FOREWORD Businesses need a well-defined strategy for a web3 future

With a report suggesting businesses “ lack confidence ” in their abilities to deploy web3 technology , we speak with experts on what executives should do going forward

“ Only 20 % of organisations have a welldefined strategy in place for web3 ”

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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 , Director of Innovation & Global Head of Blockchain at UST , Simon Bain , CEO of OmniIndex and Alex Leventer , 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 . Enjoy the issue .

Technology Magazine August 2023 | Page 7

FOREWORD Businesses need a well-defined strategy for a web3 future

“ Only 20 % of organisations have a welldefined strategy in place for web3 ”

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 .