A blockchain is a distributed database or ledger that is shared among computer network nodes. A blockchain, like a database, saves information electronically in digital format. Blockchains are well known for their critical function in cryptocurrency systems like Bitcoin, where they keep a secure and decentralized record of transactions. The blockchain's innovation is that it ensures the accuracy and security of a data record and produces trust without the requirement for a trusted third party. The way data is structured differs significantly between a traditional database and a blockchain. A blockchain accumulates information in groups known as blocks, which hold sets of data. When a block's storage capacity is reached, it is closed and linked to the previous filled block, producing a data chain known as the blockchain. All new information that follows that newly added block is compiled into a newly formed block, which is then added to the chain once it is complete. A database typically organizes its data into tables, whereas a blockchain, as the name suggests, organizes its data into chunks (blocks) that are linked together. When implemented decentralized, this data structure creates an irreversible data timeline. When a block is completed, it becomes permanent and forms a part of this timeline. When a block is added to the chain, it is assigned a precise timestamp.

Web 3.0 refers to the next generation of Internet technology that largely relies on machine learning and artificial intelligence (AI). It attempts to produce more open, connected, and intelligent websites and web apps that rely on machine-based data interpretation. Web 3.0 intends to give more tailored and relevant content at a faster rate by utilizing AI and advanced machine learning algorithms. This can be accomplished by employing smarter search algorithms and investing in Big Data analytics research. Websites today often contain static information or user-generated content, such as forums and social media. While this permits information to be distributed to a large number of individuals, it may not meet the needs of a given user. Similar to the dynamic of real-world human contact, a website should be able to adjust the information it gives to each particular user. Tim Berners-Lee, the inventor of the World Wide Web, articulated the concept of a Semantic Web in 1999: I envision a vision for the Web in which computers can analyze all of the data on the Web, including the content, links, and transactions between people and computers. A "Semantic Web" has yet to arise, but when it does, the day-to-day mechanics of trade, bureaucracy, and our daily lives will be managed by machines talking to machines. Websites and applications will have access to an ocean of information in Web 3.0, and they will be able to comprehend and apply that data in a way that is meaningful to the particular user.

Blockchain has been regarded as a disruptive technology in comparison to the Internet, promising financial and commercial innovation akin to the Web's influence on communication. It has the potential to transform the way we communicate with one another based on three key concepts: Track and store data - a decentralized and distributed system across a large network of computers provides a secure approach to track data changes over time. The important concept is trust. The system allows us to engage with our data in real time, and the network, which includes all of the computers, verifies the changes in the transactions, creating trust in the data. Transactions between peers - no intermediaries in this system. Instead of disclosing our information to a third party.

Smart contracts are lines of code that are recorded on a blockchain and are executed automatically when certain terms and circumstances are met. At their most fundamental, they are programs that run the way they were designed to be run by the individuals who created them. Smart contracts' benefits are most visible in corporate collaborations, where they are often used to enforce some form of agreement so that all participants may be certain of the conclusion without the involvement of an intermediary. Because the contract is created on a decentralized system that exists between all permitted parties, smart contracts enable the performance of credible transactions without the involvement of third parties. There is no need for middlemen, which saves time and conflict while also eliminating human error or meddling. Every new technology has limitations, but smart contracts created on the blockchain are undeniably faster, cheaper, and more secure than conventional systems, which is why banks, businesses, and governments are increasingly turning to them.