Web3 has the potential to change the foundations on which business is built
The main impact of Web3 on business models is that new technologies put the customer in the driver’s seat when it comes to ownership and control of their personal data, thus 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, which serves as the foundation for the growth of Web3.
There are still many challenges in terms of security. It will take several years to get things right, much like the development of the Internet in the 1990s.
Web3 extends beyond internet businesses
Web 2.0, which emphasizes user-generated content, has allowed people to take great advantage of social networks, 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. Companies outside the Internet sector such as those ofInternet of Things (IoT) can also benefit from Web3. They are also creating capabilities to track and collect data from millions of assets and product users.
Given that data is perhaps the most valuable resource there is today, Web3 players who aspire to decentralization must fight against the concentration of data around a few players.
Web3 could be a disruption that managers MUST face
The co-author of the book Going DigitalLyndsey Jones, digital transformation expert, says that in today’s world, with industries changing rapidly, most services need to modernize to be relevant, adapting and keeping up with the new codes or working methods.
Web3 is no exception. So leaders who think they can do without it may be making a mistake for which they will pay dearly in the future.
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