The tech world is always looking for the next big thing, and a lot of things get thrown at the wall to see what sticks. And without noticing, it turns out that we’re on the verge of the next stage of the internet. We’ve had dial-up, we’ve had wi-fi, we’ve had Tumblr and now we have Web3. Web3 is the new generation of the World Wide Web, aka WWW.
What Web3 means is how people utilize the internet and personal data. It’s a decentralized technology that can give control over data and Crypto. Bitcoin and cryptocurrency became huge whilst it was a buzzword. However, since then, it’s become a currency and something that businesses can use that will decentralize how they manage financial situations. This is how Web3 can transform the B2B landscape and Crypto like Bitcoin and Ethereum (find out more from the best Ethereum price tracker here) can make a change.
Transparency
Data records and the history of how business transactions happen are in a network with the contacts. Rather than in a closed network that is only accessible internally, as is the case with the traditional financial system.
Which makes it transparent and may give the businesses you work with a lot more trust in you. That, in itself, can build stronger relationships when it comes to who you work with.
It can also give you the opportunity to gain new clients and work with businesses in the future.
New Revenue Streams
Web3 can open new windows to ways you can find financial streams for business. Whether that’s to do with how you get finance into the business or decentralized finance (DeFi). This allows businesses to turn to different financing situations and get access to capital without having to rely on traditional finance methods such as banks.
In addition, technology can provide businesses with a different way of working. Which can provide opportunities for businesses to sell and create products and services. Whether that looks like it’s remote, e-commerce or talking to people and clients remotely. The future can be endless for businesses.
Reliability and security
Blockchain is known for its security and transparency. What’s also known is how reliable and resilient it can be.
When it comes to Blockchain and Crypto, Nodes store information and share it when it’s necessary. Like a screenshot, and then it sends it to you when you need it.
In a traditional financial model, there are two points of failure – the sender and the receiver. If one of these fails, the transaction is lost. In blockchain, the transaction is split and validated over a vast Peer-to-peer (P2P) network (containing said nodes), meaning there is less likelihood of the transaction getting lost.
As technology develops, it’s in its early doors, which means it can only get better, and people will learn more about Web3 and Crypto and how it can benefit businesses.
What we know right now is that it’s a little new in terms of software, and we’re still learning. So, there are some challenges and hurdles to overcome, as with any new technology.
Advancements in technology
As technology grows, so will the landscape of how businesses work. Therefore, it’ll be how the landscape of how businesses work and run. Web3 and the blockchain and cryptocurrency industry could be a game changer.
What we don’t know right now is how advanced it can be for businesses. The traditional payment and financial situations are what we know.
Web 3.0 is just a new version of the previous one. So it’s not that different. It’s just decentralized and a new innovation. Just like smartphones, 5G and social media. What it can mean for businesses is a level of help that can be a quicker and smarter process without human error. Enabling collaboration, connectivity and client relationship building to be more agile and smarter.
Embrace it
Regardless of how much we grow, this type of technology is coming our way.
And businesses need to embrace it and learn about it so that they can grow and achieve what their strategy was set out to do.
There is a different generation of workforce that will come and be a good asset to your business. So Web3 can transform your business.
Challenges and things to think about
Web3 is still in its early days. Having said that, regulatory frameworks and scalability are evolving. As a business, evolve your needs, resources and risk factors before knowing if Web3 and Cryptocurrency can help you and be part of your business strategy. Establishing your security and processes will be key in this for investing your time into Web3.
Therefore, Web3 can transform the B2B landscape and how you work as a business. So, it’s important to learn about it and always beneficial to get ahead of the game.
It is a technology that will keep evolving, so getting clued up will definitely help in the long run.
Conclusion
Despite its problems and flaws that need to be ironed out in the future, Web3 looks to be the next stage in the evolution of the internet – and it’s going to be especially useful to business owners. Like any other advancement in the digital world, it might start in the skyscrapers of New York and Dubai but it will trickle down to revolutionize the local corner stores with the right incentive. After all, contactless payments did.
