Introduction
What is web5 again? Many people have asked the question what is web5 when we are still talking about web3? well let's unravel this mystery together, and while we are at it, let's also look at its impact on e-commerce and how this is an upgrade.
What is Web5?
Web5, in simple terms, is known as the next generation of the internet, which is majorly focused on decentralization, Artificial intelligence, and user sovereignty.
You may be asking if that is all, of course not, but this is enough to give you an insight into what the big term "Web 5" is.
Let's talk about decentralization:
Decentralization in web5 simply means, taking control of internet infrastructure from any single entity, and distributing it across a network of computers.
What is User Sovereignty in Web5:
One of the major characteristics of Web5 is giving users control of their data, this means users can choose now, to either share their data and it is used when they share it, keep it or even make some profit from it.
Artificial intelligence in Web5:
The role of AI in Web5 would be from a perspective of efficiency when personalizing experiences.
Web5 in E-commerce:
What is E-commerce
The buying and selling of goods and services entirely online, from shopping to payments. The presence of e-commerce has enabled businesses to get to a global market.
How can Web5 transform e-commerce?
Eliminate Intermediaries:
When we talk about intermediaries, we understand that a lot of large tech companies control the transactions that go on, from payments to user data, web5 can break that pattern, using the decentralization method, there would be no need for major control on transactions and user data anymore, making every shopping experience transparent and even cheaper.
Artificial Intelligence:
With Web5 AI, given the ability to personalize shopping experiences, and even provide some analytics(predictive), customer satisfaction, and an increase in sales are achievable on a larger scale.
User Data in E-commerce:
What is user sovereignty: Web 5 allows users to have total control of their data, and purchase history, and with this, they can make more informed decisions while their privacy is being protected.
Wrapping Up
In this article we discussed what web5 is, and how it can directly play out in e-commerce, and to be quite honest, I am excited to see what we can build and do with web5 in the near future, as web5 holds immense potential to revolutionize the e-commerce ecosystem.
References:
https://www.shopify.com/ng/blog/what-is-ecommerce
https://developer.tbd.website/blog/what-is-web5/