Article originally published in Bilan
For the past few years, Web3 has generated unprecedented enthusiasm. However, amidst technological jargon and conceptual confusion, it is challenging for companies to discern what to make of what some proclaim as a revolution. A report published by ReportLinker predicts that the global market size for Web 3.0 blockchains will reach $12.5 billion by 2028. But what exactly does this entail?
Web3: bringing meaning to the buzzword
Web3 is first and foremost the vision of an Internet still under construction, built upon blockchain technology and characterized by its decentralized functioning. In essence, the blockchain is a virtual ledger that securely records transactions without intermediaries. The complementary technologies within Web3, such as cryptocurrencies and non-fungible tokens (NFTs), are interwoven in a new architecture that reconfigures the operation of the Internet as we know it, potentially having a global impact on economic activity.
Opportunities vary by sector
In the vast realm of possibilities opened up by Web3, companies may feel like they are navigating uncharted waters. To set a course, one guiding principle remains: embracing uncertainty to seize the momentum and identify and leverage the opportunities that this technological paradigm shift can create.
For businesses, the decentralization at the core of Web3 translates into sector-specific applications, particularly focused on increasing transparency, data protection, and evolving business models. While it is impossible to exhaustively list all potential avenues, some stand out:
- In the financial services sector, blockchain and other Web3 technologies are disruptive, enabling the creation of decentralized applications, digital wallets, and peer-to-peer lending platforms.
- Supply chain management can gain transparency through blockchain, fostering trust by enhancing traceability of goods and services.
- The gaming industry sees an opportunity to offer customers augmented experiences while generating new sources of revenue, especially through NFTs that facilitate the purchase of digital assets within virtual worlds like metaverses.
- The healthcare field can benefit from Web3 technologies, potentially improving data management through decentralization, leading to better storage and sharing practices for medical data.
- Lastly, the real estate sector can utilize innovations such as smart contracts to enhance the transparency, efficiency, and security of transactions.
Strengthening trust and a sense of belonging
While favored applications vary across sectors, many of them aim to improve customer relations by leveraging two key factors: trust and a sense of belonging to a community. The emphasis on trust is unsurprising given that the blockchain’s fundamental principle is to provide a secure and transparent digital infrastructure that can be utilized for various purposes based on users’ needs. This enhances attractiveness in both the virtual and real worlds, as purchasing certain items can provide access to “IRL” (In Real Life) events.
The Web3 ecosystem is still under construction, and as such, companies stand to gain by considering it as a territory to explore. It will be the responsibility of consulting and service providers to accompany businesses in what may well be a technological, economic, and financial revolution!
Written by: Mathieu Ragetly, Digital Marketing and Experience EVP and Web3 Program Director