I recently hosted LinkedIn LIVE conferences with Web3 experts to address the question - Is your business ready for Web3 & Metaverse adoption?
The 2 Day conference with a panel of 3 speakers each day was a groundbreaking event where business leaders’ apprehensions about the evolving technology landscape of Web3 were addressed.
Here’s the LIVE video if you haven’t watched it already:
What does Web 3.0 mean for your business?
Web 3.0 technologies can help to improve transparency and trust between businesses and their customers by creating a tamper-proof record of transactions on a blockchain. With a real-time view of the supply chain, customers can see where their products are at each stage of the production process.
It also means fewer go-betweens. By utilizing blockchain networks, there is no need to rely on a single centralized institution as a source, such as a bank. Businesses can also confirm that transactions are cryptographically protected and verified. If its advocates are right, the distributed nature of Web 3.0 means it will be both safer and cheaper. Thanks to decentralization, user data won't be stored in one place, making it less vulnerable to attack or loss. Because Web 3.0 is meant to be decentralized, Web 3.0 apps probably won't require expensive servers and data centers. Instead, they can run on a network of computers provided by end users.
Data ownership moves from Web 2.0 style, which involves large, centralized entities that provide services and access to their platforms in exchange for monetizing users' personal data, to Web 3.0, which involves decentralized applications without data monetization.
Data will be shared among multiple apps and services rather than owned by entities such as social networks. This means people will have ownership and control over their personal data, which has become a point of contention. The new ownership model could inhibit the use of bots and fraudulent accounts, as well as trolling and spamming. In turn, this will help lock out scammers and other disreputable online sellers.
Web 3.0 uses cryptocurrency, such as Bitcoin and Ethereum, to make transactions occur in real time. Transactions aren't going through banks, which may take days to process an international purchase. A cryptocurrency transaction can take place in minutes, if not seconds.
However, the recent collapse of the cryptocurrency market has thrown the entire concept into doubt as billions of dollars have been lost with the implosions of FTX, Crypto.com and Bitcoin. The cryptocurrency industry will need time to shake out poorly capitalized and fraudulent players.
Web 3.0 could also curtail fake news and fabricated new stories, which can be damaging to a company's reputation. Advocates claim that disreputable news sources will no longer have to be verified through a third-party source, which itself can also be disreputable. With certain Web 3.0 apps, users can verify a news source through its blockchain.
The decentralized nature of Web 3.0 and lack of central servers -- part of the original vision of a decentralized web -- means fewer opportunities for network downtime, which can equal critical losses of the business.
Web 3.0 is still in the developmental stage, and new companies built on the technology are only now beginning to emerge. Businesses should keep an eye on its progress to capitalize on the opportunities that arise when the day comes that Web 2.0 phases out and Web 3.0 becomes the norm.
Business opportunities and benefits of Web 3.0
If it comes to pass, Web 3.0's impact on business could be more transparency and a greater orientation to users and customers than with today's web. Therefore, the way businesses employ users' data will change. Because blockchain technology is at the core of Web 3.0, current web apps will require a blockchain upgrade if they want to play in Web 3.0.
Some of the benefits of Web 3.0 for businesses include the following:
No third party is required. Blockchain, smart contracts and decentralized applications eliminate third-party service providers. For example, cryptocurrency reduces the need for banks, and all financial transactions are only between the two parties. Web 3.0 advocates say this will help businesses reduce costs and be more competitive.
Improved regulatory compliance. Blockchain is an unchangeable record of transactions visible to everyone on the chain, its proponents claim. Thus, it could make it easy for companies to comply with their governance requirements by maintaining transparency.
Greater accountability. Thanks to blockchain, every transaction can, in theory, be tracked to make companies accountable for their actions. This could make it easier for people to buy products from businesses with a good reputation.
Improved security. Web 3.0 should make it harder for hackers to access sensitive information. Because of blockchain's decentralized and distributed nature, there is no single point of failure, which makes it more difficult to corrupt. Blockchain data usually can't be altered or manipulated, so businesses will be able to worry less about data theft and breaches.
Improved customer relations. With Web 3.0, every transaction is recorded in the decentralized blockchain ledger for all parties involved to see, making companies directly accountable to their customers. Businesses can use this transparency to build trust and long-lasting relationships with their customers. Because data stored on blockchain is designed to be unchangeable, customers know that the information is authentic and hasn't been modified.
Supply chain management. Businesses could more easily monitor and track their supply chains on Web 3.0 thanks to blockchain's transparency. By eliminating silos, businesses can quickly identify problems in manufacturing and delivery services, improving time management and reducing cost. Businesses can also share crucial information, such as production schedules and contract deadlines, with their suppliers, which could help to make delivery smoother.
Factors to keep in mind in Web3 adoption:
To discover how web3 technology works, it will take a while for businesses and individuals to turn it into reality. Here are some points to take into consideration before switching over to it:
- Web3 is revolutionary, so explore how it can work for you. The trend for new technology is hastening significantly. As more companies learn to use and succeed in trial projects, web3 adoption is expected to accelerate. Organizations with a clear understanding of the technology and who uses it most effectively are able to grow in similar ways as a select group of companies tapped influencers and digital marketing to obtain substantial gains. At present, technology and business generally see big gains. Now’s a good opportunity for company and information technology leaders to understand the web3 platform in greater detail and devise a strategy to capitalize on its perks.
- Web3 can eliminate third-party control.Decentralized framework facilitated by a web3 network eliminates the need for a third party to manage operations entirely. The principles involved in cryptocurrency supply its infrastructure, especially in a decentralized network without intermediaries, with the capability to self-regulate and self-monitor. The abilities would be essential for whatever involvement your company is currently considering.
- Upgrade and redesign your brands and business models as per web3. Web 3 represents more than just a change from the traditional relationship between the business and its customers. Business leaders should think out of the box to reconsider the significance and value of personal relationships. Among other things, web 3 allows a real two-way channel with each customer, which raises their likelihood to buy from the company. In this case, business customers are able to purchase merchandise from the supplier while also selling the product to the supplier. Businesses can take advantage of the fact that brand advocates are seen as partners instead of as consumers or subscribers.
- Explore new business models and tap in novel revenue streams with Web3. This monetization opportunity represents only a part of this picture. Another option is that, in the future, NFTs and tokens and assets will be traded further downstream, enabling the same lucrative opportunities for residual rewards. The most common examples are music and artwork, where an individual or company may profit each time a creation is transferred. It can turn into an income stream in some cases. Focus on ways to keep track of the token-based loyalty programs that enable individuals to exchange and sell points or currency; NFTs that are serving as access tokens for products, services or value-added components; and blockchain-enabled supply chains that focus on standardization and prevent errors.
Today’s technologies are changing the dynamic between consumers and business owners, and change has created more control for the latter over things like ownership points and NFT assets. For example, this could be unsettling to owners who are still used to controlling all resources through their own assets. Other possible fields of consideration include ethics, privacy, and cyber security. While blockchain-based online transactions offer security, they do not promise the complete absence of risk.
Article content credits: Tech Target & Zeeve
