A Deep Dive Into The Advantages Of Web 3.0 Technology For Businesses
This timeless quote by Mr. Bill Gates epitomises the era we live in. If there’s no technology, there’s no business…that is how the world works in today’s day and age. While most businesses in India are now considerably tech friendly, the Web 3.0 wave is bringing a new array of benefits, developments and changes that is once again ushering a resounding digital revolution.
The next big leap in the journey of the World Wide Web, Web 3.0 has begun to show positive impacts in many verticals, sectors and industries. While we are still in the preliminary stage of the wonders that can be achieved through this technology, it may be helpful to know how rapidly Web 3.0 is cementing its place at the fundamental core of every business.
In order to elaborate on the advantages of Web 3.0, we could structure the discussion into six brief points:
Leveling The Playing Field
Web 3.0 can bridge the gap between a young business trying to do big things, and a big business trying to do young things. In the Web 3.0 world, a company need not have the backing of mammoth resources in order to effectively reach the end consumer, nor have the support of a massive team to function at maximum efficiency. On the other hand, large scale businesses can harness Web 3.0 tech in order to understand their consumers on a level never possible before and interact with them in a matter they deem interesting, all of this with just the touch of a few buttons. Essentially, the benefits of Web 3.0 aren’t restricted to a particular set of businesses. May it be a small or large, Web 3.0 will assist all kinds of companies as per their particular goals.
Unlocking Global Opportunities
What once used to be a stumbling point for many businesses is now an accessible gateway for any and every player. Treading international waters has become increasingly smooth and seamless with the power of decentralised marketplaces that exist in Web 3.0. Cross border transactions can be conducted sans the need for a tertiary intermediary thanks to the safe and secure operations of blockchain technology. This allows businesses to reach consumers across the world and reduce transaction costs by a significant margin. All in all, the Web 3.0 lets businesses operate in a market without borders without the presence of a traditional third party that previously acted as a financial barrier to entry. In addition, businesses can leverage global talent with ease.
Empowering The User
Web 3.0 was built as a system that puts users and creators at the center from the very beginning. Technologies such as zero knowledge identity / self-sovereign identity provide the user with comprehensive control over their data. The Web 3.0 also eliminates the existence of third-party data brokers who collect user data and supply to companies, by allowing companies to directly connect with the end user and collect relevant data in a much more secure environment
Evolving Experience
It’s not just user security that gets an upgrade; the end user experience is also transforming. Right from decentralised applications (dApps) to web3 enabled Progressive Web Apps (PWAs), the Web 3.0 offers a wide spectrum of experiences ranging from the native Web 3 experience with a decentralised wallet etc, to ones indistinguishable from traditional Web 2 experience. Another pivotal facet is consistency. No matter what the device, no matter what the operating system, a business can provide a familiar and consistent experience to the user while leveraging the best features of Web 3.0. One could be browsing on an iPad or surfing on their desktop, the end-to-end experience will remain the same without any hiccups.
Enhancing Communications
Since time immemorial, targeted yet generic online advertisements aren’t a pleasant sight for users. Web 3.0 is finally changing this phenomenon! NFTs, A.R, V.R, A.I and machine learning can engage the consumer with the help of personalized recommendations and immersive storytelling. With Web 3.0, we may enter a phase where consumers look forward to a brand using gripping, personalised and creative ways in order to communicate with them. A robust two-way bond between a business and a consumer can be achieved through unique and customised marketing that delivers content that people want to see.
Encouraging Innovation
If the earlier iterations encouraged business to think out of the box, Web 3.0 will encourage companies to think much beyond. With a decentralised and open playground at their disposal, entrepreneurs can discover new ideas and invent new ways of doing business. Businesses will need new frameworks. Tokenisation within Web 3.0 introduces the concept of digital assets, which allow everything from real estate and gold to artwork and rare memorabilia to have a digitised presence. This opens new avenues of exploration for all types of businesses. The emerging popularity of exclusive NFT drops is the biggest example of entrepreneurs using fresh and distinct ways to conduct business in the Web 3.0 arena. In the end, businesses that rise to the occasion and embrace innovation will have a decisive market edge in the era of Web 3.0.
We have stepped onto the ground floor of the Web 3.0 renaissance, and the beauty of this technology lies in its ever-increasing potential that will keep growing floor after floor. Web 3.0 has blended robustness and reliability with rapid speed for any organisation to aim high when it comes to its growth aspirations. Today, if you are running a business, the question is not just about how far one can go, but how fast one can go at it. Sky is no longer the limit!
