Web3 has been around since 2014, when it was coined as a decentralized online ecosystem based on blockchain. It was just a buzzword for a while, but blockchain and crypto startups have made us all move beyond the talk. Companies like Shopify are accepting cryptocurrencies as payment, and even established giants like Microsoft are investing.
Blockchain is an integral component of Web3, but it’s not the only piece of the puzzle. To take advantage of what Web3 provides, the data running these applications will have to be gathered, processed and analyzed in real time and outside of the blockchain. Enterprises that don’t embrace a real-time approach will be left behind.
Let’s look at some important Web3 use cases and why a real-time data architecture is crucial for their success.
Real-Time Settlement
Consumers are demanding that financial services providers offer the ability to shift money—in any form of currency—in real time. This is a big change that requires new thinking about architectures, data volumes and speed. Even central banks are trying to address this by investing in projects to digitize currencies and get a clearer picture of how transactions can happen at an unprecedented new scale.
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/06/03/off-the-chain-why-real-time-data-is-key-to-web3/?sh=7c7a1afb6523
Blockchain is an integral component of Web3, but it’s not the only piece of the puzzle. To take advantage of what Web3 provides, the data running these applications will have to be gathered, processed and analyzed in real time and outside of the blockchain. Enterprises that don’t embrace a real-time approach will be left behind.
Let’s look at some important Web3 use cases and why a real-time data architecture is crucial for their success.
Real-Time Settlement
Consumers are demanding that financial services providers offer the ability to shift money—in any form of currency—in real time. This is a big change that requires new thinking about architectures, data volumes and speed. Even central banks are trying to address this by investing in projects to digitize currencies and get a clearer picture of how transactions can happen at an unprecedented new scale.
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/06/03/off-the-chain-why-real-time-data-is-key-to-web3/?sh=7c7a1afb6523
