How Web 3.0 Will Change Businesses
They say that change is the only constant. But most effective changes are deceptive. Their complexity makes them ignored by most but a few tenacious ones who understand the potential.
Web3 is no different. Most still ignore it as a fad. Few are early movers already and by the time the world notices, they would have taken the lead.
Let us have a quick look at why web3 deserves attention? Why most businesses must change themselves or face being obsolete?
Early web, Web 1.0, had most websites as static webpages, and the vast majority of users were content consumers. The web became a platform in Web 2.0 and centred on user-created content uploaded to popular 3rd party websites. These websites became the distributors of everything that we created and if we earned revenues, these websites took their share from it.
Imagine buying something from Amazon which shows you products sold by an independent seller. Amazon earns a fraction of the price you pay.
An advertiser pays Youtube when someone clicks on their ad when someone clicks on it.
Web 3.0 changes that. With blockchain technologies powering peer-to-peer networks, if someone created an educational video, it will be hosted (and served by) on all computers in a peer-to-peer network rather than a few centralized servers owned by one company.
When someone watches an ad on your content, you earn entirely (with a minor portion to be shared with the network). The best part is, that by using smart contracts, you will be able to decide how much revenue you share with the network.
Look at physical goods now. A decentralized network has replaced Amazon for all aspects of order processing. You can decide on revenue sharing by smart contracts. The network will modify revenue sharing dynamically depending on user feedback coming about your product/services directly.
I cannot think of a business that will not be disrupted by Web 3. It is time businesses take a hard look at their business models and start adapting sooner than later.
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