You’d be hard-pressed to have any conversation about the future of tech without the term Web 3.0 coming up in some capacity. Web 3.0, also known as Web3, reinterprets the internet as we know it based on revolutionary blockchain technology. Web 3.0, just like blockchain, is full of business opportunities for early adopters.

Important Web 3.0 Concepts For Businesses

Decentralization

Web 3.0 returns control over personal data to users. One of the biggest issues that people tend to have with the current structure of the internet is the complete lack of privacy or control over personal data. In fact, a survey in 2019 found that at least 90% of global users had at least one concern over the privacy of their data.

Blockchain’s decentralized ledger technology removes the monopolistic hold that larger companies have over user data while also fostering transparency with its open nature.

In other words, users will keep their data individually. It won’t be in a central company database. 

Artificial Intelligence and Machine Learning

The wide scope for artificial intelligence (AI) and machine learning (ML) in Web 3.0 opens up exciting new business opportunities. The role of blockchain in Web 3.0 is widely known, but the impact that the blockchain has on AI and ML algorithms is also worth exploring.

These algorithms are increasingly being used in Web 2.0 applications; however, Web2’s centralized nature leaves room for human interference and tampering. Access to a decentralized network of information provides businesses with an easily accessible pool of data to create and fine-tune truly efficient AI applications.
With Web3, AI can scale faster while maintaining user privacy. This reality creates both opportunities and challenges for businesses.

Business Opportunities With Web 3.0

Accountability

Blockchain is a force for transparency and sustainable web design in Web 3.0. When every transaction can be tracked and verified, businesses will naturally have to be more accountable to their customers, delivering consistent results. This transparency is a great tool for building lasting relationships with your buyers.

Security

The blockchain’s enhanced security is by far one of the biggest opportunities for businesses in Web3. Web3’s decentralized and distributed data makes for a natural deterrent against traditional cybersecurity attacks. For example, one of the biggest current threats to user privacy in Web 2.0 is a Distributed Denial of Service (DDoS) attack. This attack involves an overwhelming amount of information, or pings, being sent to a single server in an attempt to take it down.

The blockchain is Web 3.0’s biggest defense against attacks like these. Not having a single point of attack to focus on immediately makes it harder for hackers to steal your data and take your business down.

Conversely, businesses that are slow to update their digital infrastructure may become increasingly vulnerable targets.

No Middlemen

Web 3.0 opens up new business opportunities by removing the need for middlemen and other third-party service providers. Unique blockchain features like smart contracts are particularly useful here.

Smart contracts are essentially programs that automatically execute if certain terms agreed to by both parties are fulfilled. These contracts are stored entirely on the blockchain and open for anyone to view. Most importantly, the terms of the contract cannot be changed once both parties have digitally signed it.
Say you’d like to buy a thousand products from a supplier. Web 3.0’s blockchain smart contract is a great way to ensure the transaction is carried out smoothly. The contract could be set to self-execute and transfer the payment once the products or services have been delivered. This lessens the scope for human error and also speeds up payments.

Financial Decentralization

Web 3.0 presents exciting financial opportunities for businesses across the world. It’s no secret that cryptocurrency has already made its mark both on the average consumer and business over the past decade. That influence is only going to increase going forward. 

Removing—or at least reducing—the need for banks allows businesses to use crypto tokens like Ethereum or Bitcoin for transactions across the globe. This is particularly significant for international industries moving larger volumes since these transactions can now occur within minutes instead of being held up by multiple banks.

Easier Compliance

The unchangeable nature of the blockchain is a crucial factor for Web 3.0 business compliance. This is a promising opportunity for Web 3.0 businesses looking for regulatory clearance since authorities will be able to quickly view and verify the record of transactions. Not only will this reduce red tape, but it could also reduce corruption since these records will always be open for review. 

That said, it’s a good idea to get a consultant on board to fully ensure smooth compliance. When blockchain technology becomes mainstream for business transactions, companies who are ready to adapt will likely beat out their poorly equipped competitors.

Get Ready For Web 3.0

Getting your business up to speed for Web 3.0 comes with opportunities, but it can also be challenging to do all on your own. Luckily, you don’t have to hire a new team of programmers to modernize your business. Soluntech’s consultants can review your systems and make the shift to a Web 3.0-ready platform painless. Book a free pre-consultation today and tell us about your project. We’ll make sure you’re ready for the future.