What is Web3? There are several definitions but they all have a common denominator. Which? A new world wide web chapter (precisely Web3 or Web 3.0) which is based on blockchain technology. It is now common knowledge that there is much more to blockchain technology than Bitcoin. Also included under the blockchain umbrella are decentralization and the token-based economy, including NFTs.
Web3 is playing a huge role in changing the status quo of how people lead their daily lives. This can be attributed to many things, such as changing times, trends and user preferences. There’s also the fact that Web3 is far more inclusive than its predecessors kickstarting a more human-centered internet.
However, Web3 is also very important for businessesas it also automates the core technology stack, including that of companies once considered revolutionary.
Blockchain skepticism turned into curiosity, but companies soon realized that it could become a new model for generating profits.
Gartner estimates that blockchain could generate up to $3.1 trillion in new business by 2030. This could be possible with the launch of new products/services in B2B and B2C verticals worldwide. Currently, blockchain technologies have had a major impact on the financial sector as it enables a more secure, transparent and efficient global economy. However, beyond this infrastructure, blockchain technology will permeate all business functions to reconfigure processes and operations today. For businesses, harnessing the power of decentralized technologies by understanding how they compare to current systems will be critical.
Web3 and blockchain, here are the benefits for companies
Web3 exists only partially within companies, but it is already having an incredible impact and changing strategies. So here are some examples of how the Web3 stack is automating business.
Data trade and custody: For businesses to adopt blockchain technologies, it will be important to securely store, manage, and trade cryptocurrencies. There are integrated solutions that provide secure custody and world-class services so that you can manage your crypto assets in one place.
Analytics: there is still no truly data-driven business due to limited access to data. While data is a critical component of business processes, access to it has been blocked by technical inefficiencies and, above all, lack of trust. Solutions focused on decentralized storage or enabling indexing, querying and transacting data will be key to unlock new value in many business functions. An example is the use of smart contracts, which will have huge implications for secure business automation and decision making. With analytics, companies can link cryptographic transactions to real-world entities using public blockchain attribution data. They can also monitor risk and investigate fraudulent activity.
Trade and Payments: there is a growing demand from consumers to accept online and retail payments in digital assets. Legacy payment systems have built-in transaction costs that are also passed on to consumers. Both businesses and consumers are moving towards the digital asset economy as an alternative medium of exchange. Turnkey APIs for merchants, such as accepting multiple cryptocurrencies, will make the process easier for all parties involved.
Space for the Web3 API
Data interaction: Enterprises today can leverage Web3 APIs to start exploring the implementation of blockchain technologies for different purposes. For example, perform accounting functions, improve IoT connectivity, access verifiable real-time data to automate decision-making. With the knots of read/write, companies can quickly access business-critical data and information from blockchains. For example, a single API can save the engineering team from having to create and maintain proprietary indexers internally. At the same time it can allow you to access data faster and reduce development time.
But to get all this, in the short term, thereand businesses will need blockchain protocol specialists. These will be tasked with truly explaining how blockchain can help improve current processes/operations.