You don't need a crystal ball to see how much of a game changer Web 3.0 technology will be in the coming years - and its not hard to know what is driving this push. Google currently handles more than 80% of search traffic in the world, Facebook has more than 2.4 billion activate users and its projected that half of online retail will go through Amazon by 2020.
The web as we know it today is in trouble - monolithic platforms now own majority of users, data and applications causing severe data-lock ins, data leaks, endless manipulations and censorship. The need to re-decentralize the web has never been greater and for small business owners, the possibilities for advertising and marketing to potential customers with Web 3.0 technology is limitless.
Although defining Web 3.0 can be tricky, its less complex for decentralized applications (or Dapps) which are server-less applications that run on a P2P network of computers rather than a single computer. They can be run jointly on the client side and within a distributed network - although they don’t necessarily need to run on top of a blockchain network.
In this post we'll highlight several aspects of preparing yourself and your business for the Web 3.0:
- Why Web 3.0 is the future of small business
- What will Web 3.0 adoption look like
- The bigger challenge, the bigger opportunity
Why Web 3.0 Is The Future of Small Business
For better or worse, over the last 20 years we have built softwares sophiticated enough to cross-reference, interconnect, process and merge information from different sources to identify patterns for web traffic, shopping patterns, emerging trends among consumers.
This ability to analyze user data and behaviour makes it possible to seemlessly provide personalized experience in cost efficient ways and although complete Web 3.0 adoption is still a few years away, cutting-edge businesses, particularly in retail and online media, are beginning to adopt the elements of the decentralized web.
It's inconceivable that one man can make the right decision for 2.4billion users as its expected for Facebook's CEO, as such companies utilizing AI/ML, IOT, DLT and other features of the decentralized web will be leading the adapility of these solutions to solve problems facing the web 2.0 such as central points of failure, cyber-attacks, data & information manipulation and so much more.
What Will Web 3.0 Adoption Look Like
Although, it's not completely apparent the technological features that will make up the decentralized web, we expect this new wave of tranformative digital landscape to include technologies like cryptography, natural learning processing programs and even side-channel defence systems. These technologies can be analyzed in three main areas:
1. Applied AI/ML
In the last few years, we've seen groundbreaking research and development that has facilitated the advancement of statistical learning based AI technologies. Through this breakthroughs, engineers have developed AI based solutions that solve a diverse range of challenges facing all sized businesses including supply chain logistical management, data modelling and analysis, communication and more.
For businesses, small and large, utilizing AI/ML based technologies will blur the line between B2B & B2C solutions. So far we've seen businesses of all sizes and industries utilizing this technology to offer customers complex, time-critical and personalized services for example the use of IoT to web services to improve company supply chains and develop cross-selling opportunities.
2. Active Systems & Network Security
Current computer systems have seen an increase of devices connectivity and with this rising connectivity comes the threat of cyber-attacks on major systems, critical infrastructure and individual vulnerablities that could be exploited using communication networks. Every month, we learn of hacks that result in the exposure of personal, military and other sensitive data.
We need to build solutions that focus vast majority of security efforts on protecting computers and networks even from attacks initiated by exploiting humans rather than security flaws. To build secure cyber systems it will be necessary to protect computers, networks and the users that make up these systems. Businesses can do this by building into their security systems countermeasures at the physical, circuit and logic abstraction levels.
3. Applied DLT
Advancements in cryptographic encryption and signature schemes used for encrypting and authenticating data in transit and in storage now supports various distributed ledger technologies that contribute to the decentralization of the web. Secure computation can be used for performing computations based on encrypted or shared data while preserving its privacy, or distributing shares of critical secret data so that no single entity has access to it.
Some of the DLT based technology that will play a huge role in Web 3.0 and my personal favourites to work with include:
- Distributed Money: Bitcoin - For regular businesses, accepting Bitcoin payments for the goods and services you offer can bring a great positive outcome since it has an incredible potential to greatly reduce costs associated with transactions. It also facilitates faster international transfer at lower cost. Cases of fraud are also lower with bitcoin payment since it provides a level of identity theft protection that credit cards are not able to offer.
- Distributed File Sharing: IPFS - For businesses keen on reducing costs of scaling applications, offering web services without the risk of downtime due to centralized servers, Protocol Labs currently provides Private Networks solutions as an experimental feature. Leveraging dedicated IPFS networks for for your business can provide faster content discovery times for dedicated network nodes. This leads to a better and more stable user experience for your customers.
- Distributed Ledgers: Blockchain - In a small business setting, the use of permissioned distributed ledgers, i.e. a blockchain, provides an advantage of a data auditlog that serves as a tool to validate facts, reconcile information shared between other businesses and even provide broader collaboration alon a full supply chain cycle. As a common infrastructure, a blockchain provides features which can be programmed to determine data validation consensus, easing business governance.
A combination of these technologies eliminates a central point of control and as a result, businesses will increase the speed and ease of doing business and reduce risk. Businesses that implement these will quickly gain an advantage over their competitors.
The Bigger Challenge & Opportunity
The impending arrival of Web 3.0 could provide the game-changer for internet services and although we are already experiencing some elements being implemented - one of the biggest challenges facing businesses is the significant investment required to integrate these technologies into their current infrastructure. To avoid getting left behind like Blockbuster video or kodak businesses need to recognize the opportunity of providing solutions that allow customers to retain control of their personal data.
Conclusion
The journey to web 3.0 should begin by aligning business goals with technology to create a positive impact on the immediate future and beyond current business models.