Brianna White

Staff member
Jul 30, 2019
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Adopting blockchain-enabled web3 technologies offers a massive opportunity for all industries to upgrade their security and productivity dramatically

Technologies associated with web3 have had a turbulent time of late. From major declines in cryptocurrency prices to what some see as a cooling in enthusiasm for the metaverse, talk about the decentralized future of the internet has diminished somewhat.
According to research by Bain & Company only 20% of organizations have a well-defined strategy in place for web3, with the report suggesting businesses “lack confidence” in their abilities to deploy the new technology.
This month Technology Magazine speaks with three experts in the field of web3 - Daniel Field (DF), Director of Innovation & Global Head of Blockchain at UST, Simon Bain (SB), CEO of OmniIndex and Alex Leventer (AL), Web3 Development Lead, DataStax - to gather their thoughts into how the technology will accelerate digital transformations in future and how web3 is shaping business models.

In what ways can web3 technologies accelerate digital transformations?

DF: Users will eventually curate collections of digital objects reflecting their past achievements, evolving interests and tastes and most memorable experiences, much as they do with photos, souvenirs and memorabilia today. Only these digital objects can also provide utility, such as access rights or service privileges. This will give new incentive mechanisms to retailers, employers, educators and the entertainment sector, such as new approaches to loyalty and reward.

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