Enterprises are experiencing some of the biggest revolutions in the history of the internet due to web3 development.
Many of you may already know that the genesis of the internet happened in and around the 1980s. It was the first version of the internet also known as web 1.0. In this version of the internet, some specific users were only allowed to put data and content on the internet. Thus it is also referred to as the use-only version of the internet.
Then came the second version of the internet, web 2.0, which is still in use. This version of the internet allows users to put their data, even personalized information, on the platform. However, web 2.0 is highly centralized and consumer data is often sold and resold to leverage big enterprises.
Web 3.0 development needs expertise in blockchain technology and smart contracts. Thus, this version of the internet will be highly decentralized and will bring a lot of transparency in the context of data being used and shared on the platforms. It will also be helpful for a number of businesses, especially for marketing purposes, because of optimally using the applications of Machine learning and AI, and many other modern technologies.
Let’s discuss in more detail the features of web3 and how they will play a role in transforming enterprises.
One of the most vital goals of Supply Chain Management systems is to optimize the flow of information, materials, and finances across the supply chain so that they can meet customer demand. However, around 57% of businesses do not have decent visibility across their supply chain.
Thus, in recent years, the world has observed a shift from traditional centralized supply chains to decentralized supply chain networks (SCNs). These networks are formed using a large network of manufacturers, suppliers, retailers, and some other members of the chain that are connected using information and communication technologies.
Web3 is built using blockchain as its backbone. Thus, it can distribute data across all the nodes that are present in a network. This improves data transparency across the supply chain and eliminates the informational siloes.
Thus, the decentralized feature of web 3.0 can help in making Supply Chain systems more secure and efficient. It will further reduce costs and will improve the services and quality of products.
If the supply chains become more transparent and efficient, the businesses will experience a decline in relevant costs and improvement in the supply chain efficiency because of increased traceability of the process.
It enables both asynchronous and synchronous communication between salespeople and remote customers. It also eliminates all the hassle that sales representatives experience in in-person communication. The stakeholders can also take part in virtual selling using virtual conferencing tools. The virtual selling feature of web 3.0 PR is also effective for interaction with decision-makers having tight schedules.
Metaverse, which gives a more realistic form of virtual interaction experience, can also be leveraged for virtual selling through web 3 development. There are many such metaverse platforms already existing on the internet where businesses and startups can hold virtual meetings, conferences, etc.
Most of the small businesses that can serve the users better fail to effectively execute their projects and ideas due to funding issues. Thus, big tech companies continue to sustain their domination on the internet. Even if small businesses manage to get funds, the majority shareholders often manipulate the project direction.
The introduction of decentralized autonomous organizations (DAOs) will totally resolve these issues using Web 3.0 economy. The Web 2.0 version of the internet supports the equity-funded companies mechanism. On the other hand, DAOs will receive funds by selling tokens released at the organization’s inception.
Thus, DAOs will discontinue the hierarchical control as each stakeholder will get equal voting rights through tokens. DAOs will also make it easier for other people to invest in start-ups and share risks.
Web 3 development will also resolve the copyright issues for the music and video streaming industries. Web3 Streaming services will also ensure optimal conditions for content creators, performers, and streamers so that they can better promote their products. With the help of web3 streaming services, users can seek licensed content from independent as well as corporate studios.
Famous studios can leverage an experienced web 3.0 development company to provide a diverse and deep catalog of content to their users. Web3 Streaming platforms will also provide users with unlimited participation in public or private events through mobile and web devices.
Creators can also easily reach the global with the help of a hyper-scrabble infrastructure. Web3 streaming platforms will provide real-time engagement providing the involvement of millions of users in a very short time. Creators can also send private and public links, along with invitation codes to their guests for special screenings.
Web3 streaming platforms will also run in accordance with General Data Protection Regulation (GDPR). Hence the users can scroll and explore the platform without the fear of losing their personal data.
There are many more features, apart from the ones mentioned above, of web 3.0 that will be introduced in the future, and will be highly profitable for businesses. However, regardless of the features, web3 is going to be a big hit in the future and will completely replace the current version of the internet. Hence, businesses have to eventually move to web3, but the earlier they do this, the better it will be.
Although, enterprises cannot make a successful transition to this version without the assistance of a well-experienced web 3.0 development company. Antier is a world-class blockchain solution-providing company with more than a decade of experience in the industry. Over this period, they have developed numerous enterprise-level web3 and blockchain applications. You can certainly connect them to amplify your business growth.
