With Web 3.0 as a potential game-changer on the horizon, hyped to truly revolutionise the way we do business, we wanted to explore how this innovation is likely to take shape, along with its potential impacts. While Vanson Bourne wouldn’t consider ourselves expert in the subject of Web 3.0, our blog provides a foundation for further exploration on the topic.
Berners-Lee 3.0?!
Before immersing ourselves in Web 3.0 – or Web3 – it’s worth briefly reminding ourselves of the evolution of Tim Berners-Lee’s world wide web since its inception.
- Web 1.0 (the past) – the internet simply provided access to online data. Static web pages, if you will
- Web 2.0 (the present) – internet users can manipulate and interact with content (social media, etc.)
- Web 3.0 (the future) – whilst the concept is still evolving, the essence of the idea is that the web is decentralised and self-regulating. No one entity will have control over the network, effectively creating a more secure and transparent virtual environment
Why should businesses care about Web 3.0?
Forewarned is forearmed -having a solid understanding of the evolving technological landscape, along with the associated organisational opportunities and challenges this creates, can only aid strategic thinking – providing a tactical, commercial, advantage.
Web3 is not purely conceptual, the building-blocks are already in-place, including technologies for storing and transmitting information without governance by any central authority (blockchains), cryptocurrencies, smart contracts, decentralised applications (DApps), peer-to-peer (P2P) networks, non-fungible tokens (NFTs), and decentralised autonomous organisations (DAOs). Each of these already has real-world applications across many industries.
Gaining a snapshot of current business understanding
We recently conducted a poll on our website to find out how many people understand the term Web 3.0. The results can be found here.
To measure the understanding of Web 3.0 across the business community we spoke to IT decision makers across our Community, as well as IT decision makers in the US.
Almost three-fifths (58%) of IT professionals stated that their knowledge of Web3 was not comprehensive. Perhaps unsurprising, at one level, given the future shape and application of such a technology has yet to come fully into view.
Whilst in-depth understanding of Web3 is far from universal, the potential benefits are more widely acknowledged. Adoption of Web3 was felt to have the potential to ensure enhanced data analytics (70%), greater data management (64%), as well as ensure an increased ability to understand customers’ needs (63%).
Given this degree of potential engagement with future applications, it is no surprise that almost 8 in 10 IT decision makers we interviewed felt that the majority of organisations in their industry will employ the technology over the next 5 years.
Positioning you, your team & your organisation for the future
There are a number of practices which can be put in-place to ensure you are you’re well positioned to embrace Web 3.0:
Raising your base knowledge
Being inquisitive, informed and future-facing in terms of ethos -this is no different to when dealing with any such drivers of truly transformational landscape/organisational change.
In more specific terms, ask yourself, your team and your organisation the following questions:
- To what extent do we truly understand the fundamentals underpinning Web3?
- Do we have time, headspace and/or resource dedicated to understanding related movement within our industry vertical? At the very least, is Google Alerts set-up to monitor ‘Web3’/’Web 3.0’ – tracking major sectoral developments
- Has any thought been invested as to how we position our proposition (and brand) within a Web 3.0 landscape?
Keeping a close eye on the pioneers
Within your industry (as well as across adjacent sectors), pay attention to those businesses at the leading-edge of developments, those embracing Web3. Learn from their successes and missteps.
- Which activities/product solutions are they prioritising?
- How are they positioning themselves?
- What problems are they solving?
- How are they adapting their business model(s)?
Focussing upon walking, before running
Start small – look to become gradually more familiar with the foundational concepts of Web3, so that you’re ready to pivot when the opportunity arises.
Our final thoughts
Whether it’s called Web 3.0, Web3, or something entirely different, the third generation of the internet is heading our way. Though such major transformational change may still be five years – or even a decade – off.
Web3 will bring with it the full VUCA (volatility, uncertainty, complexity, ambiguity) suite of impacts and disruption – as is the case with all game-changing innovation. Ultimately though, such seismic transformation can be viewed through the lens of opportunity or challenge.
The most agile, innovative, forward-facing businesses will look to embrace the technology and the associated commercial possibilities, to win.
In our view, the emergence of Web 3.0 should be closely monitored and considered, but not feared. Whilst the foundational technology continues to evolve and integrate, it’s no bad thing to sporadically ask yourself that same, tough, question: ‘Am I, my team and my organisation well placed to embrace such innovation and the opportunities it offers?’
Methodology
The survey findings are based on quantitative interviews conducted in 2023 with Vanson Bourne Community members and additional interviews with IT decision makers from the US. The research comprised of 300 interviews, from enterprise organisations and representing a range of commercial sectors.
As a member of the Vanson Bourne Community you’ll gain access exclusive to a variety of insights reports just like this one, based on research with our members.
