**The Future of Web3: A Historical Perspective on Technological Innovation**

On April 12th, at the main venue of the “2023 Hong Kong Web3 Carnival”, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, stated in his opening speech that the development of Web3 should be viewed from a historical perspective of technological change. Technological change leads to commercial innovation, and commercial behavior also drives better technological change. The Internet is a force of this type of change, and the rise of blockchain technology, Let the internet enter the Web3 era. Hong Kong will promote the sustainable and responsible development of the virtual asset market, and appropriate regulation is necessary to create a sustainable development space. Now is a golden opportunity for the development of Web3, as well as a thrilling moment. Looking back at history, Web3’s development will once again rapidly develop after experiencing shocks.

Hong Kong Financial Secretary Chan Mo po: This is a golden opportunity for the development of Web3 and a thrilling moment

The world is constantly changing, and technology is at the forefront of driving these changes. Over the past few decades, we have witnessed significant advancements in technological innovations that have had a profound impact on various industries. The financial industry, in particular, has seen a revolution in recent years with the advent of blockchain technology.
On April 12th, at the main venue of the “2023 Hong Kong Web3 Carnival”, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, stated in his opening speech that the development of Web3 should be viewed from a historical perspective of technological change. He emphasized that technological changes lead to commercial innovation, and improved commercial behavior drives better technological change. This article will take a closer look at the impact of technological change on commercial innovation and how Web3 will shape the financial sector’s future.

**Impact of technological change on commercial innovation**

Technological innovations have always led to significant improvements in commercial innovation. The development of the internet revolutionized various industries, such as e-commerce and digital marketing. The internet allowed businesses to reach a wider audience, thus improving their profitability. However, the rise of blockchain technology has taken commercial innovation to a whole new level.
Blockchain technology is a decentralized digital ledger that is secure and immutable. It has the potential to offer a wide range of benefits to the financial industry, such as increased security, reduced costs, and faster transaction times. The advent of blockchain has also given birth to cryptocurrencies, which have become increasingly popular over the past few years.

**Web3: The Future of the Web**

Web3 is the next evolution of the internet, and it is set to revolutionize the way we interact with the digital world. Web3 is a decentralized web that aims to create an internet that is more open, transparent, and secure. It is built on blockchain technology and aims to create a more democratic and decentralized internet that is owned and controlled by users rather than centralized authorities.
Web3 will have a profound impact on the financial industry, and its applications are seemingly endless. It will enable the creation of decentralized financial systems that operate without the need for intermediaries, such as banks. This will lead to increased financial inclusion and improved access to financial services for the unbanked population.

**Hong Kong’s Approach to Web3 Development**

The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, emphasized the need for appropriate regulation to create a sustainable development space for the virtual asset market. Hong Kong aims to promote the sustainable and responsible development of the virtual asset market and is well-positioned to take advantage of the opportunities presented by Web3.
Hong Kong has always been an innovative hub for the financial industry, and the government is committed to supporting the development of Web3. The city is home to various blockchain and cryptocurrency startups and has shown a progressive stance towards blockchain technology.

**Conclusion**

The advent of Web3 and blockchain technology is set to revolutionize various industries, particularly the financial industry. The decentralized and transparent nature of Web3 will create a more open and democratic internet that is controlled by users rather than centralized authorities. The growth potential for Web3 is significant, and we are set to witness a rapid development of Web3 after experiencing shocks, as stated by Hong Kong’s Financial Secretary, Chen Maobo.
Hong Kong is well-positioned to take advantage of the opportunities presented by Web3 and is committed to promoting the sustainable and responsible development of the virtual asset market.

**FAQs**

1. What is Web3, and how is it different from Web2?
Web3 is the next evolution of the internet and is built on blockchain technology. It aims to create a decentralized and more democratic internet that is controlled by users rather than centralized authorities. Web2 is the current version of the internet, which is centralized and controlled by big tech companies.
2. What are the potential benefits of Web3?
Web3 has the potential to offer a wide range of benefits, such as increased security, reduced costs, and faster transaction times. It will enable the creation of decentralized financial systems that operate without the need for intermediaries, such as banks, leading to increased financial inclusion and improved access to financial services.
3. What is Hong Kong’s approach to Web3 development?
Hong Kong aims to promote the sustainable and responsible development of the virtual asset market and is well-positioned to take advantage of the opportunities presented by Web3. The city is home to various blockchain and cryptocurrency startups and has shown a progressive stance towards blockchain technology.

**Keywords:**

1. Technological change
2. Blockchain technology
3. Web3