Web 1 and Web 2 simplified how we can connect with the world at large; however, it did make people slave to the capitalistic greed of most of the big-tech  IT giants. 

How? 

Did you ever notice that while you are watching your favorite video or movie online on YouTube or you are researching something over the Internet browser, suddenly an advertisement pops out of nowhere with no skip option available. In a way, this is just one of the many flaws of web 2 where free users have themselves become a product  for the big techs. Going forward, it is an endless rabbit hole where there’s gross abuse of data, identity and process exploits for gains. Much of that would change once the dawn of web3 rises at the horizon. 

Most people have been thinking that blockchain technology, which is an essential element of Web 3, is dead. The reason for the same is their understanding of web 3. These are the folks that relate blockchain to crypto and conclude that if crypto is going through a rough phase, it undoubtedly puts web 3 in jeopardy.

However when we look at dependency of the Internet on Web 3 in 2 to 3 years down the line, the scenario is completely different. It is estimated that 50% of online traffic will be coming via web 3 in 2025. With ai and ml playing the lead role, there are chances that data abuse might happen like in the Facebook Cambridge Analytics Scandal. That would push the demand for a safer technology which could accommodate safety, scalability and digital transformation. In this regard, blockchain will have a key role to play and blockchain development services will rise in the backdrop.

What are the Transformation Businesses Will  Experience Under Web 3?

Evolution of Customer Relationship Management 

“Data is the new oil” that’s a very strong narrative; however when we look at the bigger picture and influence of data on business, it is not an understatement either. For example, when an MIT professor conducted a survey, it was found that data driven businesses were 6% more likely to experience better business outcomes than their counterparts. It is however concerning that most businesses have to comply with the GDPR guidelines. In the instance of a failure, they have to face severe penalties. British Airways in 2018 faced a €200 million for data breach. Through the use of blockchain, self-sovereign identities can be created and participants can benefit at large when their data is used by the corporations for building a sustainable business relation. Enterprises are looking for blockchain app development companies that can create the right dapps which will help them use data in the best way without ramifications. 

Robust Supply Chains 

Supply chain is ripe for adoption since there is no proper synchronization between suppliers, manufacturers, distributors, retailers, and other members. Through the introduction of web3, these participants need not have to store their data in silos fearing data abuse by the counterparties. Since blockchain technology introduces the concept of ZK roll-ups, only the necessary information can be shared between counterparties streamlining the process which is in best interest towards building a sustainable supply chain network. In this way, since data will be interconnected and easily accessible, it will open more rooms for growth and expansion of the supply chain network. 

Data Management 

Data management will likely see a new broader transformation when web3 comes into picture. At the moment, cross industry sharing of data is not possible because of security concerns. For example, the embassy of any country might not be willing to share the data of the citizens with other partner networks like airlines, hotels and tourist places. Due to this, the customer/tourists have to face challenges at multiple checkpoints. 

However what if there’s a solution in place which allows tracking all the data from a single-checkpoint and streamlining a smoother operation. Tenbera blockchain is rightfully doing the same through its  digital IDs. These IDs can be accessed from anywhere and they only show the required information hiding the other information which doesn’t interest the stakeholder. In this way, it is building a one wider treasure trove of data which is secured, protected and aimed towards simplifying the customer’s journey across multiple checkpoints. It is one of a kind revolution in the travel and tourism industry. 

Advertising & Marketing 

Web 3 introduces the concept of semantic web. Through the semantic web, the data can be displayed in a machine readable format. This would elevate the customer experience while interacting with the ads. For example, in the metaverse, people can easily interact with 3D or 3 dimensional designs. This would help them elevate their experience of shopping, at the same time, they can be sure that the data will not be misused due to blockchain. 

Netizens  can also directly engage with the brands in the absence of intermediaries and seek gratification for personalizing the buying experience and buyer’s journey. To put that into perspective, the buyers/customers can seek gratification for providing their data to trace and track customer habits. In this way,  a better approach can be established in shopping when customers get the chance to visit digital shopping malls, try out the offerings and interact with each product in a truly personalized way. Most companies have already been seeking blockchain development companies that can help them in this regard.

Conclusion 

Post the introduction of web3, we have come across the term Internet of ownership and it is slowly changing the customer experience in a big way. Through the right approach powered by web3 like metaverse , entrepreneurs can think of numerous use-cases where they will not only impact customer experience but also expand the scope of business growth beyond imaginable limits.