Web3 for Business: Why Blockchain Technology Will Transform Our World
“Any power structure — regardless of initial purpose — will ultimately view retention of power as its primary goal. It’s no surprise that those endowed with power find it difficult to hand over to a structure they don’t control.”Gavin Wood, computer scientist and founder of Ethereum
Big changes abound thanks to cryptocurrencies, digital wallets, and NFTs as technology changes the way we work and live.
Self-proclaimed “geek” Ben LeDonni, founder and CEO of Creative Multimedia Solutions, is closely monitoring the third evolution of the internet, known as Web3, and he sees huge potential for businesses to capitalize on key Web3 features enabled by blockchain technology.
“[Web3] will impact every aspect of our lives from finance to music to marketing to the way we purchase a home and maintain important documents that define what we own, buy and sell,” LeDonni said.
LeDonni presented an overview of Web3 and what it could mean for businesses at a Think Innovate 2022 – Mini-Event hosted by Think Systems to provide a preview of a session being presented at Think Innovate 2022, a technology and operations innovation conference that will convene 200+ C-level executives, business owners, and government executives Oct. 19-20 in Owings Mills, MD.
For two decades, LeDonni has been at the forefront of emerging technologies like Web2.0, Responsive Web Design, Website Accessibility, Content Management Systems, and now Web3. He described Web 1.0 as a one-way, read-only channel while Web 2.0 is characterized by the rise in user generated content and two-way communication with people engaging on social media like YouTube, Facebook, Twitter, Instagram.
“Web3 is more complex and a harder concept to grasp,” LeDonni explained. “However, Web3 is not too different. It is another stage that features blockchain technology being used in increasingly creative ways.”
LeDonni visualized Web 1.0 as signing in with a username and password, Web 2.0 as signing in with a Facebook, Twitter or LinkedIn profile and Web3 as connecting a digital wallet to websites to enable a host of activities from applying to jobs to holding and transferring digital assets like concert tickets.
“That is a future I think will truly happen,” LeDonni said. “And these are just some potential uses for blockchain technology.”
Many features of Web3 like crypto currencies, nonfungible tokens (NFTs) and digital wallets are possible thanks to blockchain technology. Blockchain is defined as a “shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.”
LeDonni provided a practical example of how this works.
Without blockchain, if someone wanted to verify that I graduated from Villanova University, they would call the Registrar’s Office and request validation, he explained. If my records were on a blockchain (a shared, immutable ledger) anyone could validate that I graduated from Villanova.
“It enables the nearly immediate verification of virtually anything,” LeDonni said. “This technology removes the need for third-party verification. The key takeaway it is that we can see what has happened on this blockchain because in many cases the ledger is public.”
This has significant implications for any organization that controls information.
“It has the potential to transform governments, universities, insurance and title companies, banks and other organizations,” LeDonni said.
Blockchain technology enables cryptocurrencies, which LeDonni describes as much like an arcade where you receive tokens to play games. While the tokens aren’t worth anything outside of the arcade, blockchain technology allows you to use those tokens (think Bitcoin and Ethereum) anywhere in the world because they are validated and interoperable.
Unlike arcade tokens, there is always an undisputable record of you owning the currency, he said.
Once you have cryptocurrency, you need a place to keep it and enables you to transfer it. The same blockchain technology facilitates users holding digital assets in a digital wallet.
In addition to cryptocurrency, these digital wallets could hold other assets from airplane and event tickets to property and automobile deeds. Consumers can also share their wallets with stores or concert venues to validate the cryptocurrency or tickets.
Consumers can connect their digital wallets to various websites to conduct business. This can provide companies with insights into what is in your wallet, enabling brands to foster deeper customer loyalty and engagement. Brands will know consumers more intimately and possibly be able to track their interests.
“Even things like job hunting could be revolutionized,” said LeDonni. “Imagine you are looking for work and simply connecting your wallet to the company’s website to apply providing your credentials, resume, certifications and application information immediately.”
Nonfungible Tokens (NFTs)
Nonfungible tokens or NFTs are another form of digital asset that leverages blockchain technology to create one-of-a-kind virtual assets that can’t be replicated.
“You can store art and videos in your wallet with an indisputable record that documents your digital ownership,” LeDonni said. “NFT’s have a rarity so you can’t get another one like it.”
The implications of this growing Web3 technology are widespread, but will immensely benefit content creators, according to LeDonni.
Like others, he can see the music streaming industry experiencing a major shake-up, if musicians are getting paid directly per listen, rather than streaming platforms compensating with cents off a dollar per stream.
“It creates a system where content creators like musicians get a percentage of everything they create,” he said. “Creators can avoid losing the rights so they can collect more from the things they create. Content is still definitely king.”
LeDonni told attendees to think about the world of Web3 in terms of creating community.
“To me it is all about forging deep, meaningful connections by eliminating middlemen,” he said. “You’ll need to adapt a digital strategy that embraces the decentralization of information to form direct lines of to your audiences.”
In addition to following Ben on LinkedIn at https://www.linkedin.com/in/bledonni/ you can also find out more about his Digital Marketing Agency, CreativeMMS.com and his newest venture, Deploymint.com, helping educate and innovate companies with Web3 and blockchain.