February 22, 2024

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How businesses can benefit from Web 3.0

How businesses can benefit from Web 3.0

Will Web 3.0 become the new Internet? A current study predicts that companies will have significant opportunities for new business models, efficient business processes, cost savings, and more democratized value capture. But there are also risks.

Current trends, studies and research in the field of technology and information technology

Technology has not only been an important factor for financial service providers since the digital transformation. On the bank’s blog, you will find studies on the most important trends and developments.

The term Web 3.0 includes many technologies and concepts, including blockchain technology and the cryptocurrencies built on it, as well as artificial intelligence and machine learning. A common feature of these technologies is their decentralized structure, which allows users a much higher degree of self-determination over their personal data than the previous capabilities of the Internet.

Experts expect that this new Internet technology will bring about major changes in business processes, for example in the interaction between companies and customers.

Web 3.0 opportunities

A current study conducted by Bearing Point, a management and technology consulting firm, and IIHD, examined the opportunities and risks. Technology thus provides many opportunities for companies. You can benefit from faster and more direct business processes without relying on intermediaries, which in turn leads to lower costs.

New technologies also make it possible to develop your business models, products and services with less logistical effort. Decentralization allows companies to have greater self-control over their data and services. In addition, new, more democratic ways of extracting value are opening up.

Risks of Web 3.0

Although the increased transparency brought by Web 3.0, especially through technologies such as blockchain, is positive, it also poses risks. The constant visibility of sensitive data on the blockchain, even if encrypted, can have a detrimental impact on user anonymity and privacy.

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The global and cross-border nature of Web 3.0 also leads to regulatory uncertainty. It is the responsibility of the companies concerned to ensure that they comply with applicable laws in order to keep the associated legal risks as low as possible.

What companies should do now

To deal effectively with Web 3.0 technologies, the study authors recommend developing new skills and supporting the cultural change that comes with incorporating these new technologies and ways of working. Middle managers are of particular importance here, as they act as a link between the strategic direction and operational operations of the company.

The study also highlights the importance of partnerships to unlock the full potential of Web 3.0 collaboration. Companies should look for suitable partners to work together on products and services. Collaboration with startups, especially in the blockchain sector, as well as participation in networks, panels and conferences offer promising opportunities.

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