IDC defines Web3 as "a collection of open technologies and protocols, including blockchain, that supports the natively trusted use and storage of decentralised data, knowledge, and value."
Over the last few years, there have been concerted efforts to build an efficient, decentralised, and more trustworthy internet to address issues of control, privacy, security, and trust, and at the same time, support the seamless, transparent, and cost-efficient interactions and transactions central to our digital economy.
Budding interest
Web3 has elicited significant interest and activity within industry circles, which abounds with projects and start-ups spanning diverse components of the Web3 ecosystem, such as blockchain, cryptocurrency, non-fungible tokens (NFTs), and decentralised autonomous organizations (DAOs).
Research director, worldwide blockchain, crypto, NFT, and Web3 strategies at IDC, Phillip Silitschanu, suggests that the question to ponder is not whether Web3 is coming, but which form Web3 will take within the next few years.
He added that by targeting low-hanging fruit first in the evolution toward Web3, DAOs will enable content creators, gamers, and social media users to rebalance the power, that traditional corporations that controlled Web 2.0 jealously guarded.
"Firms must gain a clear understanding of how their organization is reliant on the existing Web, in its current form as Web 2.0, and the impact a shift toward Web3 would have on their operations and profit”, cautioned Dr Christopher Lee Marshall, associate vice president, IDC Asia Pacific.
Other notable comments around Web3
In a letter to shareholders, JPMorgan CEO Jamie Dimon praised blockchain technology and DeFi, a striking contrast to his previous crypto statements. Dimon now believes there are “many uses where a blockchain can replace or improve contracts, data ownership and other enhancements.”
Barclays Corporate & Investment Bank’s Ramsey El-Assal said at its March summit meeting: “We see blockchain technology’s potential as being on a similar scale to the transformative, decades-long IT shifts from mainframes to PCs to the web to mobile. We further believe the move from “centralised” to “decentralized” technology will be the dominant theme in FinTech for the next couple of decades.”
