PETALING JAYA: The purpose of Web 3.0, the third generation of Internet services, is to create a semantic web that has the potential to understand and interpret knowledge and data.

       This is according to Singapore-based Smartkarma, which calls itself an independent investment research network that brings together insight providers, institutional investors, private accredited investors, investor relations professionals and management.

       “The redesign of the web – Web 3.0 – will change how we work and collaborate,“ it said in its Web 3.0 e-book.

       “It will be more decentralised and personalised than the Internet we know today.”

       It said fintech companies will have a natural advantage, but banks and other traditional institutions will be able to catch up soon as they have access to large funds and form collaborations with innovative fintechs.

       “Financial institutions will need to start now by investing and strengthening their in-house tech capabilities,” it said, adding that partnering and collaborating will also be key.

       It also said in the e-book that Web 3.0 will emerge on top of blockchains.

       “And bitcoin is arguably the most secure blockchain present at the moment. Applications built on Web 3.0 can derive their security from bitcoin.”

       Citing sources, it noted that the underlying technology that enables cryptocurrencies is the same that enables Web 3.0 apps.

       “Users will have the freedom to own digital currencies and Internet assets with similar private keys, and the artificial line between money and data will disappear, paving the way for a unified digital society to emerge,” it added.

       Smartkarma is a fintech Knowledge Partner of the Singapore FinTech Festival, which will be held from Nov 8-12.