The world is on the cusp of an internet revolution. This revolution will be brought about by the convergence of distributed ledger technology (DLT), artificial intelligence (AI), machine learning (ML), 5G technology, and edge computing. Welcome to Web 3.0, the latest iteration of internet services and the next stage in the evolution of the world wide web. This redesign of the internet is also known as the “Semantic Web,” and it is expected to change how people work, communicate, interact, and collaborate. In this emerging space, data will be held in decentralized networks powered by blockchain technology, thus allowing Web 3.0 to become fully trustless and permissionless. As such, the opportunities that may become available with the adoption of Web 3.0 are almost limitless. The technology has the potential to transform the traditional financial space, including capital markets, asset management, insurance, and banking. In this short guide, we will take a look at some of the reasons that will make Web 3.0 indispensable to financial institutions, especially banks, in the near future. Web 3.0 Will Help Banks Know their Customers Better The new internet will be anchored by artificial intelligence and machine learning. These two technologies will also have access to decentralized data securely stored on blockchains. As such, banks and other financial institutions could use the AI and ML components of Web 3.0 to gain meaningful insi...
