The far-reaching effects of AI and digital transformation have been nothing but tremendous.
Advantages that range from cost and resource savings, to life-changing innovations give enterprises and SMBs more than enough to chew on.
With more than 10x growth in completed and nearly completed AI implementations, from 6% one year ago to 63% today, it’s easy to understand why.
But just as cloud and AI adoption are reaching an all time high, and buy-in becomes more commonplace, a new horizon of opportunity is brewing on the murkier side of the internet.
Web 3.0 and decentralisation. Concepts that have existed for decades, are now being materialised and show major promise to the future of enterprise.
These are 4 enterprise opportunities straight out of web 3.0.
Quick Refresh: What Is Web3.0?
Web 3.0 has a set focus on empowering each individual user.
This means forming a place where decentralisation, freedom of 3rd parties and ubiquitous connectivity all act to improve our lives for the better.
According to a Medium article by Fabric Ventures, Web 3.0 promises to offer more “open, trustless and permissionless networks”:
“Open in that they are built from open source software built by an open and accessible community of developers and executed in full view of the world. Trustless in that the network itself allows participants to interact publicly or privately without a trusted third party. Permissionless in that anyone, both users and suppliers,can participate without authorisation from a governing body”.
It’s already coming to fruition with technologies such as the blockchain and the Metaverse making their grand introduction into society.
What it allows for is better utility to users. With AI, decentralisation and Machine Learning at the center of Web 3.0, users will:
- Have better control of their personal data. Helping curb the data extraction practices of tech giants.
- Interact and collaborate in more effective ways. Using the Internet of Things and seamless integration across a democratised platform.
- Have more freedom for human touch. Concepts like machine learning and natural language processing will improve automation and thus make tasks easier for the user.
(More on Web3.0 Here)
4) DAO (Decentralised Autonomous Organisations)
DAOs are digital entities that enterprises can use for everything from open innovation and investment to IP-based professional services or industry-scale consortiums.
They have been designed specifically with the needs of business corporations on board, while also being able to offer benefits such as transparency through concepts such as smart contracts.
According to IBM:
“Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.”
DAOs ultimately allow users access into how decisions will affect them personally through voting rights.
This will come in the form of tokens bought by investors who want more than just capital appreciation, but also overall influence alongside rewards programs where stakeholders play important roles too!
3) Dapps (Web3.0 Apps)
Web3 provides new opportunities for entrepreneurs and companies that want to build on top of it. Or within its ecosystem.
This includes building internal business apps, customer-facing ones which engage in transactions or provide data services (like Energy Ledger). As well as decentralised ERP & CRM systems such as supply chains specifically designed around industry needs.
Dapps are growing at a rapid rate, too. The global DApps Market is set to reach £300.29 Billion by 2027, according to a report by Emergen Research.
With benefits like these, we don’t blame them:
- Removes transaction fees;
- Allows users better control of their data;
- Reduces massive data breaches;
- Can accept cryptocurrency as payment;
- Can generate income for users;
- No central authority or monopoly;
- Readily scalable.
2) Blockchain & Distributed Ledger (DLT)
Industries across the globe are starting to take notice of blockchain’s unparalleled potential.
The technology has seen substantial use for years in various industries. But now it’s reaching maturity and becoming more widely accepted by companies who want an edge over their competition – both domestically or abroad.
A few examples include fighting counterfeiting threats on product supply chains; storing data about customers (e-commerce); tracking assets/food safety inspections.
The advantages of the blockchain also extends to cost-cutting for organisations, creating efficiencies in processing transactions, and reducing the need for manual tasks such as aggregating and amending data.
Metaverses are an exciting new way to interact within virtual worlds that have been around for years or more advanced services like Decentraland.
They enable users with different needs and interests, such as team collaboration or customer experience; these vary depending on what type of metaverse you’re using.
Some of the biggest advantages of a metaverse include:
Increased Brand Awareness
The metaverse will be a great place for brands to increase their visibility and footprint.
Gucci, Louis Vuitton, Burberry, and Coca-cola are all tapping into that space to reap the foreseeable benefits.
Take Burberry, for example, and their recent partnership with popular video game, Honor of Kings, where it was able to showcase its designs to the game for players from everywhere to see.
Virtual products and services are fast becoming the craze.
Even Gucci recently ramped up their revenues by selling digital bags that are pricier than those in the physical world. This came after a partnership with Roblox, an online gaming platform known for hosting virtual concerts. It allowed the company to create a virtual garden exhibit for rare items.
Plus, businesses can also buy their own virtual land to set up their offices and even potentially lease part of it to other investors or businesses, creating more income.
Reduced Overhead Costs
The ability to meet and interact with clients, stakeholders and even suppliers in the metaverse can significantly cut costs.
Without having to go through the pain of organising physical meetings or itineraries for big trips, everyone can organise and attend meetings virtually like they would in real life.
There are already conference centres to hold these sorts of meetings set up in the metaverse.
More Enterprise Opportunities Await…
There you have it. 4 enterprise opportunities out of Web 3.0.
We’re inching deeper and deeper into a complete and total digital overhaul.
The face of enterprise (and even the SMB) is being disrupted with each stride we take into a digital-centric, data-driven landscape. To get ahead of the competition, taking advantage of the cloud, data engineering, machine learning and effective software development are all going to be pivotal.
At Teraflow, our mission is to help propel that journey.