Web3: A comprehensive review on background, technologies, applications, zero-trust architectures, challenges and future directions

Web3, the next generation web, promises a decentralized and democratized internet that puts users in control of their data and online identities. However, Web3 faces significant challenges, including scalability, interoperability, regulatory compliance, and energy consumption. To address these challenges, this review paper provides a comprehensive analysis of Web3, including its key advancements and implications, as well as an overview of its major applications in Decentralized Applications (DApps), Decentralized Finance (DeFi), Non-fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), and Supply Chain Management and Provenance Tracking. The paper also discusses the potential social and economic impact of Web3, as well as its integration with emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), and smart cities. This article then discusses importance of zero-trust architecture for Web3. Ultimately, this review highlights the importance of Web3 in shaping the future of the internet and provides insights into the challenges and opportunities that lie ahead.