Perhaps none of the Web3 buzzwords is more essential or prevalent than "decentralization." While the Web2 internet is great for many things, there’s little doubt that Big Tech got big off consumer data. Tracking and data mining have exploited consumer trust and recent privacy regulations are bringing to light what users want - better security and a transparent process of the way data is collected and used.
Yet, Web3 isn't suddenly going to “be switched on '' overnight - we are in a phase where we know Web2 has flaws that Web3 can help with and vice versa. So there’s no need to ‘jump ship’ and leave behind ‘old tech’. Instead, now is the time to embrace Web2 + Web3 solutions combined.
Using Web3 with Web2 will transform internet privacy
Web3 is the next iteration of the Internet, expected to be based on blockchain technology. While cryptocurrency is at the spearhead of the movement, others in the IT sector think that decentralization is an unavoidable evolutionary step for the internet, affecting companies across all industries.
Becoming mainstream, major tech firms have already taken notice of Web3. With its limitless potential in the metaverse and new kinds of online interaction, some are making it a big part of their business. But is the focus enough on solving privacy issues that exist now?
We have been talking about this for a while - privacy has become a global priority for consumers, but despite huge GDPR fines, privacy regulations, and customer distrust, the problems have not properly been addressed with Web2 technology.
Web3 could change that; we’re now seeing fundamental changes that promote consumer privacy.
Because Web3 uses blockchain technology, data storage is decentralized making it transparent and therefore potentially protecting it from breaches. Data ownership goes back to the consumer - so Big Tech loses access to the data that has helped them this last decade or so.
One such example is integrating Web3 ID blockchain technology solutions like Concordium to combat Web2 privacy problems. The protocol level ID validated by a third party allows people and companies to trust one another while remaining private with zero-knowledge proof. Building on these types of Web2 + Web3 experiences, AesirX will use a Single Sign On (SSO) login solution based on the Concordium ID blockchain from Q4 2022.
Web3 solutions work to combat Web2 privacy problems
Why your business should embrace Web2 + Web3
So MarTech is evolving just like the world wide web. New compliant and decentralized solutions using Web2 and Web3 technology have many benefits.
Greater data freedom
The power a firm can have just by possessing your data is at the heart of the Web3 movement. A prominent example is Facebook retaining your data and providing services with it in order to acquire more of it, resulting in vendor lock-in. When you’re a CEO and Twitter has been locked, for example, they hold your data with no means to retrieve it. This is a centralized approach that we have come to expect from large enterprises, governments, and public organizations.
In Web3, only you will own your data. It will be decentralized and permissionless with no more censorship and surveillance.
Your company will control both the material it generates (such as postings or videos) and the digital products it purchases. Furthermore, instead of being privately housed on a third-party server, these digital assets can be developed in accordance with interoperable standards on public blockchains. This makes the assets portable, in the sense that you can, in theory, quit any particular platform at any time by disconnecting from it and moving - along with your data - to another.
Potentially, you won’t have to secure customer data in the same sense as Web2; think how many company resources go into data security and privacy regulations.
Your customers will be able to engage openly without a third party being able to expose them and so the data becomes trustless.
Get greater data freedom combining Web2 + Web3
No more data exploitation
As well as data ownership, Web3 is based on the premise that there’s an alternative to exploiting users for data to make money. As mentioned, cookies, third-party data, and retargeting will become a thing of the past. Instead, Web3 tech can advance what we have in Web2 and develop privacy-by-design driven marketing solutions.
Zero-party data collection will result in more meaningful customer engagement. Instead of stalking customers and running the risk of a hefty GDPR fine, solutions in Web3 will empower and evolve businesses through tech that keeps customers front-of-mind.
Building open platforms that directly share benefits with users would increase value for everyone, including the platform.
More efficient customer (and staff) journeys
Besides gaining customer-centric data that’s provided directly by consumers voluntarily, you can retain consumers, provide a hyper-personalized experience, and keep them coming back for more with zero-party data.
It's simple: organizations that prioritize customer experience lower turnover while increasing revenue, resulting in better profitability.
Web3 also brings contributing tech such as artificial intelligence (AI) and machine learning (ML). These more immersive experiences can extend across all of a brand’s channels and touchpoints, with the intent of continually improving the brand-to-customer relationship.
A brand that can seamlessly blend the traditional channel experiences of Web2 (web, email, mobile) with physical experiences (in-store, call center, chat) and extended Web3 experiences (augmented, virtual, mixed reality) throughout the customer journey is a strong candidate for providing impactful customer-loyal experiences.
Tech will also massively impact the staff experience - more automated processes will mean less mundane repetitive tasks and more creative high-value tasks that require a human touch.
Web2 + Web3 solutions = More efficient customer journeys
End-to-end encryption
The technology behind blockchain is known for its high-security standards. It enables the storing of electronic data in a manner that ensures the security of the record data without the need of a third party, and this could mean zero hacking! In fact, it’s already in play with the likes of Google, Apple, and Facebook who are already using blockchain for security purposes.
Greater usefulness
Merging Web2 and Web3 apps has considerably higher utility which can create a world of innovation and opportunity, expand apps in new domains, and improve user utility. AI and ML will allow for more responsive tech and greater accessibility to the internet via more devices that the Internet of Things (IoT) can leverage.
Mature Web technology that connects information
The so-called semantic Web3 will be able to offer people the information they're looking for at the time they need it. The semantic web essentially allows for the connection of information using a network that can be easily read by machines, whether that's computers, IoT devices, mobile phones, and so on.
Alternative purchasing power
NFTs (non-fungible tokens), already used in gaming, are currently powering the metaverse. Businesses can leverage NFTs to promote real-world products by selling virtual ones or by reaching out to new audiences. For example, selling virtual designer clothing to build excitement before a clothing line launch.
Businesses can leverage NFTs to promote real-world products
The time for change is now
As our current version of the web continues to evolve (whatever that may look like), it appears that business leaders have started finding ways to apply Web2 + Web3 solutions to their business models.
In terms of privacy, as well as many other benefits, combining technologies returns control of consumer data to the client. Transparency improves data protection, digital trust and loyalty, allowing customers to enjoy a great, immersive Web2 + Web3 experience across all brand channels.
We’re working tirelessly on AesirX - evolving Web2 with Web3 to enable the future of privacy-first on the world wide web!
Web2 + Web3 = AesirX
Contact
AesirX.io Ltd.
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Ronni K. Gothard Christiansen, Creator at AesirX - ronni@aesirx.io
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447 Broadway, 2nd Floor, Suite #1305, New York, NY, US, 10013
