One of the defining features of the internet is its ever-changing nature. Features that were revolutionary just five years ago may now be obsolete. Updates are constantly rolled out, and keeping up with the latest ones helps businesses stay ahead of the competition.
The most recent evolution, Web3, is a revolutionary transformation that will change how we use technology daily. This also means that Web3 is set to give businesses unique opportunities to use technological advancements for growth and success.
What is Web3?
Simply put, Web3 is the third iteration of the internet. It is a fully decentralized series of interconnected and open-source applications powered by blockchain technology.
Some of the top features we can expect with Web3 include the following:
- Artificial intelligence for better generation of search results
- 3D graphics and spatial web for more realistic online experiences
- The Semantic Web, which uses AI, for more accurate information
- Blockchain and cryptocurrency technology for more control over content
- IoT, broadband, and 5G, for ubiquitous connectivity
Benefits of Web3 for Business
Web3 could have a tremendous impact on business. Below are some of the areas where businesses could benefit from the new technology:
Increased Data Security
One of the significant challenges facing both small and big companies in the 21st Century is security breaches. With Web3, the underlying blockchain technology makes the data structure immune to current common hacks and security threats.
Since blockchain is distributed and decentralized, there won’t be a single point of failure for hackers to take advantage of. Additionally, data on the blockchain structure cannot be manipulated or altered.
Improved Customer Relationships
Web3 promises to give businesses access to a richer source of user data. Browsing histories, social media, and other data sources will give businesses a more profound knowledge of their customers and needs. This will make it easier for businesses to anticipate and cater to those needs.
New Business Models
Web3 will make it easier to give value to digital content. While the current iteration of the web thrives on user-generated content, the information is easy to copy and share, so it’s hard to create valuable digital assets.
Blockchain technology, which forms the underlying structure of Web3, makes it possible to assign NFTs, non-fungible tokens, to digital assets. (An NFT is a digital marker that cannot be changed or copied.) This will create opportunities for new business models as enterprise marketers invest their money and attention in digital assets.
As a business, keeping up with the latest trends is one of the best ways to stay ahead of the competition. Have questions about Web3 or how it may affect your business? Our IT experts are here to help. Contact Us