How Will Web3 Change Your Business?

3 min readAug 16, 2022

By now, you must have heard about the latest buzzword, Web3. But do you know its practical uses and what it means for your business? So, let’s equip you with the knowledge regarding this new Web iteration to help you succeed.

What is Web3?

Web3 is the third iteration of the internet, which builds upon the structures and facilities in Web 1.0 and 2.0. This new arrival revolves around novel technology that supports machine learning, artificial intelligence, blockchain technology, virtual reality, cryptocurrency, NFTs, and DeFi.

High-performance public blockchain platforms like TOP Network are building the infrastructure for this new phase of the Internet.

As the world’s first full-state sharding public blockchain, the TOP Network is fully permissionless and highly secure via hpBFT with multiple verification and audit. From the technical standpoint, TOP Network is a comprehensive multi-layer scale and sharding technology with a two-layer lattice state and parallel consensus mechanism that allows developers to build real-world decentralized applications such as big data, AI, IoT, games, communications, social networking, with ease.

How will Web3 change businesses forever?

In the next few years, the Web will see radical changes in terms of a better balance of power between users and platforms. But let’s see the effects of Web3 on your business and how you can leverage this technology.

1. Open to all

With no central authority in control, anyone can join and participate in the network, hence eliminating prejudices based on gender, income, orientation, geographical, or other sociological factors.

2. Power to the users

Instead of a handful of tech giants like Google, Amazon, and Meta controlling the data, users have all the access and power over their data. Decentralized data storage further eliminates single points of failure.

3. Find your target customers

Referred to as a semantic web, Web3 is AI-powered and can understand humans and recommend tailored content to users. This allows businesses to create content that matches user intent, making it easier to find your products and services.

4. Better user experience

Blockchain-powered Web3 will provide a smooth and straightforward login experience to your website visitors, unlike today, where we use our Facebook profiles to log in to various other websites. Improved user experience, transparency, and encryption put customers at the forefront, enhancing customer trust.

5. Changing the way of interaction

While Web2 revolutionized user interaction through social networks, chat rooms, and other forms of communication, Web3 aims to bring incremental change through virtual reality, which will mitigate the limitations of the physical world.

6. Attract and recruit talent

The recruiting landscape has changed fundamentally with a massive shift to remote work. Web3 improves recruitment processes through hackathons and by rewarding candidates with crypto for their engagement in the selection process.

7. Interoperability

Besides making the transfer of wealth cross-border time and cost-efficient, Web3 will also allow users to access data and retain control of it along with their purchases and assets across different products and services.

8. Reshaping privacy

Web3 brings pro-privacy and anti-monopoly models to the table by focusing on decentralization through blockchain, which is an interconnected database shared over many computer networks ensuring the accuracy and security of a data record without trusting a third party.

9. Highly secure

Again, its distributed nature, decentralization, and introduction of smart contracts make Web3 more difficult for bad actors to penetrate the network. Furthermore, data transferred through the distributed network is encrypted.

10. Fostering innovation

Web3 is a fast-paced industry where participants are rewarded with crypto for their contributions. Hackathons are particularly popular in the crypto industry to produce new ideas and concepts and develop products.

The future is here

While Web3 is still nascent, it has great potential to revolutionize the finance sector. Web3 is expected to have a massive impact on how traditional businesses operate, and it is time for companies to analyze their current process and start preparing for this future.

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