Rise of Web 3.0

Abstract

On 4th October 2021, Facebook and all its services, including Instagram, WhatsApp, and Messenger went down for close to 6 hours. For you and me that doesn’t seem to be a huge issue, nothing is lost if we do not scroll through endless reels for a few hours, but for businesses and people who depend on those platforms to transact, the losses could be in the millions of dollars. One small error from Facebook had a ripple effect that affected millions of people, and that is the real risk of the deeply connected world we live in today. The internet as we know of today has opened up true globalisation, but the downside is that most businesses depend on services like Microsoft Azure, Google Cloud or Amazon Web Services to run and store their data. A few companies are essentially responsible for most of the data we generate today as a species, which in case of downtime could mean huge losses as we saw above.