How Would Web3 Technology Impact Businesses in Future?

Over the past few years, there have been tremendous changes in the way businesses used to work. The credit for this change goes to Web3 technology. The Web 3.0 is the third generation of the internet. The emerging technology is equipped with user-centric technologies, including blockchain, cryptocurrency, metaverse, augmented reality, virtual reality, and artificial intelligence.

These technologies make business transactions more safer, and secure, and easier to perform. Whether your business is operating in the travel or the insurance industry, integrating Web3 into the day-to-day business tasks will make the transactions decentralized and user-oriented.

In this blog, we will analyze the impact of Web3 on businesses operating in various industries. But before that, let us discuss some unique features of the Web3 technology.

Exclusive Features Of Web3 Technology

You must have got a brief idea about Web3. Well, to understand the technology in a better way, here we have mentioned certain exclusive features of the Web3 technology:

Decentralized Transactions

This is an important feature that makes web3 more popular. The transactions occurring on Web3-based apps and platforms are decentralized in nature. All the information stored on the network can be easily accessed by everyone on the network.

Semantic Web

Web3 is based on the concept of the semantic Web, which allows users to create, share, and link information freely with each other in an open network. This will help to make the information free flow and enhance the learning experience of the users.

Smart Contracts

In order to ensure security in Web3-based transactions smart contract development is undertaken by a team of dedicated smart contract developers. In this contract, any changes made in the data listed on the Web3 network will be visible to all users present on the network. This makes it impossible for any unauthorized person to access the data.

Personalized User Experience

Web3 is known for the personalized user experience it provides to users. The users can choose the app theme or features as per their requirements. Through the advanced technologies used in Web3, businesses can monitor customer preferences and make personalizations in their apps to provide their users with the best experience.

No Third-Party Intervention

To make the Web3 transaction more secure, The Web3 platform does not require any third–party intervention. The users can directly communicate with the service providers and avail the services they need. This will help in making business transactions more cost-effective.

How Web3 Impact Businesses In Various Industries

The emergence of web3-based apps and platforms developed by expert Web3 Development Company has transformed the way businesses function.No industry has remained untouched by the transformations made by Web3 technology. Here is the impact of Web3 technology on the functioning of businesses operating in different industries:

Real Estate

Real estate is one of the oldest industries having a wide customer base. The emergence of Web3 has made multiple changes in the way real estate transactions used to be earlier. Earlier, these transactions were done in a centralized manner which lacked transparency, and the involvement of intermediaries between the property sellers and buyers increased the operational cost.

The emergence of the Web3 real estate app has helped in changing the real estate industry in the below-mentioned ways:

• With the emergence of blockchain development solutions in real estate, the ownership of the property can be converted in the form of NFTs. These NFT tokens are non-fungible in nature and can be traded with each other without any third-party intervention.
• The web3-based real estate apps make property management easier and simpler for users. They can easily share data, collect rent and check their property's current value.
• Web3 substitutes outdated paper documentation in the property registry process. All the data related to the property is stored in an immutable ledger which makes it easily accessible and enhances data security.

E-commerce

Over the past few years, online shopping has become an important part of our life. Whether we have to buy a smartphone or a new dress, we prefer to buy it online from e-commerce platforms. Before the emergence of web3, certain obstacles existed in the e-commerce industry, such as a lack of personalized experience, converting shoppers into potential buyers, and other challenges.

Web3 has helped in removing these obstacles and bought the below-mentioned transformations in the e-commerce industry:

• The web3-powered e-commerce stores and websites designed by expert Web3 real estate website development companies designed using metaverse and virtual reality help to enhance the buyer's online shopping experience.
• Web3 allows retailers to personalize the customer’s experience by adding features, rewards & offers to their e-commerce apps using advanced Web3 technologies such as artificial intelligence, machine learning, and blockchain. According to a study by Epsilon, 80% of consumers are more likely to use an e-commerce platform that offers personalized experiences.
• The online delivery of customers' orders can be more transparent and secure with the emergence of Web3. The customers can track their order location at each and every step.

Healthcare

The healthcare sector faces various challenges, such as data management, protecting the patient’s medical records, and giving a personalized healthcare experience to the patients. According to reports, the future of the blockchain industry is expected to expand at a compound annual growth rate (CAGR) of 68.40% from 2023 to 2030.

With the emergence of Web3, there have been many advancements in the healthcare sector. Here are a few transformations Web3 has bought in the healthcare sector:

• The patient's medical history records are stored in the blockchain-based healthcare app. This makes the data immutable and easily accessible to patients and medical professionals. The use of smart contracts prevents the risk of data theft.
  
• Using AI-based healthcare solutions, the training experience of medical students can be enhanced using 3D graphics, virtual reality, and other trending technologies of Web3.
• The Metaverse-based hospitals allow patients to seek medical advice from healthcare professionals in a virtual mode. 

Education

In previous times education was confined to the four walls of the classroom. But with the emergence of Web3, the sector witnessed tremendous changes. The major challenges students faced during online education were the lack of classroom-like feel and concentration issues. According to Forbes, the worldwide e-learning market is projected to be worth $325 billion in 2025. This has become possible after the emergence of Web3 in the education sector. 

With the Web3 e-learning app, this challenge was resolved, and the learning became more interactive and fruitful for the students. Here are a few blockchain use cases and their impact on the education sector:

• The Web3-powered E-learning App creates a real-like classroom-like environment where students can learn efficiently from remote locations.
  
• The educational content generated by the instructors is stored in a blockchain-based app which helps ensure the 24/accessibility of data to the students registered with the platform.

• The Web3 technology offers learn to earn platform where students can earn by getting paid for undertaking new courses and can list their learnings as an NFT.

Gaming

The gaming industry is amongst the most affected industries after the emergence of Web3. The interactive and emerging Web3-based technologies, including AI, AR/VR, Metaverse, and blockchain technology, have completely changed the landscape of the gaming industry.

It has made the games more interactive and user-centric and has helped enhance the users' gaming experience. This can create endless opportunities for new businesses to enter the gaming industry.

Below are a few transformations Web3 has brought to the gaming industry:

• The emerging Web3-based play-to-earn games designed by expert P2E game development companies not only fulfill the gaming needs of the users but help them earn rewards in the form of cryptocurrencies while playing.
  
• The metaverse game development is undertaken using 3D graphics; AR/VR technology creates a real-like virtual environment where users can play by creating a unique avatar and participate in gaming contests, play matches, and make new friends.
• The players can undertake trading with their gaming assets, such as weapons, trophies, wearables, and other assets with other players by listing them in the form of an NFT.

Travel & Tourism

The travel and tourism industry is a major revenue-generating industry for an economy. Before the emergence of Web3, the industry was facing many challenges, such as verifying customer’s identity, giving a real-time view of the property booked by travelers, and protecting the involvement of middlemen.

The integration of Web3 has helped eradicate these challenges and has made way for new businesses to enter the industry. A few changes introduced by Web3 in the tourism industry are mentioned below:

• With the help of Web3, verifying a traveler's identity has become very easy and simple. All the traveler's data will be stored in a decentralized ledger and can be verified easily anytime.
• Using virtual reality and metaverse technology, tourism companies could provide a Web3-powered travel booking platform that will provide travelers with a 3D virtual tour of the property and help them make the best choice.
• The fly-to-earn platforms allow travelers to earn while traveling to new places. Travelers can list their flight tickets in the form of NFTs and earn.
• The travel apps designed by expert web3 travel app development company enable travelers to move to any location by booking a cab anytime and from anywhere.

Music & Entertainment

The entertainment industry has witnessed tremendous growth and advancements in the past few years. With the emergence of OTT platforms, the entertainment preferences of customers have undergone a massive change. But with the increase in industry size, some challenges were hindering the industry's growth. These challenges include protecting the ownership of the content available on online platforms, enabling direct content sharing, adding personalizations to the platform, etc.

The revolutionary Web3 technology has helped remove these obstacles and helped the entertainment and music industry become decentralized and open to new artists. Below mentioned are some of the transformations Web3 has made in this industry:

• The listen-and-earn platform helps singers to share their creations directly with the audience. It also helps music lovers to earn rewards by listening to a song or writing reviews.
  
• The movies designed in 3D using AR/VR technology, animations, and sound effects help the viewers engage in the story and get an enhanced experience.
  
• The latest Web3-based entertainment platforms are blockchain-based decentralized platforms that protect the ownership of the content uploaded on them and make it accessible to viewers every time.
  
• Using AI and other Web3 technologies, businesses operating in the entertainment industry can track the viewer's search history and customize their apps according to their entertainment preferences.
  

Banking & Insurance

The banking and insurance industries play a major role in the growth and development of a nation. Due to the increased size and complexity, the industry faces certain challenges, such as rising operational costs due to the involvement of middlemen, managing large amounts of customer financial records, preventing fraud, and ensuring transparency in financial transactions.

The integration of Web3 technology in business processes has made all these tasks easier and simpler for businesses in the finance and insurance industry.

Below stated are major transformations occurring in the banking & insurance industry after the emergence of Web3.

• The Web3-based insurance platforms help eliminate middlemen. Buyers can directly buy insurance products from insurance companies, pay premiums, and manage their insurance policies efficiently. Through these apps, insurance-related processes will have more transparency and security.
  
• To prevent fraud during banking-related activities, multi-factor customer verification is needed. With the help of Web3,blockchain-based app customer verification will be done in a more secure and easy manner.
  
• Through white-label digital banking apps & platforms, customers can easily buy financial products as per their financial needs, avail banking services, monitor their investment’s market performance, undertake lending and borrowing, and exchange currency through this decentralized and user-centric app.

Ways in Which Web3 Impacts Your Business

Well, after understanding the impact of Web3 on businesses working in various domains. You must be thinking about why you should integrate Web3 into your business processes and how it impacts your business:

• Integrating Web3 into your business processes will help to enhance your business's customer base. You can pitch your products to new markets and expand your business in a better manner.
• The business data is an important asset for your business. The integration of Web3 will help to ensure the security of your data. All the data is stored in a decentralized network secured using smart contracts.No outside party can steal the data or make changes to it.
• To retain their customers for a longer time duration, businesses need to provide enhanced customer experience. With the help of Web3 in your business processes, businesses can provide a personalized customer experience.
• With the help of Web3, your business can experience enhanced supply chain management. The moment of your products can be easily tracked at each and every step of the supply chain network. This will help to ensure time and safe delivery.

Why Choose Us?

Are you looking for an expert Web3 app development company? Well, you are at the right destination. Suffescom Solutions Inc. is a well-known and expert in Web3 Software Development services provider known for its feature-rich and tech-savvy web3 apps. Here are a few reasons why we are the perfect choice for your business:

Smart App Development

We design smart Web3 applications which are equipped with the best technology and futuristic features. The Web3 applications designed by our experts are powered by trending Web3 technologies like AI, Blockchain, & ML.

Metaverse Avatar Development

In order to make your web3 app experience more enhanced, we design digital avatars that are designed according to the platform's requirements.

24*7 Chat support

To resolve your queries and fulfill your business requirements, we provide 24/7 customer support. We offer complete chat support before the app development and post-release support after the application is successfully launched.

Customized Web3 App Development Solutions

At Suffescom, we analyze your business requirements and long-term goals and design a customized and user-centric Web3 app that will possess the best features and would fulfill all the requirements of your business.

• Web3 Technology