Thought Piece | Innovation

Preparing for Web3: Is your business ready for the transition?

Author: Liam Springate-Jones
Date: 02/03/23

Preparing for Web3: Is your business ready for the transition?

Web3 is the third major evolution of the internet. It’s an ethos built on blockchain technologies and is already proving to be a huge disruptor across various industries. Much has been said already about web3 and decentralisation, and how this could change the way that businesses operate forever. The transition won’t be easy, but if organisations want to continue to thrive, they need to prepare for what’s to come. Here are the key areas businesses can focus on to get ready for all the changes that lie ahead.  

Adopt a multi-cloud strategy 

Cloud computing – the process of delivering and storing different services through the web – is one of the biggest revolutions in the history of the internet. The benefits of cloud computing combined with the rise of web3 are enabling companies  to distribute data across multiple clouds or devices.   

To keep up with the changes, businesses need to make sure they take a multi-cloud approach to data management and storage. It allows for even more streamlined and intelligent resourcing, enabling businesses to access data from anywhere because they won’t be restricted to a single provider. 

With a multi-cloud strategy, businesses can achieve greater agility, enhanced risk management and more effective workload coordination. Web3 offers an open-source landscape, so to keep up with customer demands, adopting a multi-cloud strategy will be necessary for bolstering your business model and operations. 

Understand risk and secure your systems 

As web3 technologies become more widely adopted across industries, businesses must constantly review, and analyse their data to ensure customers are confident that all personal data is safe and secure. With new technologies comes increased risk and potential data breaches, so to prepare for web3, businesses should be paying extra attention to compliance and regulatory frameworks, as well as maintaining an effective incident response plan. This includes providing risk assessments and analysis and ensuring your organisation has clear processes and an understanding of any potential vulnerabilities.

Build an innovative culture 

With the rise of web3, having a dynamic and innovative workplace culture has become more important. As employees become more accustomed to web3 and advanced technologies, they will more than likely expect similar innovations in the workplace. By embracing decentralisation, companies can build more transparent and efficient processes, with tools that provide greater collaboration. A good example of web3 technologies that can have an impact on a business’ culture is blockchain.  

  • In the automotive sector, Ford and BMW are using blockchain to track their supply chains more accurately, as well as to reduce the costs and time associated with complex supply chains. In turn, blockchain can help steer companies towards better business practices and customer experiences.   

  • Elsewhere, in the food industry, Nestle has invested its resources into blockchain to track its products’ journey through the supply chain. Nestle made waves through its collaboration with the blockchain platform OpenSC. As a result, it became the first food and beverage company to pilot open blockchain technology. 

An innovative culture will be critical to a business’ transition to web3. The day-to-day needs of the workplace should reflect the wider innovations across the business and industry, which can help inspire employees and create more productivity.

Invest in edge computing 

The new era of decentralisation and web3 will require businesses to invest in edge computing, as well as peer-to-peer data models. As technology continues to evolve, it’s expected that businesses will consume and generate higher volumes of data across the globe. This means that data processing and storage are likely to become inefficient. Edge computing, however, enables businesses to optimise their systems to bring applications closer to the sources of data. 

There are various benefits of edge computing for businesses, such as improved performance and data security and reduced operational costs and enhanced reliability. Since data is processed with the edge rather than from central services, edge computing can help businesses avoid connectivity and speed issues. By investing in edge computing, businesses can prepare for the future of decentralised infrastructures and deliver their customers the best value.  

We can help your business 

The Splendid UNLIMITED team is well-versed in digital experiences and has plenty of knowledge when it comes to web3. We’re a highly skilled team of digital designers and developers, so we understand web builds and the impact web3 will have on the future of businesses.   

We’ve worked with BT to create new digital products to support their customers, as well as with Liz Earle to elevate their brand on an e-commerce platform. Whatever stage your digital product is in its life cycle, we can realise your business goals. To find out more about website builds and how we can help with your next project, get in touch with our team