Introduction

Our technological world is undoubtedly changing faster than ever, but what has been the largest
innovation in recent years? The decentralization of the web. In other words, the Web 3.0
revolution. In other words, the rise of blockchain. That doesn’t make it any simpler. So what is
decentralization? What is Web 3.0? And what in the world is blockchain? Decentralization of the
web is the shift from centralized data hosting services of corporations or the government to
peer-to-peer networks where each user can gather and send information without a third party.
The Web 3.0 era is what we live in today, encompassing the shift from a centralized web to a
decentralized web. Lastly, blockchain is the technology that allows all of this to happen.
Essentially, blockchain is a system of recording information that is near impossible to change or
hack. Using blockchain technology, information can be maintained by multiple computers that
are linked in a peer-to-peer network. Blockchain leads to the shift from trusting humans to
trusting machines as well as the shift from centralized to decentralized control of the digital
world. Ultimately, these new concepts of Web 3.0 allow users to take control of the security of
their information, which increases trust in both the technological and social scopes of society.

Body Paragraph Outline

1. How Web 2.0 is different from Web 3.0
2. Cryptocurrencies (common example to drive home the concept of blockchain)
3. Technological and digital implications of blockchain technology
4. Social implications of blockchain technology
5. How Web 3.0 alters interaction and trust between people
6. Case study of blockchain in healthcare and law
7. Web 3.0’s role in transforming the intersection between our digital and social worlds
8. How different groups of people may react to Web 3.0’s expanding popularity
9. Comparison of positive and negative consequences of Web 3.0

Body 1
Each generation of the web has marked a huge transition in the technological world, and it is
important to understand the defining characteristics of each era. Web 1.0 is considered the
“read-only” web, meaning that users could only search for and read information. Web 2.0 is the
“read-write” web, meaning that users could create content and interact with other users online.
Finally, Web 3.0 is the “read-write-execute” web. It describes a network where computers can
interpret information like humans and distribute content tailored to the needs of individual users
(Naik, 2009). Web 3.0 is based on public blockchains and is decentralized. Rather than accessing
the web through services mediated by companies like Google, consumers themselves own and
govern particular areas of the web. Besides blockchain, Web 3.0 also encompasses advancements
in artificial intelligence and machine learning. However, for the purposes of this paper, we will
focus on blockchain technology and its implications on our world today.
Body 2
Blockchain is often a difficult concept to grasp because of its abstract definition. To drive home
the definition of blockchain, let’s explain its most common application: cryptocurrencies.
Blockchain is the technology that enables the crypto to exist. A cryptocurrency is essentially a
fully digital medium of exchange. It uses cryptographics techniques in order to verify
transactions and control its value. This is where blockchain comes into play. Participants can
confirm transactions without a need for a centralized authority like a bank as the blockchain is a
decentralized ledger listing all transactions in the peer-to-peer network (Likens, 2017).

Body 5
With blockchain technology, all users can hold one another accountable for the information they
put onto a chain. Thus, blockchain can be referred to as a technological solution to a social
problem—the problem being lack of trust in society. It is impossible to hack a blockchain system
because every person on the network retains a copy of the list of transactions, meaning that if one
person changes it, everyone else could prove that the change was invalid. While blockchain
allows people to not have to trust one another because they can simply trust their own copy of
the information, everyone must trust that the system functions in a way that prevents unethical
activity on the internet. In “Blockchain and Web 3.0: Social, Economic, and Technological
Challenges,” Massimo Ragnedda argues that the goal of blockchain technology is on the basis of
distributed trust as well as the basis of rational self interest and competition (Ragnedda, 2021).
Each user must trust everybody else as economic agents participating in a network. This means
that there is still a level of trust that is associated with the technology.

Body 7
Blockchain technology can increase security in patient, customer, and client information within
every industry. Businesses that use fully automated and secure transactions would have an upper
hand over businesses that have not yet transitioned. In the supply chain, blockchain allows a
seamless process from production to distribution.

Body 9
As consumers begin taking control of their own information, it will become much more
important to provide adequate and equitable education on how to do so. This presents the
possibility that wealthier communities will likely have easier and quicker access to information
than communities that are less well off.

Carmen’s Notes from Project 2 to Incorporate in Project 3

● In what way will future generations think about the web?
● Assume the audience knows very little about blockchain
● Define blockchain earlier in the project
● Keep “so what” in mind for every paragraph
 ● Use metaphors from Kshetri’s article to articulate the argument for general public

Questions for Carmen

● Do we have to tie project 3 into our course content like how we did in project 2?
● Could we have an abstract for our final research paper?
● How much of my personal experiences can I include in the paper?
● Can I use first person anywhere in the paper?
● Are annotated bibliographies only supposed to be in prospectuses but not final papers?
● Is my introduction too casual?

New Sources
● https://www.pwc.com/us/en/industries/financial-services/fintech/bitcoin-blockchain-crypt
ocurrency.html
● https://www.allgeier.com/en/blog/blockchain-und-digitale-transformation/#:~:text=It%20
creates%20trust%20and%20security,of%20cross%2Dborder%20digital%20connectivity