Web3 About to Open Doors for Businesses

Web3, often called the “read-write-own web,” is revolutionizing how businesses operate online. This paradigm shift empowers businesses to take back control from powerful platforms and intermediaries, simplifying how they fund their ventures. Web3 democratizes wealth creation on a global scale.

The current problem regarding this sector evolution is the adoption of this technology by end users and businesses. Although Web3 is beneficial to most players, the usability (UX) and the interface that connects the technology with non-technical users is still unfamiliar for most, and that’s what is about to change.

Overcoming Barriers: The Role of Startups like Bastion

Bastion, a Web3 startup founded by former Andreessen-Horowitz executives Nassim Eddequiouaq and Riyaz Faizullabhoy, aims to bridge the gap between businesses and the Web3 world. Their primary goal is to address the long-standing barriers businesses face when entering the Web3 industry.

They offer solutions like digital asset custody, trading, and wallet management, primarily catering to corporations. One of the main challenges businesses face is the clunky and often unsafe onboarding process to Web3. Bastion’s mission is to make this process seamless, ensuring businesses can easily integrate into the Web3 ecosystem.

Why Should Businesses Consider Web3?

Research suggests that 88% of companies are already exploring new web technologies. Web3 is not just an extension of cryptocurrency but a broader shift in how the internet functions. It promises users more control over their data, making it a compelling proposition for businesses.

As more companies adopt virtual or hybrid strategies, especially post-COVID-19, the focus on user-centric functionality becomes paramount. Web3’s potential to allow computers to analyze and learn from user interactions makes it a game-changer for businesses aiming to enhance user experience.

The Challenges and Risks of Web3

McKinsey & Company highlights that there are risks to address with Web3, but its transformative effects cannot be ignored.

Issues like high gas fees for running transactions, friction in user experience, and concerns about data security and privacy are some of the challenges businesses need to navigate.

The shift from a centralized to a decentralized web concerns potential fraud and unregulated content. Ensuring robust security measures will be crucial as Web3 continues to evolve.

The Future of Web3 in Business: Beyond Just Technology

Web3’s impact on businesses isn’t limited to just technology. It promises a future where data ownership is a must, allowing users more control over their online identity and personal information.

About half of tech leaders believe that Web3 could significantly impact their industries, offering benefits like enhanced biometrics and two-factor authentication at a higher level. Web3’s promise of increased data security and scalability makes it attractive to large tech companies, especially concerning protection against cyberattacks and improving data privacy.

Web3 is undeniably shaping the future of businesses. With startups like Bastion leading the way, the bridge between businesses and Web3 is strengthening. Businesses must approach Web3 with a balanced perspective, considering both its immense potential and the challenges it presents.

Joe Robert is currently the Chief Executive Officer of Robert Ventures, with over 20 years of asset management experience. Since he started Joe has created predictable double-digit returns for investors & Partners. Joe has invested in seed rounds with equity and tokens, along with a portfolio of Bitcoin, Ethereum, and other top cryptocurrencies.

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