WEB 3.0: An inevitable change

10 min readMar 12, 2022

WEB 3.0= An evolutionary revolution +Web 2.0

Financial and internet technologies have evolved rapidly, giving birth to new businesses. There is a growing need among institutions to innovate their services and business models and embrace these advancements that have the potential to reshape the future of money, payments, and digital assets. International transactions can be processed by FinTech companies faster and cheaper than traditional banks.

Web 3.0 blockchain supplemented by artificial intelligence (AI), machine learning and augmented reality, decentralized data, a more transparent and secure environment, machine cognitive intelligence, and three-dimensional design. Industry for Fintech is huge and will continue to expand for years to come. Going forward, Web 3.0 and transition towards decentralization, digital currencies, ability to monetize data effectively, and stronger ecosystem collaborations for customer-centric service will continue to drive the evolution of the financial services industry.

“The problem arises when we argue and brainstorm whether you need a central bank or you don’t need regulators. Even going as far as no longer needing a nation, state or government. It starts to become not a question of technology but social politics and philosophy,”

Evaluation of Industries that can Soar up in WEB 3.0

The evaluation process is rigorous and transparent.

It would measure both project implementation and sustainable business impact. It identifies the best examples of cooperation between financial institution and their strategic IT service providers, and how these cases exemplify industry-leading innovations.

An audit-based approach in the evaluation process. This involves a comprehensive data sheet where the basic quantitative figures will be collated and compared with your peers in the industry who are unicorns but still WEB 2.0, to establish a comprehensive understanding of best practices and benchmarks that the industry can use on a generic base without compromising the confidentiality and competitive data.

The best use case for any Unicorns would be

On-chain off-chain users give KYC So we can go from Ce-fi (Centralized finance to De-fi(Decentralized finance). We can bridge it between normal to the blockchain network.

Web 3.0 can cover sponsor bank virtual bank account, master wallet. Centralized API is used so we can shift mostly the maximum thing in this regard.

Reason why WEB 2.0 Industries should shift to WEB 3.0, It would bring a unified user experience:

Reduced Costs

Greater Conveience


Faster Rate of Approval

Robo Advisors.


Financial, Governance, Risk Management, And Compliance Expectations.

For any Unicorn to shift from web 2.0 to Web 3.0, here is a checklist for Compliance as some of the key areas to be fulfilled:

  1. Due Diligence: There are risks associated with transformation. It also comes down to the players. “Are you able to get everyone together? “It also becomes a trust issue of who will do the due diligence, eventually, it will rely on who is a trusted intermediary,” with WEB 3.0 automation is a relief to all possible industrial measures.
  2. Money Laundering: The anonymity of crypto has made them well-suited for illicit transactions such as money laundering and fuel ransomware
  3. Data Protection: As data privacy rules gain prominence, consent-based aggregation of data can bring advantages.
  4. Asset and Wealth Management: The expanded ecosystems, will provide forth large data volumes that need to be aggregated and stored which poses a real challenge for financial institutions. Data will certainly be a critical asset that banks need to better monetize for future growth.
  5. Financial Transaction & Account Aggregation: ‘Zero trust’ and structured security programs are needed in financial transactions. Extreme reliance on multi-factor authentication. It is probably the single strongest control we have to secure what we do, and we will see more application of password-less.
  6. Lending: Leading with or without collateral has to be checked.
  7. Cryptocurrencies: Crypto is a storage value that comes with risk.
  8. The potential for AI: Artificial intelligence is huge, and it is critical to ensure that it is ethically used.


Categorizing the Financial markets to clear the use case at individual levels.

A. Capital Markets
- Trade Settlement
- Commercial Papers Issuance and Trading

B. Insurance Industry
- Claims Processing
- Underwriting

C. Public Sector
- Digital Identity
- Customer Onboarding

D. Banking Industry
- Trade Finance
- Regulatory Reporting and Compliance Store financial

2. Non-Financial Services

A. Retail & CPG
- Warranty Receipts

B.Oil and Gas
- Digital Supply chain

C. Healthcare and Life Sciences
-Patient Record Management

D. Telecom
- Roaming Fraud

E. Public Sector

- Land Registry

3. Cross-Industry based use case:

A. Loyalty
- Reward points trading

B. Transfer Pricing
-Smart contract for information fragmentation

C. Smart Identity
- Identity Management ecosystem

Let's categorize the industry and use cases that can be possible in each industry

4. In the Media and Entertainment industry:

  • Transparent royalty calculations
    -Automatic royalty payments
    - P2P content sharing
    -Fundraising for creative projects
    - Improvements in digital advertising, including fraud prevention and ad effectiveness

5. For the Banking sector:

  • Emerging technologies of WEB 3.0 will redefine Banking exposure of seamless services: ET will combine to redefine the bank-customer relationship forever. As technology reshapes how we live and communicate, this will have an impact in several ways including a hyper-connected world as the norm, engagement as a service, and the rise of the ‘super-app’

6. Payments Industry: PHONE-PAY, RAZOR PAY, GPAY, PAYTM, Mobiwik

Example: Razorpay enables businesses to open current accounts, automate payments and compliance, manage their finances with ease from a single dashboard. Razorpay Capital offers collateral-free business loans for their merchants and cash advances to handle recurring cash needs.


From text- and voice-enabled payments to fraudulent alerts and credit score notifications, virtual assistants can be moved to Web 3.0 and fintech parlance of working.

Keeps users aware of changes in their finances while taking care of simple tasks like sending money or paying bills.

3. Tracking account balances, viewing available credit, and checking transactions processed can be brought to Web 3.0 It shall ensure fast processing of transactions per sec.

4. Updates and receive breakdowns of recurring monthly payments like mobile, electricity, or streaming services over Blockchain will be the transparent and unbiased way of working ensuring a good increase in income earned by the government.

5. Multi-channel fraud protection for issues like account takeover, transaction fraud, and new account verification.

6. Two-step authentication, device integrity screening, geo-location lookups, and transaction monitoring to enhance mobile banking, increase security and reduce fraud losses.

An interesting feature can be added:

for crowdfunding like ketto, etc

Deriving a New logic case for purview:

“Pay What Is Fair,” meaning the customer chooses the exact amount they pay, even if that amount is $0. if they wish they can also donate 10% of a chosen fee to vetted non-profit charities.

An algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications. Among the services using it we can bring, x % annualized return with dollar deposits turned into stable coins as well.


CREDIT: IBM Technologies

It would bring a unified user experience. While insurtech is quickly becoming its industry, it still falls under the umbrella of fintech. Insurance is a somewhat slow adopter of technology, and many fintech startups are partnering with traditional insurance companies to help automate processes and expand coverage. From mobile car insurance, health insurance, travel, smartphones, commercial properties such as stores, holiday homes, and life insurance.

- Claims Processing
- Underwriting

Faster processing under WEB 3.0 Credits: IBM

Coverage of policy inclusive of date details and individual personal detail too.


Under Web 3.0, there needs to be seamless commerce. The question of identity in seamless commerce is fundamental while digital identity is a game-changer.

Banks are exploring new models of embedded finance in payments. There is a need for greater public-private partnerships to maximize financial inclusivity. Cross-border payment needs greater collaboration and solutions to connect countries and regions can be brought to web 3.0.

International Money Transfers: Meanwhile, the global payment landscape is evolving rapidly and there is a need to harness Web 3.0 to power the next phase of developments. Customers expect standards of speed, price, convenience, or transparency in payment experience, and banks need to build embedded payment as part of an integrated journey. International payments are cheaper and faster. However, such projects will need stronger participation from other countries, stronger governance, and address challenges related to differences in regulations in different jurisdictions.


9. PERSONAL FINANCE: Ministry of Electronics and Information Technology (MeitY)

The use case here is generic and can be applied in multiple other avenues of conversion of the industry.


- Identity Management ecosystem

B. HYPER PERSONALIZATION: This is the next step in the evolution of customer experience; Hyper-personalization works to build smarter and better customer moments, turning what could be perceived as broken or disconnected interactions into more wholesome and brand experiences.

Where personalization includes an intimate understanding and use of buyer personas, data, and analytics, Hyper-personalization leverages real-time data and AI to build even more customized buyer experiences.

One digital ID!

These IDs include driving license, passport, PAN, Aadhaar, and other

Personal financial services, Web 3.0 enables financial institutions to innovate their products and services. It enables them to keep up with the ever-changing consumer trends and provide a hyper-personalized experience. It is imperative for the banks to not only invest in digital innovation but also transform consumers’ physical interaction to ensure seamless omnichannel banking. The ability to hyper-personalize the digital banking experience based on digital footprint by integrating consumer lifestyles brings the two-sided market together for a greater network.

WEB 3.0 will make financial markets globally more efficient, less friction and cost, more transparent and compliant”.

10. Consumer Banking:

Banks and financial institutions adopt cloud and use service-as-a-service (SaaS) to move away from being infrastructure providers through APIs to create a hyper-personalized customer experience. As a result, the industry players can scale and adapt faster to new market trends.

11. CRED

CRED is a free credit card bill payment mobile application,

Automated payments in WEB 3.0 can be set up in blockchain.

•Credit alert

•Account balance

•Two-step authentication

•New Account verification

•Updates and receive breakdowns of recurring monthly payments, for example, Electricity bill payments, mobile recharge, etc


In cryptocurrency, technology can be attributed to both blockchain and fintech. Though blockchain and cryptocurrency are unique technologies that can be considered outside the realm of fintech, in theory, both are necessary to create practical applications that move fintech forward to the arena of web 3.0

•Conversion from stable to coins or tokens and its record kept in order book format for a client on easy usability.


Web 3.0 entry of such companies shall ensure

  • Appropriate and ethical sales practices,
  • Marketing communication, fair practices on financing, loans, and refunds.

Students can also set their loan terms, remove cosigners, and consolidate loans. By prioritizing affordability and flexibility web 3.0 can redefine the relationship between students and student loans.

The industry executives are also looking to ensure fair and transparent functioning of a robust grievance redressal mechanism can be addressed in WEB 3.0


This means that you can simply set your investment goals and the app will do what it can to support these by using complex algorithms in the background.

Many call Betterment the pioneer of the Robo-advisor industry, and with millions of users and more than a billion assets under management, it is a clear leader in the market. Betterment offers several different products including automated investing, checking accounts, share/investment management, and even crypto investing.

•Forex management: requires its participants to enter the market to deliver and accept currencies at fluctuating exchange rates.

•Security insurance

•Corporate exposure

•Balance-sheet disclosures

•Syndicate loans

•Bilateral trade


•Order book

•Asset transfer

  • Swap
  • •CDS: A credit default swap is a financial derivative contract that shifts the credit risk of a fixed income product to a counterparty in exchange for a premium.

15. LENDING KART: Online lending platform providing business loans

Source: Moody’s Analytics

The backend of lending can be made transparent and Risk assessment can be done by overhauling credit, speeding up approval processes, and making access easier. Easier loan applications as fast as in their mobile devices, and new data points and risk modeling capabilities are expanding credit to underserved populations. Additionally, consumers can request credit reports multiple times a year without dinging their score.


Meanwhile, these things can also be brought into web 3.0

•Corporate exposure

•Balance-sheet disclosures

•Syndicate loans

•Bilateral trade


•Letter of credit

•Asset transfer

•Collateralized Loan

16. National Electronic Voting secured by Blockchain

This can go to the next level based on the adoption of -

1. Mobile App for End users
2. Self Sovereign Identity Mechanism
3. Digital Identity — Aadhaar like an ecosystem
4. Scalable Architecture
5. Secure Ecosystem

India can prove its e-voting on Web 3.0? “Technology is not an issue, adoption Attitude is required for such use cases”

Pic credit: prasannalohar

Blockchain e-voting can prevent many security attacks, internal vote manipulation, and promote transparency. However, voter validation and the security of the blockchain architecture are potential weaknesses that will need significant attention.


Fintech challenges in Web 3.0




CA, CS + 7 degrees, Fintech/Blockchain consultant, AI, ML, Fiama Di wills 2017, Audit ,Inter(National) Speaker, LOA Coach learned from Mind-valley, Graphologist