DIGITAL TRANSFORMATION distributed ledger where trust across multiple companies is necessary , but it is not suitable when you need analytics . Blockchains can ’ t be used for analytics , so you may have to use other distributed data methods to handle your information .
The challenge with web3 technologies is that they are often associated with cryptocurrency projects , with all the negative connotations that those projects could have , or where the company ’ s whole approach is based on providing an existing service ‘ but on the blockchain .’ These approaches are not the right way to carry out digital transformation .
When you apply web3 in the right way to decentralise data , you can build new and innovative services . The challenge is to break out of that reductionist mindset and apply web3 when it is the best approach to fulfil a business need in combination with other innovations in real-time data and real-time AI .
DF : There is a predominant undercurrent in much of web3 on driving adoption through financial speculation . We advise our clients against this : it appeals only to a minority and is anathema to community engagement , reward , intimacy and loyalty . We suggest taking a broader view , focusing on sentiment . Web3 objects should be treasured , not valued , collected not traded . This requires mechanisms to showcase them , peer recognition , and a long term commitment to communities and initiatives .
“ Web3 ’ s blockchain storage and enhanced encryption technology offer a massive opportunity for all industries to upgrade their security and productivity dramatically ”
SIMON BAIN CEO ,
OMNIINDEX
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