Legislative Councillor Elizabeth Quat urges govt to support development of Web 3.0

Elizabeth Quat

8th February 2023 – (Dubai) The government will release a new budget at the end of this month. Some lawmakers met with financial officials today (8th) to promote the development of innovation and technology in Hong Kong. Among them, Legislative Councillor Elizabeth Quat pointed out that the government should support the development of Web 3.0, promote the allocation of additional resources to formulate strategic development blueprints and regulations, and establish a new investment migration program to allow them to invest in the field of innovation and technology.

Quat pointed out that the current data among government departments is scattered and cannot be interconnected. She also said that the Statistics Department still uses dated methods to integrate data, and urged the government to set up a big data bureau to collect, analyse, and organise data, and to promote the development of scientific research, so that it accounts for 2% of GDP.

Web 2.0 and Web 3.0 refer to successive iterations of the web, compared with the original Web 1.0 of the 1990s and early 2000s. Web 2.0 is the current version of the internet (a term often used interchangeably with the web) with which we are all familiar.

Web 3.0 or Web3 is the third generation of the World Wide Web. Currently a work in progress, it is a vision of a decentralised and open Web with greater utility for its users. Defining features of Web 3.0 include decentralisation; trustlessness and permissionlessness; artificial intelligence (AI) and machine learning; and connectivity and ubiquity.