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    How Web3 Will Forge Small Business

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    “Web3 is about free choice and democracy”

    ― Gun Gun Febrianza

    How does this sound? Like a game changer? Like new rules? New opportunities? Or do you have no idea what this is about? The idea of a new technology generation triggers a lot of revolutionary thoughts and questions. 

     In case you have missed the news, the tech world is working on conquering new heights and introducing us to the next web technology in line Web3.  The expected market growth rate CAGR of 47.1% from 2023 to 2030 is indicating high interest and movements toward it. 

    Back in 2014. Ethereum co-founder Gavin Wood made a draft of the Web3 core. He gave us a hint of what the future might look like, describing  Ethereum as “one computer for the entire planet”. 

    Although this vision is still under construction, some of the world-scale players are already shifting their business focus and wrapping ideas around this concept. Web3 Investments are pouring, startups are challenging internet companies with their solutions, and retailers looking into possibilities of launching their marketplace. 

    Despite the fact the entire idea is still blurry for the majority, consumers have already formed certain opinions and expectations around it. Taking North America for example as a major market holder, 83% of US consumers believe Web3 will improve their lives. Businesses will need to respond to this demand and adjust to the change sooner or later.

    Welcome To Web3 World 

    Regardless of the industry, digitalization transformed the way organizations operate across different areas, services, and channels, with customers and other stakeholders.

    Digital transformation benefits in healthcare, education, transportation, commerce, agriculture, tourism, and other sectors are widely spread and in use. 

    Here we are with the premise of discussing the business among the above,  looking into further advancements. 

    Web3  is the next web generation, promoting open protocols and decentralized networks. While this web can look more attractive and intriguing, its base is what holds more importance.  It is about empowering users in regaining ownership and control over data. 

    Web3 features are the following:

    • BLOCKCHAIN TECHNOLOGY creates a protected and encrypted environment for users’ data
    • DECENTRALIZATION eliminates intermediaries,  allowing collective ownership using blockchains, cryptocurrencies, and NFTs
    • UBIQUITY allows omnipresence, to be everywhere at the same time, going beyond limitation to computers and smartphones usage only, expecting new smart devices 
    • SEMANTIC WEB expands machine understanding beyond numbers and keywords to content meaning and emotion 
    • ARTIFICIAL INTELLIGENCE (AI) aims to provide a more intelligent,   human-like response to users’ needs
    • 3D GRAPHICS provides users with deeper immersion into the metaverse, improving  products or services experience

    Such a complex concept is still under development and it will take some time to be completed. However, the good news is that utilizing new features is finding its way into the public eye and even records monetary gains.

    Web3 small business benefits

    Web3 is expected to change the game rules favoring small business owners over corporations, creating equal opportunities. The benefits will be numerous.

    Reduced costs 

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    Blockchain technology as a decentralized system eliminates third-party involvement. Without intermediaries, businesses will reduce their operating costs on many levels.  

    In a sense of payment process, cryptocurrency does not require banks or financial institutions. This means saving money allocated for high fees and taxes.  For businesses operating or aiming to operate on a global market, costs used to be even higher involving additional fees and currency conversion.

    New technology will stress off the small business shoulders server expenses as well as Web3 will be more affordable.  $100 – $200 a month dedicated for server rental purposes or a way higher amount for its purchase,  can now be redirected towards other goals. 

    Data collection costs will be low or non-existent as they will be collected directly from the source. This will also ensure data accuracy, which can further lead to more efficient business strategies. 

    Security and transparency 

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    What is the core of every relationship? Trust. However, it is well known that trust is often compromised today.  Due to large numbers of data breach cases daily, consumers and businesses have become very hesitant. Statistics say that 60% of respondents have faced a data breach at some point in their history. 

    The blockchain technology that Web3 relies on reduces this risk and makes data stored on the blockchain decentralized and transparent. It securely falls under blockchain-based identity verification, being encrypted and unalterable.

    This can be useful in aligning your business with regulations such as  Know Your Customer (KYC) and Anti-Money Laundering (AML).

    Decentralized marketplace 

    Web3 would be a real revelation for businesses running into bumps on the road related to financial matters. Complicated, expensive, or for some reason non-available traditional funding sources, now have alternatives: 

    • crowdfunding campaigns provide an opportunity to acquire capital by creating and selling cryptocurrency or tokens in exchange for funding. 
    • decentralized autonomous organizations (DAOs) digital entities providing transparent decision-making processes and resource utilization
    • microfinancing services provide financial assistance and investment opportunities to those who lack the means to open traditional bank accounts

    Supply chain improvements

    57% of businesses have poor visibility across their supply chain. Blockchain transparency will resolve this issue by providing real-time insights in a streamlined process. Businesses will be able to track and monitor their supply chains and identify any problem within the production or delivery context. This will improve efficiency and impact time management and costs. 

    Transparency on the stage of the product in the production process will also be available for consumers. 

    Consumer relations improvements  

    Web3’s decentralized technology base is expected to bring about significant changes in the way we interact and do business online.

    This next web generation, the socalled ownership economy on blockchains, is based on providing users more control over their data and digital assets. Such an environment nurtures company-customer relationships in which both parties can create and receive value.

    This system will make all parties’ interactions closer than ever and lay more trust in them towards each other. Its transparency, accountability, and authenticity can serve stronger and lasting relations. 

    Innovation opportunities 

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    While the majority is still connecting the dots, some savvy companies do not waste the time. They have stepped into the game and are already accumulating benefits from Web3.

    Using virtual products to help boost the product’s sales before it’s launched on the market is only one of the opportunities. Products offered for purchase in the cyber world before their physical appearance are now a reality.

    Customer support is a vital element of each business operation, but not always affordable. 

    AI-powered chatbots and virtual assistants can be a solution in such cases and play a role in what should be an inseparable part of every business. 

    Affinity and loyalty can be used towards tokenized community development. 

    How you can start preparing for Web3

    Drive your business closer to the future. Step into the Web3 preparations by setting the ground for it.

    Conduct research

    Stay tuned. While you explore your business opportunities, have in mind that Web3 is under development. Keeping up the step with the progress,  being aware of its potential ups and downs, and allowing flexibility can help with embarkation. 

    Take a look into Web3 use cases and explore ideas that can forge your business in the best possible way. Analyze what you have versus what you might need to bring these ideas to light. Create a strategy with a strong expertise foundation in building infrastructure for landing these ideas. 

    Form partnership 

    Surround yourself with experienced partners that can ease Web3 integration. Find the leaders in the field and use their existing solutions or their expertise in creating your own.  

    Make buying easy 

    Not rarely do small businesses turn to partnerships in fields that lack resources. Preparing for the Web3 call is not a simple task, so why not take advantage of existing solutions? 

    A wide range of options for simplifying the payment process can sound very appealing, but at the same time very challenging. However, you do not have to worry about it every step of the way. You can simply lean on good practice. 

    Many of the world’s mostknown commercial brands rely on MoonPay and it is with good reason. MoonPay makes buying Ethereum with a credit card easy and promises easy conversion of fiat currencies to cryptocurrencies. It provides end-to-end solutions for payments, enterprise-scale digital assets, and smart contracts. It also enables users to buy NFTs.  

    Counting all the points, turning to partners with knowledge and experience can not fail. 

    Consultancy 

    There is a ton of free online material from the general topic down to details on every single feature. Trends, statistics, reviews, graphics,  you name it. However, if it is too much to cope with, there is always an expert consultancy option that you can reach out to. 

    Management consulting firms can help with emerging new concepts. By improving strategy, alignment, and employee engagement, they can turn your business resources into fueling power. 

    Are you ready to embrace Web3?


    What business could resist a vision that can bring reduced costs, smarter web systems, clearer information, and more efficient communication?  Improvements in all business segments: Customer relation management,  Data management, Supply chain management, Marketing, and advertising are all hiding under new web generation –  Web3 

    Calculations and estimations on Web3 flowing into the mainstream vary. 18,000+ developers are actively working on open-source crypto and Web3 projects. Sector digits record notable expansion and a prosperous future. Early market adopters are slowly driving us towards and discovering its complexity.

    Web3 adoption will most likely not be a question of a will, but a survival urge. Being on the start line when your time comes can be nothing less than advantageous for the business. Take a deep understanding of the matter and your role in it.  Perhaps you have already found your niche? Or do you only want to prepare the ground? Consult experts or lean on cooperation and just do it

    Author’s bio

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    Natasa Dragic – Sass content writer. She is experienced in the hospitality industry, primarily cruise ships. A VIP and luxury customer experience agent, she gained insights into IT and Saas. She merged her passion for writing and her new-found area of interest to build a new career for herself.

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