Technologies associated with web3 have had a turbulent time of late . From major declines in cryptocurrency prices to what some see as a cooling in enthusiasm for the metaverse , talk about the decentralised future of the internet has diminished somewhat . According to research by Bain & Company only 20 % of organisations have a well-defined strategy in place for web3 , with the report suggesting businesses “ lack confidence ” in their abilities to deploy the new technology .
This month Technology Magazine speaks with three experts in the field of web3 – Daniel Field ( DF ), Director of Innovation & Global Head of Blockchain at UST , Simon Bain ( SB ), CEO of OmniIndex and Alex Leventer ( AL ), Web3 Development Lead , DataStax – to gather their thoughts into how the technology will accelerate digital transformations in future and how web3 is shaping business models .
In what ways can web3 technologies accelerate digital transformations ? DF : Users will eventually curate collections of digital objects reflecting their past achievements , evolving interests and tastes and most memorable experiences , much as they do with photos , souvenirs and memorabilia today . Only these digital objects can also provide utility , such as access rights or service privileges . This will give new incentive mechanisms to retailers , employers , educators and the entertainment sector , such as new approaches to loyalty and reward .
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