In our previous article, we talked about Web3, and how it differs from the current Web2. Web3, also known as the decentralized web, is a new version of the internet that operates on predominantly on blockchain technology (can and does operate without it too), allowing for decentralized applications, smart contracts, and digital assets. It is by far not the finished article yet, in fact, we are still in the infancy of Web3 and so much is yet to come in the form of decentralization and other pillars of Web3. Today we talk about some of the benefits for individuals and businesses that Web3 can bring as it currently stands (this is not an exhaustive list, but some of the main areas).
We have put this together in an infographic for you, to make these concepts more digestible. We hope you find this useful. Some of the key facets we looked at in the last article in terms of how it differs from Web2, do also form some of the main benefits of Web3. With Web3 focus being an integral part of our future roadmap, having a clear idea of how it benefits you will certainly help get the most out of our future products and services. So let’s dive straight into it!
For individuals
Control of personal data: With the core underlying concept of decentralization, the user will have more control and power over their data. This ultimately leads to greater privacy and security.
Ownership of assets: You will have more control over your digital assets such as NFTs, Cryptos, and other digital assets. This means that you have the power to control monetization, storage, management, and use of your digital assets.
Better peer-to-peer payments: one of the pillars of cryptocurrencies and web3 comes in the shape of P2P payments. With the added functionalities of these systems being across multiple platforms (metaverse, wallets, exchanges, etc) this becomes a walk in the park.
Building and Collaboration: Web3 allows people to interact with each other, build together and collaborate on various things without having to rely on the tech giants of Web2. This will shape the way how everything will happen in the future.
For Businesses
New revenue streams & stronger customer relationships: Leveraging Web3 can unlock new revenue opportunities for your business. Additionally, these new product/service streams will form further connections with your customers across platforms, creating a stronger bond with your brand (eg: We have been working on building Loyalty 2.0 platforms with some of our clients).
Better Transparency: Because everything is stored on the network and in a public ledger, it’s difficult for fraud to occur or any manipulations to take place. This way, companies can have greater accountability to their customers, and increase the security of their assets and data.
Direct and secure Payment systems: Secure, fast, and transparent payment systems will help businesses to work directly with their customers without having to rely on middlemen such as the current payment gateways; Visa, Mastercard, etc.
Development and Collaboration: You are no longer restricted to your workforce and tech setup. You can work directly with the relevant people and other companies to deliver the best output for your needs, cutting out a lot of the red tape, which is a huge obstacle right now.
The above list is just the start. We will continue to share further benefits and opportunities over time when these occur in this space. If you are a business and are interested in getting into Web3 and Blockchain or have some questions about formulating your future business strategy, get in touch with us and we can help guide you through those questions. And for our community, see you all on our weekly Twitter Spaces or on Discord. Keep an eye out for our next article on the different technologies used in Web3 and dApps. This series will help you get the most out of Web3 and related technologies, so tune into the next article out this week.