The world of technology is constantly changing, and Web3, the upcoming version of the internet, is just now coming into being. Digital ecosystems that are more user-centric, secure, and equitable are predicted by Web3 technologies like blockchain and decentralized protocols. It is essential that women take an active part in guiding the decentralized revolution as these ground-breaking technologies influence the future.
However, in this article we’re going to discuss about web3, features of web 3, benefits, downsides and opportunities for women in Web 3
What is Web 3?
The decentralized web, commonly referred to as Web 3.0 or the third generation of the internet, is a development of the existing web (Web 2.0) with the aim of establishing a more user-centric, secure, and decentralized digital ecosystem. Greater user control over data, privacy, and digital assets is made possible through the use of decentralized protocols, blockchain technology, and cryptographic techniques.
Features of web 3
1.Decentralization: Web3 seeks to lessen reliance on centralized entities (like major tech companies) by dispersing control and decision-making among a network of peers.
2.Systems with no need for trust are made possible by blockchain technology and cryptographic methods, making transactions and interactions possible without the need for reliance on a single party.
3.User Sovereignty: Web3 places a strong emphasis on granting individuals ownership over their data, digital identities, and assets, encouraging a more fair and privacy-focused online environment.
Benefits of women adopting web 3.0
The following are the benefits of women in Web 3. They are as follows;
1. Financial Inclusion:It is a fact that there are still major obstacles for women to overcome in many developing nations in order to access financial services. So now that blockchain technology has been developed, women may readily access financial services. By offering a safe and decentralized platform for financial transactions, blockchain technology promotes financial inclusion. Blockchain technology now makes it possible for women to save money, get loans, and make payments without visiting conventional financial institutions.
2. Supply chain Transparency: Transparency in the supply chain is made possible by blockchain technology. However, this specifically helps women who work in agriculture and other sectors of the economy. Women may be confident that their items are being marketed fairly by using platforms powered by blockchain technology. This will ensure that women are fairly compensated for their job.
3. Identify Verification: However, it is a fact that many women in poor nations still lack official identification cards. Therefore, it makes it challenging for women to use services and take part in strengthening the economy. They may quickly access a safe and decentralized method for identity verification thanks to the development of blockchain technology.
Access to Global markets:It gives women more power by offering a decentralized, secure platform for international trade. Additionally, the website allows women to market their goods and services to clients all around the world. They will be able to earn more money as a result, which will boost their financial situation. Thus, identity verification, supply chain transparency, and access to international markets are all made possible for women thanks to blockchain technology. Therefore, women in poor nations can get past numerous obstacles they have encountered for a long time by utilizing the power of blockchain technology.
Challenges for women in Web 3
Despite the benefits involved there exist some downsides accrued to women’s participation in web 3, They include:
1. Gender diversity. An urgent problem that needs to be resolved is the absence of gender diversity in the sector. The inclusion of any group can impede growth and creativity, and variety produces greater results. It is crucial to foster an inclusiver culture that aids and supports women seeking employment in the Web3 sector.
2. Gender stereotypes: The crypto sector is sometimes seen as being predominately male and having a strong “bro culture” that excludes those who aren’t “pale and male.” Sadly, this prejudice frequently deters women from participating in the environment.
3.Lack of representation : A female founder is present in only 13% of Web3 startups. Within that category, 10% of founder teams are made up of both men and women, and only 3% of businesses have an all-female founding team. All figures are below average for startups as a whole.
Opportunities for women in Web 3
Women have the chance to lead the decentralised revolution as it takes shape, fostering innovation, inclusivity, and growth in this new digital era. Women can take the initiative in the following ways:
1.Develop and contribute to Web3 technologies: Women may have a direct impact on the creation and uptake of these revolutionary tools by learning about and working on blockchain, smart contracts, decentralized applications (dApps), and other Web3 technologies.
2.Promote diversity and inclusion: A diverse and inclusive workplace is crucial for fostering innovation and guaranteeing equal access to the advantages of Web3. By starting and fostering organizations, networks, and initiatives that place a priority on these ideals, women can encourage diversity and inclusion in the decentralized ecosystem.
3.Explore careers in decentralized industries: As Web3 transforms areas like finance, education, and supply chain management, women can take advantage of openings to work in these developing fields and contribute to their expansion.
4.Women can form innovative enterprises and develop new business models that take advantage of the advantages of decentralization by utilizing Web3 technology for entrepreneurship and innovation.
5.Education and advocacy: Women can serve as Web3 educators and advocates by imparting their knowledge and experience to others in order to encourage a general acceptance of these game-changing technologies.
In conclusion, women have a special potential to be at the forefront of technological and societal change as a result of the shift to Web 3. Women may take the lead in establishing a more decentralized, just, and creative digital future by embracing this new era. To build a more dynamic, creative, and prosperous sector, gender diversity and inclusivity must be promoted in the Web3 arena. The ecosystem may contribute to making Web3 a welcoming and accessible place by taking deliberate initiatives to address the particular issues faced by women in the field.