This is 2022 and with the rapidly evolving world if you are not moving accordingly then know that you will miss out on everything. Yes, no kidding if you are not keeping yourself updated with the current trends then you will be left far behind. And we don’t want that, do we? Even some past events have surfaced whereby people in authority, the ones making decisions about things should possess knowledge about that but unfortunately, we think they missed the train. Especially the knowledge that is the requirement of today’s time such as that of FinTech and Web 3.0. In this article, we will be exploring the concepts of Fintech and Web 3.0.
This article is specially crafted for people who are still not aware of the concepts of fintech and web 3.0 but are making decisions regarding these. As easy as a pie guide to understanding Fintech and web 3.0.
What is Fintech?
The word fintech is a short form for financial technology. Simply put, using technology to provide financial services is what fintech is about. For example, the startup SadaPay is a fintech. It is a digital bank. It provides services like money transfers, savings, cash withdrawals, etc. For verification, it uses a biometric identity and authentication system. You just have to install an app on your smartphone, run through the identification process, and voila you can now transfer, withdraw, make payments, etc. via your SadaPay account. This saves you from the hassle of going to banks and going through that time taking process.
In simple words, fintech means how you manage your finances using technology. This means any company that uses smartphones, cloud services, the internet, or software technology to link or perform financial services. Fintech offers financial services through platforms that offer easier and more reasonable access.
This is what fintech is. In Pakistan, currently, there are approximately 218 fintech operating. As for the fintech business model, a total of 8 such models are operating.
What is Web 3.0?
The simple answer to the question of what is web 3.0 is that ‘it is the future of the internet.’ When the internet of things was introduced, the main purpose was to bring digital knowledge to the users. As this was the start of the web and was labeled as Web 1.0. After further development, an innovation was introduced to the web and it was creating a platform where people could connect. This brought to the fore the idea of interactivity. Examples of it are the social media platforms and the video games which connect you to the rest of the world, this innovation was known as the Web 2.0.
Now the world is moving towards Web 3.0. Previously, in Web 1.0 and 2.0 the users didn’t have the ownership of the content they accessed. But with web 3.0, everyone would possess ownership of their content. The main example of this is the non-fungible token (NFT). For example, if you have shared a picture online. You will have the authority to decide who can have access to that picture and even you can monetize your work. You can sell it to several people while retaining the ownership.
This is what fintech and web 3.0 really are. Was that too hard to understand? No, right….