Web3 has the potential to change the foundations on which businesses are built.
The main impact of Web3 on business models is that the new technologies put the customer in the driver’s seat in terms of ownership and control of their personal data, reducing their dependence on the company that manages their access to services and goods. .
Decentralized finance (DeFi) will transform the current business and operational infrastructure that supports the growth of Web3.
There are still many challenges in terms of security. It will take several years to achieve this, as was the case with the development of the Internet in the 1990s.
Web3 Expands Beyond Internet Businesses
Web 2.0, with its emphasis on user-generated content, has allowed people to take great advantage of social media, search engines, and e-commerce.
Web 2.0 has also enabled a small number of technology companies to collect, and monetize, the data of millions of users.
Digital platforms are also making money from data. Non-Internet companies, such as those in theInternet of Things (IoT) you can also benefit from Web3. They also build capabilities to track and collect data from millions of assets and product users.
Since data is perhaps the most valuable resource available today, Web3 actors, who aspire to decentralization, must fight once morest the concentration of data around a few actors.
Web3 might be a disruption that managers MUST deal with
The co-author of the book Go digitalDigital transformation expert Lyndsey Jones argues that in today’s world of rapidly changing industries, most services need to modernize to stay relevant, adapting and keeping up with new codes or ways of working.
Web3 is no exception. Therefore, managers who think they can do without it may make a mistake that will pay dearly in the future.