – in part because it is yet to fully arrive. But in the words of Fabio Chesini, an analyst at technology consultancy Gartner, it will come to represent the “further unbundling and reintermediation of the internet”. This involves breaking down barriers and an existing ecosystem that is dominated across much of the world by Amazon Web Services (AWS), Microsoft Azure and Google Cloud, and moving everything onto public blockchains.