8 Reasons to Embrace Web 3.0 For Your Business
5th October 2022
Earlier, brands didn’t have to work so hard to bring customers to their shop/store/website/doorstep. But now the competition is fierce and the brand that has the best technologies gets the cream customers. Gone are the days when you just waited for the customers to come to you. There are so many ways to make them come to you now, and success lies in collaborating with them so they come, stay, and never leave.
Why Switch to Web 3?
Thinking about a shift to Web3 architecture, but still hesitant to make that first step? Don’t be! Web3 is here to make an impact and it is here to stay. If Web2 was all about having the right platform to promote your product, and build applications, Web3 is all about going further, with better transparency, security and decentralization
Initially, man was just content to communicate with his fellow beings, and they rejoiced when their communication was received well. But as awareness grew, the communication demands also grew, and man had to devise other methods to become perfect. And that’s how Web3 came into existence. It was considered the next iteration of the evolution of the internet and embracing web 3.0 has been much debated topic in recent times.
The wonder factor about Web3 is that it isn’t just one technology, but an entire reigning saga of how the internet is going to work. Whatever troubles you had while using the Web2 technology won’t be there with Web 3 because the internet was on a decentralized network and through blockchain technology the data becomes transparent.
Here is a simple example:
You have your Gmail account, and you can use the same to access different websites, provided it is linked with Gmail. You don’t have to register each time you register with a new website, thereby saving time. The data will be saved and Google has it. This was how it was with Web2. But with Web3, no-one owns the data, but it is heavily secured. Blockchain has the highest standards for securing your data, and it is unlikely to be hacked.
There has been a series of articles on Web3 architecture, on the web, and a few shared by us, so we won’t be getting into that on this article, but instead give you several reasons on why you should embrace the technology before it’s too late.
8 Reasons Why You Should Consider Web 3.0?
1. The innovation that the technology brings drives change.
The world keeps changing all the time. In fact, the only thing that is constant is change. So you have to move accordingly. And if the world is embracing Web3, so would you. There have been several examples in the past where some obstinate companies decided they wouldn’t have anything to do with Web1 or Web2 technologies, and died out in the end. It is important to stay in the loop to stay competitive.
2. Artificial Intelligence in Web3
Artificial Intelligence has been around for quite some time now, through Web2, but with Web3, the scenario is going to be there, of course, but in a powerful manner. AI will inherently affect the three main components of Web3 – Blockchain technology, Dapps and Protocols. AI is so powerful that it can be applied uniquely in all these technologies.
Wouldn’t it be interesting to note how AI can influence these technologies? Let’s check them out:
Blockchain doesn’t need particular introduction because its assertive nature has already been established. The key feature of blockchain is its decentralized nature, thereby ensuring security at the highest level. Every record of every transaction is recorded at different servers, making it almost impossible to conduct fraud. With AI, this is taken several notches higher, and the ‘almost impossible’ becomes ‘entirely impossible’.
How is that done with AI?
AI is incredibly fast, and it can mine through data within milliseconds, and catch fraudulent activities before it actually happens. Several companies have already begun to adopt this trend, and have started deploying AI powered web analytics on the blockchain in an attempt to contain fraud.
You might already know that Dapps are different from traditional apps. Decentralized Applications have their backend code running on decentralized blockchain network, while regular apps have backend code that runs on centralized servers. Dapps games are already powered with AI. It was Cortex Labs that first launched its first AI Dapp game in 2019. In the Cortex blockchain, you have trained models in the storage layer (incorporated by the AI developers), thereby giving access to the most innovative models. With this, users can enjoy the most exciting Dapps, for example, ‘The Master of Digital Clash’.
c) Smart Contracts and DeFI
Web3 with AI is going to make incredible changes with smart contracts and DeFi or Decentralized Finance. One part of DeFi where you are likely to see major changes would be in the loan area. If you take a loan now, you would want to know the chances of you paying back the loan and for how long you need to pay the loan. This sounds like a simple calculation anybody can do. But the accuracy level is ultimate with AI. Such a technology can be deployed as a protocol, and with this some of the problems with traditional financing (intermediaries and collateralization) can be solved greatly.
3. NFTs can benefit businesses provided they pull free from the legal tangles
NFT is another major cornerstone of Web3. Non-Fungible Tokens are a form of crypto, and hence, unique and it cannot be duplicated or exchanged.
However, several businesses have already switched to NFTs because it is far safer and secure, with practically nothing to worry about theft or hacking. Since customers are already aware of the workings of NFTs, it wouldn’t be too hard to grow your business with it. You can link your physical products with NFTs and drive more people to your business.
For example, if you are opening a new shop, you can use the NFTs to access and buy goods from your store, you can give them a free gift or maybe free cookies for a year to the first set of people who buy your NFT. If you sell some sort of service, you can give the buyers of your NFTs an hour of free service. You can get experimental with NFTs.
However, the one major catch is that NFTs are still stuck in some legal tangles, so you need to wait until all that is resolved.
4. Users get control over their data
What the future holds for Web3 is certainly amazing, especially with decentralized data architecture. The internet is fairer than ever because the data is now held a lot only in the hands of a few, but you and me! There is no centralized profit-seeking entity pretending to guard your personal information, but rather that could be accessed by all.
5. New marketing strategies possible
Web3 is revolutionizing the way businesses market and reach out to their customers. Through innovative and personalized marketing strategies, it is possible to try out interactive and rich advertising scenarios for your customers. That does sound exciting, right? Marketers can utilise Semantic Web and AI, with NLP to think more like a human and less like a machine. Web3 is ubiquitous (present everywhere), so that means your marketing efforts will be present to everyone, everywhere. Incredible! And decentralized web, combined with blockchain technology makes it a whole new world out there for marketing.
6. Digital ownership protects your assets
A business has lots of intellectual properties that they want to protect at all costs. These are digital assets. Your websites, logos, pictures, and other media are all digital assets that need to be protected. This is also another area where NFTs help. NFTs or Non-fungible tokens protect your property once they are on the blockchain. The ownership will lead directly back to you. NFTs are widely used by artists globally because it helps them sell their works, with zero worry or duplication or theft.
7. Better credibility for payments
Customers always have this mortal fear of where their payments go. The credibility level of payments is extremely high, and both customers and vendors can happily rely on the methods the transactions are handled. Several businesses have already started embracing this blockchain technology, and users can rest assured that all their documents and papers are verified and authenticated securely.
If you have not yet switched to blockchain technology for accepting payments, it is time you did, because the record of transactions will be transparent and available, and the best thing is that they cannot be tampered or altered, ever.
8. Seamless supply-chain management
Since there is transparency with Web3, businesses can easily monitor their manufacturing, supply and delivery chains. Businesses can maintain streams of communication with the manufacturing team, improve time management, meet deadlines and ensure that there will lever be a lag between demand and supply.
How Brands Can Utilize Web3 to Benefit Their Requirements
Thankfully, most of the brands are still utilizing the different ways in which they can benefit from Web3. Many of them are looking to leverage meta verse, which is actually a parallel online world built on virtual reality. In this, the users interact with one another in a 3D environment through immersive and interactive social platforms, by creating their avatars. Both meta verse and web3 are connected, and have their similarities and differences
Using Web3 is also a great advantage for businesses because every transaction is recorded on a decentralized ledger, and transparency is the key. This helps in long-term connections with the customers.
Web3 is undoubtedly the most disruptive technology in the world today, and if you have not yet started leveraging its capacity to its full extent, it is time you did. If you are wondering about a shift to Web3, and how disruptive it can make your business, all you need to do is contact a partner that can help with the process seamlessly. You need an excellent team working with a credible service provider to explain the multiple benefits of Web3 for your business.
Web3 touches every sector of business positively, especially in the hospitality, education and gaming industry. Check with us to know how you can grow your business, and achieve your goal!
Talk to Our Team for Expert Opinion.
Scalan Labs is a full-service product engineering company that provides dedicated teams for full stack development. We have the top1% talent for product engineering and dedicated teams to help you reach your business goals. Contact us today to learn more about how we can help you!
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