Despite the current world technology, middlemen have still maneuvered their way through the generations to level up with the ever-changing world trade techniques.
However, with the anticipated upgrade of the internet from Web 2 to Web 3, people, including senior employees, are abandoning their prime jobs to bet their future with metaverse, which comes along with the latest internet iteration fuelled by blockchain technology.
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What is Web 3?
Web 3.0 is the upcoming third generation of the internet where websites and apps will be able to process information in a smart human-like way through technologies like machine learning (ML), Big Data, decentralized ledger technology (DLT), etc. Web 3.0 was originally called the Semantic Web by World Wide Web inventor Tim Berners-Lee, and was aimed at being a more autonomous, intelligent, and open internet
Furthermore, users and machines will be able to interact with data. But for this to happen, programs need to understand information both conceptually and contextually. With this in mind, the two cornerstones of Web 3.0 are semantic web and artificial intelligence (AI)
Finally, data will be interconnected in a decentralized way, which would be a huge leap forward to our current generation of the internet (Web 2.0), where data is mostly stored in centralized repositories.
Will middlemen survive?
Since time memorial, most prominent traders appeared at Nanyuki town every Wednesday same time the train could arrive. They had established trusting relationships with indigenous communities and the general public at this town center.
Trains filled their warehouses with goods brought inland from far and wide, mostly with products in high demand, satisfying the market with a constant supply. Despite the long supply chains, bloated with middlemen, the customers have been serviced at fair prices with little, if any existed.
The invention and growth of the internet have broken this barrier and changed a lot in business. The distance between producers and their targeted markets has been reduced to a global village. Communication costs and embedded logistical complications have been highly reduced. Additionally, the demand for large storage warehouses has been reduced as goods on-demand can be ordered directly from the factory at an appropriate time.
The current web setup enables online merchants to be all things. Alibaba is an excellent example. However, new mutations of the middleman have been conjured out of virtual air, social commerce and namely search.
Middlemen have persistently and effectively wedged themselves in between by laying the pipes through which content and commerce flow, making them indispensable.
through study and research, Web3 will turn things around in the e-commerce sector. In fact, it threatens to reorganize e-commerce by enabling virtual trade on user autonomy, cryptocurrency devoid of government authority and traditional financial intermediaries, and transparency.
This will lower prices and prevent conmanship in the game. Web 3 will be a real game-changer.