So, Yesterday, I was home, talking to a friend about buying a chair. After the conversation, I opened up youtube and guess what advertisement did youtube show me?, Yup, a website selling chairs!! I had no search history of furniture on any platform. Still, I was shown the advertisement, And this was not the first time this had happened. You may have also experienced something like this.
You see, this is a matter of concern. You never know what sort of data is being collected by these big giants, which may be used for benefit but, on the other hand, can prove to be destructive as well. This problem will always persist as long as we have a centralised system where users have no power or option. Imagine your internet experience without google. You will be surprised!!
The depth of this is huge. Current Web 2.0 has just become a tool major tech giants use however they see fit. There have been reports which suggest how these tech giants are manipulating their own user’s choices and behaviours. Finally, the solution is here “WEB3.0”, a solution to many problems, creator of a few and an ocean of potential to help users in tremendous ways and opens a huge load of opportunities for those who want to build in web3. This blog is focused on Web3 security from an enterprise point of view.
Web3 from an Enterprise perspective
The issue discussed above was just one potential use case of Web 3.0; it is more than just that. Also, it is crucial to understand that what’s good for users is good for business, and today’s user is directed towards more transparent technology, which is a key aspect of Web 3.0. Also, the opportunities Web 3.0 opens up for business are enormous. Enterprises on Web 3.0 can:-
Solve traditional business problems efficiently.
Many businesses on Web 2.0 face many challenges in transparency, secure data sharing, and identity verification. This has always been the issue on even the major Web 2.0 platforms.
But with the power of Web 3.0, we can overcome these ever-existent hurdles along with many plus points. Lets’s take a few examples.
Consider supply chain transparency. Using Web 3.0, we can create a tamper-proof record of transactions on a blockchain along with a real-time view of the supply chain. When it comes to data sharing over the web while using the centralised platforms, you never know if your data is securely held or not, so Web 3.0 has the potential to bring you many platforms which can guarantee tamper-proof handling of your data, all backed with the security of smart contracts.
These were just a few solutions that Web 3.0 provides for typical Web 2.0 problems. There is no sector which can not be improved by Web 3.0.
Optimise the business models.
When it comes to optimisation, cost-cutting and increasing profit revenue, Web 3.0 is your best friend, Web 3.0 businesses enjoy reduced transaction costs, improved operational efficiency and streamlining of business processes.
Web 3.0 businesses only need a little paperwork to carry out transactions. Digital assets are the cherry on top when discussing transactional cost reduction. However, the gas fee may be a bit concerning, but looking at the advancements and solutions present now, the gas fee is highly reduced now, and regular research and work are being carried out to lower it further.
With middle man and third parties removed, Web 3.0 businesses enjoy streamlined business processes. Imagine if, in today’s world, two businesses want to partner for a cause. How much paperwork and how many third parties will they need to be involved with? But in Web 3.0, enjoying the security and flexibility of smart contracts and digital assets, there is no need for those time-consuming and critical dealing with third parties. Businesses can collaborate and partner much more easily.
New revenue sources
Web 3.0 creates a lot of opportunities for generating new revenue sources. Take the example of the gaming industry. It is one such sector enjoying new revenue streams using tokens and NFTs.
Imagine a role-playing game with characters who possess different assets like gold tokens, silver tokens, collectable items like unique swords etc. You see, the opportunities it opens are huge. A player can buy more gold tokens and silver tokens, which follow the ERC 20 standards. Also, collectables can be NFTs that work on ERC 721 standards. Some gaming projects allow trading of these collectables between users, and every time the trade happens, it takes a percentage of the trade value.
There are countless ways you can generate new sources of revenue. This is the tremendous power that Web 3.0 provides you with.
A competitive advantage
The ones using the technology to their advantage will always win the race. It has been a fact since the beginning of the human race no matter what period we are in, the one with better technology always wins, and so will happen with the ones building in web3.0
With better management, better services, better operational efficiency, reduced transaction costs, new creative ways of generating revenue and better security, Web 3.0 businesses can thrive by winning over the shortcomings of Web2.0 in marvellous ways. Everyone is boarding the web 3.0 wave. I see no reason for a second thought.
With such advantages up its sleeve, it is impossible not to consider the use of Web3 in today’s world, where regular businesses face many difficulties which can be solved by Web3 technology.
Web3 also provides some awesome security advantages, which you will be introduced to in the next part of this blog. Stay tuned for this blog’s part two, where we will explore some unconventional approaches and solutions for enterprises to enjoy Web3 enhanced security. Stay Tuned and do visit QuillAudit’s website to enjoy our services.