Written by Nomadic Blog

September 16, 2022

There has been rapid growth in digital marketing in recent years and a specific theme has consistently stood out throughout this industry’s progress: the need to provide clients with transparency. Web3 is the new version of the World Wide Web that is incorporating concepts such as blockchain technology, an economy based on tokens, and most importantly a decentralized environment. Companies can use this technology to improve their products as well as cut down on the time and costs. In the future digital advertisers may use this technology to retrieve data about various purchasing habits to improve their sales. The following are some of the impacts that Web3 can have on businesses:

 

Interoperability

Interoperability is one of the many benefits of Web3 in businesses. The technology will allow businesses to create digital assets that can be used between different products. For example a game development studio could create an in-game item that could then be used between multiple different games, even if those games are created by a seperate game studios.

Several companies have taken an interest in this technology and plan to integrate it into the models of their various businesses. Companies such as  Amazon, Facebook, and Paypal have departments designed exclusively for blockchain implementation. 

The Web3 technology will enable users to access data available across various applications but they will not be restricted to a specific platform to access these data. It is a technology that will be easily accessible on multiple devices. Web3’s interoperability is vital to ensuring the massive adoption of Web3 and blockchain worldwide. 

 

Easy access and high level of security 

Most businesses value the security and protection of their user’s data. Web3 is built on blockchain technology which has a distributed, anonymous and decentralized nature; therefore, it provides a high level of security. Additionally, Web3 grants users an easy and stress-free login experience to a website without having to provide personally identifying information such as an email. Although this technology is new, it has been adopted by some big companies already.

The enhanced measures and technology of Web3 benefit businesses by reducing the risk of data leaks from hacks. The clients’ data is more secure, and the login process is a breeze. Consumers and businesses will benefit from the improved customer privacy features Web3 provides.

 

Anti-monopoly and pro-privacy

Privacy is a vital feature that both businesses and consumers value. Protecting users’ personal data is crucial because it can fall into the wrong hands of cybercriminals. Most consumers prefer to seek trusted companies where they ensure their personal information is safe and secure.   

Although the internet has been around for generations, privacy was never fully appreciated until recent technology. With Web3, users can now have a permissionless and transparent online experience. The internet allows users to engage with one another without violating their privacy and rights. Web3 also decentralizes data usage and storage, giving the consumers control over how the data is stored. 

The use of Web3 in businesses will encourage the anti-monopoly and pro-privacy approach. It will break the monopoly of most tech companies because the users will have control over their data usage.  

 

Web3 enables consumers to regain control of their data

Web3 will provide its users with complete control and ownership of their data. Given that the technology protects and encrypts the users’ data for security and privacy purposes it gives them the right to choose when and if their information can be shared. The technology will help restore the trust between businesses and consumers. 

Web3 gives users full power and control over their data. The financial nature of this technology will allow users to profit off the information being shared with some service providers. These users can receive some tokens for their data use. 

A change in data ownership will help reduce some companies’ deepened polarization in society. The marketing efforts of businesses will become more ethical because the data model is user-empowered and transparent. These users can monitor the platforms they wish to utilize and keep track of their data.

 

Permissionless blockchain

A permissionless blockchain will enable most individuals with a connection to the internet to join the blockchain anonymously. These individuals can store information and perform transactions on the blockchain. Users are not barred based on their sociological factors, gender, orientation, or income. 

A permissionless blockchain has no centralized authority, making network information secure. No restricting access and gatekeepers control the participation of individuals who wish to join. The data transactions in blockchain are safe and stored across a network in various places. It is a cost-effective way to move multiple digital assets across borders promptly.

The permissionless blockchain helps to transform businesses and improve their efficiency. It provides an increased level of security while also enhancing the flexibility of data sharing in the industry. 

Nomadic Advertising is a digital marketing agency that can help build your business to face the new generation of the internet. We can keep your business up to speed with all the recent trends. Contact us to learn more about what we can do for your online presence, and how we can boost it and take it to the next level. Claim your 30-minute strategy session today. 

 

 

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