Decrypt: Businesses have to embrace Web3

NEW DELHI: The adoption of Web3 technology is growing, and in many respects, it is driving the political and economic transformation. The issue of figuring out how to use Web3 technologies to improve the world is being taken up by numerous leaders and innovators.

When we discuss Web3, we should understand at its core architecture, is based on the fundamentals of blockchain.

Blockchain is an unchangeable database that enables decentralised value holding, storing, trading, and payment for the assets you’re exchanging. All of the things we see today are made possible by it. You may observe the value of NFT being exchanged as well as the value of other cryptocurrencies.

Therefore, thanks to the blockchain, we can hold, trade and even get paid for an NFT all without the need for a centralised entity. It follows a completely different notion of property ownership and trading.

So how businesses are implementing Web3 to drive business value and impact? A lot of them are looking into how they might participate in the metaverse, a 3D immersive environment that is likely to harness a lot of the power of Web3’s decentralised architecture.

Retailers and companies are exploring the possibility of selling digital goods to customers within the metaverse and how to establish a presence there.

Web3 technologies are also beginning to be used for supply chain management by some firms.

Blockchain is being used, for instance, by sizeable charitable organisations to track and trade blood units for medical purposes. Companies who sell liquor to move their products through various stages of the distribution process are confirming the authenticity of each bottle.

This reduces fraud by giving customers complete visibility into the products’ entire chain of custody.

In fact, Web3 will also start changing the workforce. There is no doubt Web3 will significantly disrupt our current employment. Web3 technology will converge with the expanding gig economy, giving employees more control over who they work for, what they work on, and how much money they receive.

Workers will now communicate more and more through the metaverse, especially as VR gear become more portable and affordable.

DAOs will empower content creators, gamers, and social media users to rebalance the power, which traditional firms that controlled Web 2.0 carefully guarded.

Corporate executives, for instance, would need to start exploring what Web3 means to them, their specific business, and their industry by assembling a team.

Augment this by enlisting the aid of those who can help you consider how you may use Web3 in distinctive ways to generate value. The top CEOs in the world talk about how important it is to bring in new talent that shakes up your company and offers a fresh perspective in the C-suite room. They seek out individuals who challenge the group and bring a diversity of views. Web3 is just that catalyst.

The global Web3.0 market size at $3.2 billion in 2021 (Emergen Research), is projected to grow at a CAGR of 43.7% to $81.5 billion in 2030. Love it or not, Web 3 is here to stay and the faster we adapt and adopt, the more impact it would create for the enterprise.