How Web 3.0 Will Impact Business: A Look at All Sides
The web has transformed over the decades. We are witnessing a shift to Web 3.0, which involves lots of rich media content. Web 3.0 differs from Web 1.0 and 2.0 in that it is an interactive medium that enables more user interactions, including decentralization of information and tailoring user experiences. But how will Web 3.0 impact your business, if at all, and what exactly is it?
A Refresher on Web 3.0
Web 3.0 is known as the third phase in the internet evolution that is still a work in progress. Its goal is to provide more user utility than the previous web versions. It also hopes to ensure a more open and decentralized version. Blockchain and crypto technology are central to Web 3.0 as the base of Web 3.0 is decentralization and more user control, and the hope it will be more transparent and secure thanks to its blockchain technology.
Some of its defining features include:
- Decentralization. Decentralization means the absence of a single point of surveillance. Web 3.0 involves content decentralization, making it possible for users to find information from multiple locations. This also means that it will run on peer-to-peer (P2P) networks.
- Artificial intelligence (AI) and Machine Learning. AI and machine learning are other defining features. AI machines have taken great steps forward towards understanding information through semantics and natural language processing (NLP).
How Will Web 3.0 Impact Business (If at All)?
Web 3.0 has the potential to be more efficient than the traditional web due to the decentralization, efficiency, as well as innovation it can provide to your business and could be essential for business survival. In fact, Blockbuster lost to Netflix and Borders to Amazon for failure to adapt to technological shifts. Some of the benefits that it can bring to your business include:
1. Personalization
While Web 2.0 does have a level of personalization, Web 3.0 promises to take it to a whole new atmosphere by integrating data from various platforms. Although this has yet to be proven by Web 3.0 enthusiasts, if successful, this will take human interactions to a whole new level and provide more meaningful matches when it comes to providing information and adverts to various users.
2. Google Search
Google, in line with Web 3.0 popularity, came up with Commerce Search 3.0. It increases the speed of search technology and provides users with more customized results, increasing sales, which is a plus for businesses.
3. Credibility and Mass Popularity
People have been hearing about how secure blockchain is. Web 3.0 is a huge component of blockchain technologies, and adopting that same technology in one’s products and services can increase your credibility and trust among users. Besides creating a permanent record of transactions, blockchain also has end-to-end encryption, which prevents fraud and unauthorized activities.
What Do Experts Think About It?
Web 3.0 has been met with both criticism and support from industry experts with different views on how it will impact business. In fact, business magnate Elon Musk has been one of the critics, stating that it “seems more like a marketing buzzword than a reality right now.”
A Viral Solutions team member isn't too much hyped about it, stating that it's “really not a ‘new version’ or way of distributing and hosting content, and won't be as revolutionary as claimed, or even affect the vast majority of industries using the web for content distribution and dissemination.”
Former Twitter CEO, Jack Dorsey, also questioned whether Web 3.0 will be as open and free as it is claimed to be, saying, “You don't own web3. The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralized entity with a different label.”
Other critics also mention that blockchain techs are energy-intensive. This defeats the purpose of carbon reduction and the fight against climate change.
Dr. Joerg Ruetschi, a transformational tech specialist and COO of software developer Cosaic, stated that ”Blockchain technology enables the representation and recording of ownership…these technologies put consumers at the center of the ownership and control over their personal data, so they become less dependent on the global federation of large corporations that control their access to services and products.”
* Note: The benefits above only apply to publicly-accessible blockchains.
Mohan Subramaniam, the professor of strategy and digital transformation at IMD Business School, also supports Web 3.0, saying that ‘Web 2.0 opened the floodgates for individuals to benefit from e-commerce, social media and search engines. It also empowered a handful of tech companies to collect, and monetize, data from millions of individuals,”
“Because of the proliferation of sensors and the Internet of Things, all kinds of non-tech legacy firms are on the same bandwagon,”
“They, too, are developing similar abilities to track and pool data from millions of assets and product users and trying to profit from this data revolution.”
How to Approach This New Web
No matter what is being hyped right now, here are some practical tips you can implement right now to increase engagement with your customers using popular technologies:
- Give mobile-first experiences and ubiquity. Using mobile-first experiences will help you reach and engage with your audience. Today's consumers want an integrated omnichannel experience and fast access to information through the different devices they own beyond smartphones and PCs.
- Provide multimedia content. Emphasize a rich multimedia experience for users, not just in videos but also interactive content such as illustrations and web content, including virtual and augmented reality. Creating multimedia content for your website will help you position your company's website to take advantage of everything it has to offer.
- Implement AI-based chatbots. AI enables consumers to provide user-centric interactions. AI-based chatbots provide continuous, uninterrupted customer support and streamline commercial transactions. It may be worthy to note that AI chatbots are still a work in progress and have many limitations.
Web 3.0 is Here, It's Time to Take it On
The blockchain-based Web 3.0 technology is in its infancy, with its arrival may come changes in the digital world that might affect the trajectory of your business. If it truly does what is says it will, it would allow you to better understand your customers by having their data in hand, and hence provide better products or services. Adapting to Web 3.0 may help you better serve customers and stay ahead of the competition. Successful future businesses will leverage it to build safe and interactive websites. Viral Solutions can help you stay afloat with these new developments to make sure you have an edge over the competition.
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