Web3 is a decentralized, blockchain-based version of the internet. Experts predict that it will undermine the dominance of big tech by giving users more control over which services they access. As such, it could completely revolutionize how businesses operate.
So, what should leaders know about Web3?
1. Web3 could restore “Power to the People”
“Web3 has the potential to create a more user-centric iteration of the internet,” says Steven Van Belleghem, a thought leader, speaker and author on customer experience. “Consumers could regain complete ownership and control of their data and choose if and when information about them can be shared, or used, by advertisers, marketers or researchers.”
Van Belleghem says that Web3 could not only have a huge impact on consumers’ privacy and security, it could potentially grant them full control over personalization and mean they even receive money for the use of their information.
“Because this data model is much more transparent, marketing efforts will be forced to become more ethical,” he says, “with consumers able to track their data and even examine the source code of the platforms they decide to use, to only engage with brands they truly trust.”