Top 21 Web3 Trends For Enterprises In 2023
Introduction to Web3
Web3, also known as the decentralized web, is a vision for a future internet that is decentralized, secure, and open to all. It is based on the use of blockchain and other distributed ledger technologies to enable peer-to-peer communication and transactions rather than relying on centralized servers and intermediaries.
The goal of Web3 is to create a more equitable and decentralized Internet, where users have greater control over their personal data and online activities and where all participants can contribute and benefit from the network.
Web3 technologies can revolutionize many aspects of the internet and how we use it, including online communication, social networking, e-commerce, and more. They also have the potential to disrupt traditional business models and create new opportunities for innovation and collaboration.
While web3 is still in its early stages of development, it is an exciting area of innovation that is worth paying attention to. Listed below are a few potential breakthroughs that we could witness in 2023:
Blockchain
Is a decentralized, digital ledger that records transactions on multiple computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. This allows blockchains to be secure by design and resistant to modification of the data.
Smart Contract
It is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
The code and the agreements contained therein are stored and replicated on a blockchain network. Smart contracts allow for the automation of complex processes, including enforcing, verifying, and
negotiating contracts. They can be used to facilitate, verify, and enforce the negotiation or performance of a contract.
Digital Wallet
It’s also known as an e-wallet or electronic wallet, is a software program or service that allows individuals to store, manage, and use their digital currencies, such as bitcoin or ether. Digital wallets can be used to make electronic transactions, such as online purchases or peer-to-peer payments. They can also be used to store other types of digital information, such as loyalty points or tickets.
Tokenization
It refers to the process of representing a real-world asset or utility as a digital token on a blockchain. This can include tangible assets like real estate or artwork and intangible assets like loyalty points or access to a service.
By tokenizing an asset, it can be easily and securely transferred, tracked, and managed on a blockchain. This can streamline processes and reduce the need for intermediaries while also increasing the transparency and security of the asset’s ownership and transfer.
Non-fungible Tokens (NFTs)
These are unique digital assets verified on the blockchain. They have gained significant attention in recent years due to their use in the digital art and collectables market. In 2023, it is possible that we will see more enterprises exploring the use of NFTs for a variety of applications, including supply chain management, asset tracking, and digital rights management.
Decentralized Autonomous Organization (DAO)
It is an organization run through a set of rules encoded as smart contracts on a blockchain. DAOs operate on a decentralized network and are not controlled by any single individual or entity. DAOs are designed to be transparent and accountable, as all actions and decisions are recorded on the blockchain. They are also autonomous, as they are programmed to carry out tasks and make decisions based on predefined rules.
Decentralized Finance (DeFi) Applications
It refers to financial applications that are built on blockchain technology and operate in a decentralized manner without the need for a central authority. DeFi has the potential to disrupt traditional financial systems and enable more efficient, transparent, and secure financial transactions.
Artificial Intelligence (AI)
It is one of the most significant Web 3.0 advancements. AI and ML are additional essential characteristics of Web3 that are gaining prominence in artificial intelligence and machine learning. It connects people and creates new content by utilizing a number of approaches, such as pattern learning and AI technology, as well as data.
3D Interactive Web Technology (Web 3D)
It is interactive 3D technology that can be accessed via a web browser. Online 3.0 3D interactive web technology will contain virtual identities, interactions, and many more features that will rise in popularity.
Brands as a Service (BAAS)
It is a brand-new concept in blockchain technology. It is a cloud-based solution that allows consumers to build digital items using the blockchain.
It is a regulated sector, and in order to connect with these financial services, companies and consumers must acquire access to banks.
The Social Web
Decentralized technologies will characterize social media in Web 3.0. A Web 3 social network is inextricably linked to NFTs as a vehicle that gives creators ownership of their work and holders access to it.
The Semantic Web
It refers to the World Wide Web Consortium’s concept of the Web of interconnected data. The Semantic Web incorporates web concepts that are expanded beyond documents to data, similar to how a data
web works.
Low Code Application Development Software
It is a visual drag-and-drop development approach that allows businesses to construct apps more faster and with less hand-coding. As Web 3.0 has arrived, a tendency to eliminate low-code or no-code app development has emerged.
Interoperability Solutions
It is one of the challenges with current blockchain technology is that different blockchain networks cannot easily communicate with one another, which can limit their usefulness for enterprise applications.
In 2023, we may see the development of solutions that enable different blockchain networks to interoperate more easily, making it easier for enterprises to use multiple blockchains in their operations.
Increased Adoption of Blockchain by Governments and Regulatory Bodies
As blockchain technology matures and becomes more widely understood, it is possible that we will see increased adoption of blockchain by governments and regulatory bodies in 2023. This could lead to the developing of new standards and regulations around using blockchain in the enterprise space.
Both 2021 and 2022 have been watershed moments in Web3, crypto, and blockchain. The market has grown substantially, with new highs set.
Cloud Technology
It enables enterprises to work from anywhere in the globe. As enterprises begin to reopen following lockdowns, they are likely to migrate away from hastily built cloud services and toward cloud-native systems as they prepare for this uncertain future.
Scalability Solutions
It’s another challenge with current blockchain technology is that it can struggle to process a large number of transactions in a short amount of time, which can be a problem for enterprise applications that require high levels of performance. In 2023, it is possible that we will see the development of
solutions that enable blockchain networks to scale more efficiently, making them more viable for use by enterprises.
What does Web3 mean for enterprises?
Improved security
Web3 technologies, such as blockchain, can provide enhanced security and immutability for data and transactions, reducing the risk of fraud and data breaches.
Reduced costs
By eliminating the need for intermediaries and streamlining processes, web3 technologies can help
enterprises reduce costs and increase efficiency.
Increased competitiveness
By adopting web3 technologies, enterprises can gain a competitive advantage by differentiating themselves and offering new and innovative products and services.
Increased transparency & trust
Web3 technologies can enable greater transparency and accountability in supply chains, financial transactions, and other business processes, which can build trust with customers and other stakeholders.
New business models
Web3 technologies can enable new business models and revenue streams, such as through the use of decentralized applications (dApps) and decentralized autonomous organizations (DAOs).
The upcoming Web 3.0 trends for enterprises
Consumers’ Brands, Setting the Trend for Other Industries
Hundreds of consumer companies hopped on the Web3 bandwagon from late 2021 to early 2022, ditching NFTs, activating in the metaverse, and testing out novel blockchain use cases. We’ve moved past
the “shiny new object” phase, and early leaders have emerged.
Web3 consumer brands may be setting the trend for other industries by demonstrating the potential for Web3 technologies to create new value propositions and business models that are not possible with traditional centralized systems. However, we see purposeful, intelligent planning focusing on long-term
platform growth across the winners. Brands that enroll the masses in 2023 will
- Provide clear Web3 goods
- Seek sophisticated customer targeting
- Establish a deliberate go-to-market strategy
The world is moving towards immersive interfaces with Metaverse
The metaverse, a virtual shared space that allows users to interact in real-time, is becoming increasingly popular as a result of the rise of immersive technologies such as virtual reality and augmented reality.
These technologies are being used in various applications, including gaming, education, and entertainment.
Public Infrastructure moving on Web3
Public infrastructure refers to the systems, facilities, and services that support the operation of a society, such as transportation networks, energy systems, water and sewage systems, and telecommunications networks.
The move to Web3 technologies, such as blockchain and decentralized applications (dApps), is starting to have an impact on public infrastructure in various ways.
Web3 technologies are being used to improve the efficiency and transparency of supply chain management in the public sector.
Public procurement, asset management with real-time tracking & automating systems that reduce the risk of corruption are a few ways the Web3 is reshaping the public infrastructure.
Building the Future EGovernance
E-governance refers to the use of digital technologies and systems to improve the efficiency, transparency, and accountability of government processes and services. Building the future of e-governance involves considering a wide range of technical, policy, and governance issues, and involves
the participation of various stakeholders, including governments, citizens, and businesses.
The rapid pace of technological change will likely have a significant impact on the future of e-governance. New technologies, such as blockchain, artificial intelligence, and the internet of things, can transform how governments operate and deliver services.
Web3 adoption by Payment Companies
Payment companies are beginning to adopt Web3 technologies to enable more secure and efficient payment processing. This includes the use of decentralized finance platforms and stablecoins, as well as the integration of blockchain technology into traditional payment systems.
Payment companies such as Coinbase, BlockFi, BitPay, PayCircle and more are using Web3 technologies to enable decentralized payment systems that do not rely on central intermediaries.
Global payments companies are also using Web3 technologies to enable the use of cryptocurrencies as a means of payment and to enable the creation of decentralized financial applications.
Rise of decentralized social media
Decentralized social media platforms, which use blockchain technology to enable decentralized content sharing and communication, are gaining popularity as an alternative to traditional centralized social media platforms. These platforms offer greater control over data privacy and censorship resistance.
Several social media platforms such as Steemit, Minds, Mastodon, Sola, etc., are using blockchain-based rewards systems to incentivize users to create and share content. Users can earn tokens for their contributions, which can be used to access premium features or trade on cryptocurrency exchanges.
Decentralized Autonomous Organizations are moving ahead
Decentralized Autonomous Organizations (DAOs) are organizations that are run using decentralized
technology, such as blockchain and are governed by predetermined rules that are encoded into smart contracts. DAOs can revolutionize how organizations operate by enabling greater transparency, accountability, and efficiency.
One of the key advantages of DAOs is that they allow for decentralized decision-making, as the collective action makes decisions of stakeholders rather than a central authority. This can lead to more inclusive and democratic decision-making processes and help mitigate the risks associated with centralization.
DAOs are also highly transparent, as all transactions and decision-making processes are recorded on the blockchain and can be audited by anyone. However, they have already been used to facilitate a variety of
applications, including fundraising, governance, and the management of decentralized networks. As the technology behind DAOs continues to mature and more organizations adopt them, it is likely that we
will see further growth and innovation in this area.
Rise of Consortiums and Web3 Forums Globally
Consortiums and Web3 forums are organizations that bring together various stakeholders to collaborate on developing and deploying Web3 technologies, such as blockchain and decentralized applications (dApps).
These technologies offer the potential for greater security, privacy, and autonomy in online interactions and have the potential to disrupt traditional business models and industries.
There has been a rise in the number of consortiums and Web3 forums globally in recent years as these technologies have gained increasing attention and adoption. These organizations are often focused on
specific areas of Web3 development, such as decentralized finance (DeFi), supply chain management, or data privacy and security.
Overall, the rise of consortiums and Web3 forums globally reflects the growing interest and potential of Web3 technologies and the need for collaboration and coordination to drive their development and adoption.
Tokenization to build future Markets
Tokenization, the process of representing physical or digital assets as blockchain-based tokens, have the potential to revolutionize the way markets operate by enabling the creation of more efficient,
transparent, and secure systems for buying and selling assets. This could lead to the creation of new markets and the expansion of existing ones.
Tokenization can increase the liquidity of assets by allowing them to be easily bought and sold on a decentralized exchange. This can make it easier for investors to access and trade assets, which can increase their demand.
Investments into Web3 Infrastructure
Almost all “big tech” organizations are incorporating blockchain-based tokens into their main product offerings, resulting in a hybrid between Web2 and Web3.
Shopify, Google, Instagram, Amazon, Microsoft, Reddit, and many other Web2 players are experimenting with Web3. These enormous corporations frequently “experiment” with multi-million (if not multi-billion) dollar levels of attention, investment, and size.
With nearly $10B spent on its metaverse technology, Meta is an early leader in Web3 investments. However, Microsoft and Google have already jumped into it with an estimate showing $500M and
$1.5B invested in Web3 technology, respectively.
Green Blockchain is here to support SDG and ESG Global Agenda
The use of blockchain technology to support the United Nations’ Sustainable Development Goals (SDGs) and environmental, social, and governance (ESG) initiatives is becoming more prevalent. This is known as “green blockchain” and can be used to track and verify sustainable practices, as well as facilitate the trade of renewable energy and other sustainable assets.
One of the main ways green blockchain can support the SDGs and ESG agenda is through tracking and verifying sustainable practices. For example, blockchain can be used to create transparent and immutable records of environmentally friendly products and services, such as renewable energy, eco-friendly products, and sustainable supply chains.
Need for Interoperability in future Blockchain Infrastructure
As the number of blockchain-based systems and networks continues to grow, the need for interoperability between these systems will become increasingly important. Interoperability will allow for greater communication and collaboration between different blockchain networks and will enable the creation of more complex and sophisticated decentralized systems.
Interoperability is the ability of different systems or devices to communicate and work together effectively. In the context of blockchain technology, interoperability refers to the ability of different blockchain networks to communicate and exchange data with each other.
Careers in Web3
As the adoption of Web 3 technologies grows, there will be an increasing demand for professionals with expertise in this area. Careers in Web3 may include roles in development, design, marketing, and operations, among others.
Careers in Web3 are diverse and can involve a range of skills and expertise, including programming,
finance, design, and marketing. As the adoption of Web3 technologies continues to grow, there will likely be greater demand for professionals with expertise in this area.
New Era of Gaming & E-Sports
The gaming and e-sports industries are undergoing significant change as a result of the rise of immersive technologies such as virtual reality and augmented reality. These technologies are enabling new
forms of gaming and competition, as well as new business models and monetization strategies.
Virtual reality gaming, in particular, has the potential to revolutionize the gaming industry by offering a more immersive and interactive experience. With the use of VR headsets, players can fully immerse
themselves in virtual worlds and interact with them in real-time.
E-sports tournaments and leagues are being held worldwide and attracting large in-person and online audiences. This has led to the emergence of professional esports players and teams, The gaming and
e-sports industries are entering a new era that is being driven by immersive technologies and the increasing the popularity of competitive video gaming. This is leading to new opportunities for players, teams, and businesses, as well as new opportunities for sponsorships and advertising.
Gamification in Advertisement
Gamification, the use of game design elements in non-game contexts, is being increasingly used in advertising to engage and motivate consumers. This can include using points, rewards, competitions, and other elements typically found in games.
Gamification can be effective in advertising because it can make the advertising experience more enjoyable and interactive for consumers. It can also increase the level of engagement and attention that consumers give to the ad, as they are motivated to complete tasks and earn rewards.
Push for Policymaking & Regulation for Digital Assets
The policymaking and regulation of digital assets is important for several reasons. Firstly, it helps to ensure the integrity and stability of the digital asset ecosystem and can help to protect consumers and investors from fraud and other risks.
Secondly, it can help to facilitate the use and adoption of digital assets by providing a clear and consistent regulatory framework that can provide certainty and confidence to market participants. Thirdly, it can help to prevent the use of digital assets for illicit purposes, such as money laundering and financing of terrorism.
Need for New Security Practices
Web3 technologies offer the potential for improved security in various contexts and can help to ensure the integrity and authenticity of data and transactions. Web3 technologies are often designed
with security in mind and include various security features such as encryption and robust authentication and authorization protocols.
This can make these systems more secure than traditional systems that may not have been designed with security as a primary concern.
Web3 technologies, such as blockchain and decentralized applications (dApps), offer the potential for improved security in various contexts.
5G is a boon for Web3 Adoption
5G is the fifth generation of mobile network technology, which offers faster speeds and lower latency than previous generations of mobile networks. It has the potential to enable new applications and
use cases that require high-speed, lowlatency connectivity, such as virtual and augmented reality, autonomous vehicles, and the internet of things (IoT).
The adoption of 5G may provide a boost to Web3 adoption by enabling faster and more efficient operation of these technologies, as well as enabling new use cases and applications.
However, it is worth noting that the adoption of 5G and the extent to which it will benefit Web3 technologies will depend on various factors, including the availability and coverage of 5G networks,
and the specific needs and requirements of different Web3 applications.
Global Central Bank Digital Currency Adoption
CBDCs are still in the early stages of development and adoption, but there has been growing interest in their potential as a means of improving the efficiency of domestic and cross-border payments, increasing financial inclusion, and providing a means of preserving the role of central banks in the digital age.
Several central banks around the world are exploring the possibility of issuing CBDCs, including the People’s Bank of China, the European Central Bank, and the Bank of Japan. However, the extent and
form of CBDC adoption vary widely among different countries and regions.
CBDCs are still in the early stages of development and adoption, but there has been growing interest in their potential as a means of improving the efficiency of domestic and cross-border payments, increasing financial inclusion, and providing a means of preserving the role of central banks in the digital age.
A Decentralized World with Creator Economy
The creator economy refers to the growing trend of individuals creating and monetizing their own content, products, and services through digital platforms and networks.
Web3 technologies can enable creators to engage and collaborate with their audience in new and innovative ways. For example, decentralized social networks can enable creators to build and maintain
direct relationships with their audience and offer new collaboration and cocreation opportunities.
Let’s be Ready for Quantum Computing
In the Web3 era, quantum computing could have various implications for blockchain and decentralized applications (dApps). Quantum computers could potentially be used to improve the scalability of Web3 technologies by enabling faster and more efficient computation. This could be particularly important for Web3 technologies that rely on decentralized networks of computers, which may require significant
computational power to operate.
Quantum computers could potentially be used to improve the security of certain types of systems, such as by enabling the use of stronger encryption algorithms.
Conclusion
We are looking forward to another exciting year in Web3, and we hope that this series of trends and forecasts help to dimensionalize what to monitor as we approach 2023. Macroeconomic pressures
and regulatory clarity will undoubtedly play a part in defining the coming Web3 ecosystem. Still, the causes we’ve identified here are supported by data, unambiguous investment and attention,
and technological realities.
Finally, there are several additional highly fascinating aspects of Web3 that we did not discuss today. DeFi, Web3 games, decentralized social media, and blockchain supply chain will almost probably continue to expand and mature in 2023.
