Business leaders reading about Web3, often touted as “the next generation of the internet,” may well be unclear on the details and how the evolving online world could affect their processes and prospects. As with anything else, the changes coming, the pace of evolution and the responses needed will be different for each business; still, it’s wise to start learning more about the basics now.
Generally speaking, experts say that Web3 will place more power and control in the hands of users. So how can companies begin to prepare? Below, 20 members of Forbes Technology Council discuss some things businesses should start doing now to be ready for the advent of Web3.
1. Get Familiar With The Fundamental Principles
First, begin to familiarize yourself with the fundamental principles of Web3, including decentralization, user control of data control and so on. This involves several crucial steps. Initially, dedicate resources to learning and training initiatives to gain a deep understanding of blockchain technology and decentralized systems. Then, initiate small-scale projects in areas such as gaming, decentralized finance (or DeFi) and others. - Suman Balakrishna, Juego Studio2. Understand What Comes With The End Of The Platform Era
The trouble with “Web3” is the amount of hype surrounding it, much of which is really a sales pitch. The key insight in most of the Web3 noise is that the platform and/or service-based era is at risk because people (and governments) don’t trust platforms. For most businesses, then, the keys are focusing on sensitivity in terms of data handling and authenticity in engagement. The tech is secondary. - Andrew Sullivan, Internet Society3. Embrace Blockchain Technology
Web3 is based on smart contracts and decentralized networks, which help enhance security, optimize operations and build trust among customers. Embracing blockchain technology is the best way for businesses to prepare for Web3. This is because businesses engaging with blockchain technology will be able to replace their centrally managed databases. - Dhari AlAbdulhadi, UbuyContinue reading: https://www.forbes.com/sites/forbes...ould-do-now-to-prep-for-web3/?sh=5fed6b7ed6d0