Web 3.0 is a notable trend with influence in the business space.
As the web evolves, it influences the business environment. Though misinterpreted, the term web 3.0 stands tall as a killer app. The impact of web 3.0 is already evident. Nearly 23% of millennials in the US currently use NFTs.
The web is modifying how businesses operate, and its impact is worth the attention it receives. The question is, is your business ready for such a revolution?
Many business leaders get uncomfortable with Web 3.0 since they need help understanding it or learning how to transition their business to the latest web. And yes, web 3.0 has a lot attached to it.
What is web 3.0, and how does web 3.0 blockchain impact businesses?
What Is Web 3.0
Web 3.0 is the latest edition of the internet that provides its users with improved privacy and security for their data. It uses blockchain technology to safeguard the information of users.
Web 3.0 blockchain
The web 3.0 blockchain is an immutable record-keeping system that allows users to hold, store, trade value, and pay for assets on a peer-to-peer basis, eliminating the need for a third party.
Evolution Of The Web
We’ve transitioned from web 1.0 to web 3.0. Web 1.0 represents the first edition of the internet. Web 1.0 is often referred to as the “read-only” era. Users had limited means of maximizing the internet aside from just reading or watching static content by some content creators with little or no interactivity.
Web 2.0, the second and current edition of the internet, brought to life interactivity and social connectivity and offered users the opportunity to read and create content. We saw the rise and dominance of platforms like Twitter, WhatsApp, Facebook, and many others.
Web 2.0 also boosted the gig economy, where millions of people, irrespective of the country, earn income part-time or full-time by selling their skills or delivering services online.
Web 3.0 is the third and next generation of the internet and is built upon the core concept of decentralization without the need for trust and permission while ensuring user security. It is also known as the read-write-execute internet era. It aims to bring every human activity to the blockchain.
It analyzes data using machine learning and artificial intelligence to deliver content specific to users’ needs.
Buy Bitcoin With A Credit Card And Join The Web 3.0 Space
The best time for every business to join the web 3.0 space is now.
Some businesses are already accepting cryptocurrencies as payment for goods and services. An excellent way for companies to join the web 3.0 space is by purchasing bitcoin.
How Web 3.0 Blockchain Starts To Impact Businesses
Web 3.0 will revolutionize businesses, from ensuring transparency in business activities to promoting user-centric enterprises. Let’s get away from the technical illusions. Web 3.0 will span all human sectors like healthcare, politics, military, education, entertainment, fashion and lifestyle, and so on.
So how will businesses maximize web 3.0? Companies will have to adopt blockchain and all the possibilities it offers. The blockchain makes business transactions and deals public and verifiable.
Blockchain calls for massive adoption, and businesses could even adopt a private blockchain network that permits a select number of people to participate in the company’s operation.
Data Ownership And Control
Data ownership and control is a significant challenge of web 2.0. Customers don’t own their data and have no control over their data. The big companies control this data and do whatever pleases them, from selling them to using it to track customer habits and lifestyles. With web 3.0, users will decide the information they want to share with corporations or advertising firms and how much money they intend to earn from sharing their content.
Supply Chain Management
Provenance and traceability are vexing challenges for many companies and their supply chains. A supply chain represents all links between parties involved in creating and distributing goods, starting with suppliers of unprocessed raw materials and ending with the delivery of finished products to the customer.
The application of blockchain for provenance in supply chains aims to provide deep-tier visibility into a product’s origins. Web 3.0 has the potential to offer unprecedented supply-chain visibility in near real-time, serving to combat counterfeit goods, enabling ethically-sourced materials, tracking food safety from farm to fork, and increasing customer trust.
Web 3.0 saw the rise of cryptocurrencies, digital tokens that act as a means of exchanging or storing value. Cryptocurrencies rely on cryptography to execute and secure transactions.
Cryptocurrencies are already affecting the way businesses operate. It offers borderless transactions; every transaction is recorded on the blockchain and unverifiable by anyone.
Cryptocurrencies also eliminate the need for third parties, run on a peer-to-peer network, and permit large amounts of transactions with minimal effort and in a split of seconds. Companies that already adopt cryptocurrency as a means of payment have seen a massive boost in their customer base as more and more people are beginning to transition to this digital money.
One should be able to go to a local market and hear things like, “send the funds using this QR code of my wallet address.”
Transitioning To DAOs
Web 3.0 is going to change how businesses function. There is going to be a rise in DAOs. DAO is short for decentralized autonomous community.
Organizations will transition from the usual top-bottom structure to a bottom-top system with no central authority.
Businesses will be community-led with no leadership, which will affect decision-making. Decisions will be made by the community members, possibly through a voting process using the community token or whatever means the community chooses to use.
DAOs ensure all-inclusive participation in decision-making and how business is run, including what investments to venture into and strategies to apply to business growth.
Eliminating The Need For A Third Party
Web 3.0 blockchain and its features, such as smart contracts, and decentralized applications, eliminate the need for third-party service providers. It will help businesses reduce costs and increase their competitive edge.
Many people fear dealing with some businesses because of a lack of trust in third parties or difficulties encountered while navigating through third parties.
Businesses will also channel the money they usually pay to third parties into business growth.
Authenticity and ownership
The concept of NFTs started in 2017. NFTs are non-fungible tokens. Non-fungible means they won’t be exchanged, copied, or subdivided. They are assets created on the blockchain with unique identification and metadata that makes each unique from the other and are used to certify ownership and authenticity.
NFTs find application in several industries, such as fashion, music, entertainment, football, gaming, and many others.
People issue NFTs as tickets during events as invitees won’t interchange or duplicate them since they document them on the blockchain.
NFTs also acts as a copyright for authors and artists to protect their works and avoid unnecessary duplication of their jobs without permission or credit to the creators. Big companies like Gucci and Nike are already creating and selling NFTs and making millions of dollars.
NFTs are like loyalty programs. Users of different platforms or companies are rewarded with NFTs when patronizing companies. These NFTs are converted to points or digital currencies to purchase more goods and services. NFTs sales are estimated at about $1.8 billion per month.
Businesses also use NFTs to track and verify their products worldwide and curtail the possibility of counterfeiting, thereby increasing customer trust.
The internet will bring these opportunities to us. Bitcoin, an offspring of web 3.0, reached a market cap of $1.5Trillion, which says a lot. Though there is still a lot of speculation and government policies, cryptocurrencies are not going anywhere. Web 3.0 and its technologies are here to stay, and companies that leverage these technologies will strive in the new global economy.
Web 3.0 Is The Future Of The Business Space
Most businesses are getting into web 3.0. Companies need to understand web 3.0 and how to maximize the trend.
Company HR needs to include web 3.0 blockchain knowledge in training staff to remain relevant in the competitive market.
Though web 3.0 still has its challenges, developers and creators are making many efforts to modify and make it more usable than it is currently. Innovative businesses are creating NFTs to reward their loyal customers. Some companies also plan to create digital tokens and follow top influencers to keep on with the revolution that web 3.0 is presenting.
With several platforms open for businesses to explore, like YouTube and Twitter, they’ll understand the web3.0 blockchain in no time.