Solution

Data ownership and transparency

Web 3.0 decentralises the internet using blockchain technology. The decentralised networks and distributed technologies provide complete ownership of data and eliminate the dependency on financial institutions.

Uninterrupted services

Web 3.0 will have no single point of failure that results in reduced service denial. This is because the distributed nodes eliminate the need of multiple backup, in order to prevent server failure and help in hassle-free payment processing.

Security

With peer-to-peer (P2P) communication, security management in Web 3.0 is more distributed. Therefore, access to any information requires consensus from all the key stakeholders. Moreover, data is encrypted before sharing and is fully secured on Web 3.0.

Enhanced communication

The user interface of the Web 3.0 will provide a more immersive, persistent and interactive version of the payments ecosystem. This will enhance the mobile and internet banking experience for users.