What is The Relationship Between Blockchain and Web3?

Blockchain and Web3 are closely related technologies.

A blockchain is a distributed, decentralized database that maintains a continuously growing list of records called blocks. These blocks are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Web3, also known as the decentralized web, is the next evolution of the internet that utilizes blockchain technology to enable peer-to-peer (P2P) communication and decentralized decision-making. Web3 technology allows for the creation of decentralized applications (DApps) that are not controlled by any single entity, but rather operate on a blockchain or other P2P network.

One of the main goals of Web3 is to empower users and give them more control over their online experiences by providing a more secure and transparent platform for exchanging information and conducting transactions. Web3 technologies, including blockchain, are expected to have wide-ranging impacts and potentially disrupt many industries by enabling new business models and enabling more efficient and secure ways of exchanging value.