Web 3.0 and its Future with Businesses

January 2, 2023 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, FinTech and Alternative Finance, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Online Funding / Investing Portals, Web3, Decentralization, DAOs No comments

How will Web3 affect businesses?

Jan 2, 2023

Image: Unsplash/Shubham Dhage

The influence of the internet on the world cannot be understated. And in recent years, we’ve seen that influence take society to new heights. With the introduction of web 3.0, society became aware of the decentralized system. This was due to the introduction of cryptocurrencies which are changing how we conduct business and transact online. We are also eager to see how web 3.0 will impact the gambling sector since you can use cryptocurrencies when gambling online. And in that breath, let’s look at how web 3.0 will affect businesses.

What is web 3.0?

There are some arguments over the introduction of web 3.0, whether it was in 2001 or 2014, but essentially, web 3.0 is the next generation of the web. In this generation, users will be connected by a decentralized system. We are already seeing increasingly more each day, and 2022 was a roller-coaster year for decentralization, which will only take off even more in future.

How companies are using web 3.0

The benefits and effects of web 3.0 on businesses are astounding. It is profoundly changing the way we interact and transact. Consumers are the ones who benefit the most since a significant focus is on easier transactions without sharing personal information. A massive thing for businesses right now is connecting with their customers directly, so let’s look at that.

Unsplash Shubhams Web3 - How will Web3 affect businesses?

Image: Unsplash/Shubham's Web3

Eliminating third-party involvement

Whether it’s a small or large business, connecting to customers and protecting their data is paramount in building the two-way trust needed to maintain customer satisfaction. Web 3.0 will help enterprises to support that trust. And it’s done by eliminating third-party data companies. In many cases, businesses simply don’t have the time to store and sift through large data sets and leave it up to third-party companies. Many have reported that these data sets are largely inaccurate. And the service fee is often exorbitant.

Web 3.0 has a simple solution, blockchain. We can use cryptocurrency as an example here. Transacting with crypto eliminates traditional banks because it's decentralized, essentially cutting out the go-between if you will. And this is precisely how it will work for businesses with web 3.0. It will remove third-party data brokers altogether and enable P2P connections. This will decentralize the system and allow companies to connect to their customers directly.

Improved cybersecurity

Cybersecurity is a major concern regardless of the business you have, especially if you work online. Again, this boils down to a decentralized system that web 3.0 offers. Let’s unpack it to understand how it works. On a decentralized blockchain network, each member of that network has a copy of the same data, called a ledger. If the ledger becomes corrupt for any reason, it will be rejected by all members. So here is where businesses can capitalize. By shifting their business to a decentralized system, they can offer so much more in cyber security and protect their customer’s personal information like never before. This is particularly important for online gambling services; players want to know their data is protected at all costs.

Improve customer satisfaction

While a massive emphasis is placed on protecting the data of your customers, web 3.0 does also make it easier for you to access customer data. Data and marketing go hand in hand to deliver superb customer satisfaction.

See: Incubella Publishes Research on the 2022 Canadian Web3 Landscape

For most marketers, it’s challenging to create marketing campaigns since accessing their customer data is limited. With web 3.0, businesses, specifically their marketing teams, can solve this problem since information will be more readily available. And not in the sense that people may think. Your data will still be protected; however, it will only be shared with companies when you have given strict permission.

The supply chain will work better

In the past couple of years, we’ve seen a massive backlog of certain types of technology, mainly microchips, which are used in almost every piece of technology. This has led to businesses closing or massively reducing their production output. Another factor to consider is that companies often don’t have a full view of their supply chain. With web 3.0, businesses can fully view their distribution data. This will help preempt delays, reduce costs, and even increase relevant supply chains.

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