The third iteration of the internet is taking a toll on how businesses operate in 2023 and paving the way for a decentralized ecosystem.
Web3 might be in its nascent stages but it’s already showing what it can do for businesses that switch to decentralized digital ledger platforms.
Unlike other technologies that supposedly solve a segment or two of the problem curriculum, Web3 aims to revolutionize the entire vision of how businesses operate, not just corporations, but every model with an organizational setup.
In its entirety, it’s set to change the way we deal with information. In the Web3 ecosystem, everything works on a peer-to-peer network basis, where power is distributed equally and data transparency is ensured.
Almost every B2C & B2B industry such as manufacturing, fashion, real estate, agriculture, etc. is on the path of using Web3 and blockchain technologies to necessitate a decentralized platform for operations.
In this article, we’ll see how Web3 is affecting the way various industries operate and how it benefits them.
Why is Web3 Being Adopted by Various Business Models in 2023?
Security and verification have always been a necessary component of businesses serving customers with valuable products and services. At the same time, the customer has the right to know the authenticity of the product they’re buying or the service they’re outsourcing.
It’s up to the business owners to ensure that their revenue model is built out of customer trust. Otherwise, in the long run, your customers might just prefer your competitor over you.
That’s where Web3 comes in. In a Web3 ecosystem, platforms and applications are decentralized, operating on blockchain open-source technologies that validate customer trust.
Be it any business model or industry, decentralization helps bring transparency and immutability, two core parameters that necessitate customer trust.
The benefits rendered via a blockchain-based business platform are:
1. Validation of Financial Transactions
Transactions that happen via cryptocurrencies or native tokens on a blockchain platform are recorded permanently and available for everybody participating in it to see. That’s why blockchain applications built on dApp protocols facilitate cryptocurrency transactions.
A transaction done is immutable and can never be hampered by false data.
This helps business owners pertaining to various industries such as manufacturing, fashion, real estate, etc. to validate a transaction and streamline their business operations with enhanced transparency.
2. Automation of Business Operations
In order to enhance the operational efficiency of businesses, blockchain applications perpetuate the use of smart contracts i.e. self-executing contracts that are executed without human intervention. Just think of a vending machine, where you insert the right number of coins to get a particular product.
That’s the nearest example of a real-time machine working on a smart contract loop. In our case, the smart contract validates digital transactions, the purchase of a product, or the approval of a business deal via digital blockchain platforms. Smart Contracts can be used for automating any business operation and the technology can be easily deployed by various industries.
3. Authenticity of an Original Product
Due to copyright issues, and a lack of genuine proof whether a given product is the first-copy or original version, customers are finding it very hard to trust businesses. Well, that’s solved with the use of NFTs or non-fungible tokens that authenticate the originality of a product, artwork, music piece, etc.
Once the NFT is stamped on the blockchain, users can see that the original product has been sold and what they might be getting under the same label will be an uncanny resemblance but not the real deal.
Various Industries That are Incorporating Web3!
Let’s take a look at some of the popular industries that are incorporating Web3 i.e. blockchain applications and how they are witnessing great dividends.
Ever since eCommerce stores have populated the internet, there has been demand from online store owners for an accurate time estimate on product delivery from the supplier end.
Thanks to blockchain applications, the supply chain can be monitored with complete authenticity and manufacturers can know the status of product delivery from supplier to store end at any time.
Smart Contracts enable optimized enhanced efficiency in the manufacturing sector as it helps cut manual labor and automate regular operations such as product validation and financial transactions.
Talk about the fashion industry and Web3 is playing a major role in the way brands and designers market and sell their products. If you didn’t know, luxury and fashion brands such as Gucci, Tiffany, Nike, Adidas, Dolce & Gabbana, etc. amassed a combined revenue of $260 million just from NFT sales.
There’s a whole new turnover in the revenue script as more and more brands such as Tommy Hilfiger and Puma were necessitating eventful sales from monetizing virtual fashion week events. The metaverse in conjunction with Web3 is revolutionizing the way the fashion industry operates, with an ever-growing population of virtual fashionistas.
NFTs are helping authenticate the originality of meticulous fashion embroidery of world-renowned designers whereas immutable blockchain platforms are helping fashion brands to trace the supply chain and validate the originality of products.
3. Real Estate
In the world of real estate, time and effort can be a buying factor. People on the lookout for a new property have to relentlessly follow up with real estate agents who then ask for an extensive list of never-ending questions.
Not when Web3 is around. A real estate application built on blockchain technologies helps to solve the hassle by the tokenization of assets and integration of smart contracts.
The purchase of real estate and housing properties can be facilitated via the smart contract that’s written by the seller and agreed to by the buyer. The blockchain record maintains the purchase deals and hence effectively tells a new customer that the property has been sold.
These are just 3 industries that are benefiting from the use of Web3 and blockchain applications but almost every industry can make use of the immense benefits of the third iteration of the Internet.
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IBC Media, with a pioneering legacy in managing partnerships and grassroots efforts in the Indian market, is building the largest global blockchain ecosystem initiative from India. IBC Media’s debut event, IBC 2018, was a major success with top-line government attendees, VCs, regulators, blockchain companies, speakers, and sponsors.
IBC 2.0 is the kick-start to IBC’s 5-year agenda, focused on creating Web3 industry-ready talent, building dApps, and cultivating a talent pool of developers and retail investors, all with a global focus. This second edition marks the beginning of this ambitious plan via ALT HACK in collaboration with various State Govt. Skill bodies like TASK, APITA, APIS, TNSDC & Naan Mudhalvan and anticipated to take place across India in the coming days.