Web3 for Business

In Germany, Web3 often still seems like a thing of the future. But that's an illusion. The market is already here, and some companies, both globally and in Germany, are already securing their pioneer position.

Web3 is the new generation of the web, and thus an evolution of what we currently find online. 

A key concept of Web3 is decentralization. In Web 2.0, data is stored on central servers and often controlled by individual corporations. Web3, on the other hand, aims for data storage on a distributed system using blockchain technology.

The underlying goal is data sovereignty. While in Web 2.0, data is largely managed by companies, in Web3, users themselves should have control over their data. Using digital wallets and IDs, users in Web3 can encrypt their data and manage who has access to it. This is also known as Self-Sovereign Identity (SSI). Often, the term "trustless" is used in this context, because you no longer have to trust third parties with your data. However, this term is somewhat misleading. "Trustless" suggests that there is actually no trust involved. In reality, the trust shifts, and you gain trust in your own data sovereignty. We therefore like to speak of "Digital Trust": Trust in data that is cryptographically secured.

Web3 thus sets new standards for security and transparency. For companies worldwide, but also in Germany, innovative new business fields are opening up, in which one can still be a pioneer.

Every adventure also entails a certain risk. Is it worth it? Large companies such as Ritter Sport, Lufthansa, Mercedes, and soon Nike are currently conquering the market for themselves. And many startups are getting on board as well. These benefits convince companies of Web3:

But what are you doing on Web3 anyway? Is the topic too cryptic for you? We decode the 3 fields in which Web3 offers potential for companies.

Non-fungible tokens (NFTs) offer brands the opportunity to sell unique collector's items digitally. Digital twins of popular products are conquering the web and give owners the feeling of being part of a brand.

Technical requirements:

Imagine transactions happening instantly and transparently, without delays or middlemen affecting trust and efficiency. The traditional payment system receives an innovative redefinition in Web3: Smart Contracts revolutionize the way businesses conduct transactions. These self-executing contracts, based on blockchain technology, automate the fulfilment of agreements once predefined conditions are met.

Technical requirements:

That's why we implement Multichain solutions, i.e., solutions that work on multiple blockchains, and we support companies with bridging. This is the transfer of crypto values between different blockchains, e.g., Ethereum, IOTA, Polygon, Solana, BNB, and many more. In a rapidly changing digital Web3 world, the flexible choice of the right blockchain for companies is a matter of time and money.

Technical requirements:

Web3 presents companies with complex challenges. With few established role models, the path to Web3 is often unexplored and requires a pioneering attitude. The technical demands are immense, requiring specialised knowledge and significant investment in technology and security. Companies must also be able to continuously adapt and scale in order to survive in the rapidly changing digital landscape of Web3.

What is included in Web3?

Web3, often referred to as the decentralized internet, encompasses technologies and concepts such as blockchain, smart contracts, decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and decentralized financial services (DeFi). It is characterized by a user-centric philosophy, where privacy, data ownership, and direct peer-to-peer interactions are paramount.

Why should businesses invest in Web3?

Businesses should invest in Web3 to stay at the forefront of technological innovation and benefit from its advantages. Web3 offers improved security, transparency, and efficiency through blockchain technology, enables new business models through smart contracts and NFTs, and fosters stronger user engagement through decentralized and personalized experiences. Additionally, businesses can take a leading role in the growing market of digital assets and services through Web3.

When will we reach Web3?

Web3 is already in an advanced stage of development, and some of its components are already in use. While broad adoption and full implementation of Web3 may still take some time, new applications, platforms, and services are continuously being developed. Businesses and developers are increasingly experimenting with Web3 technologies, indicating that the Web3 era has already begun.

What are Web3 applications?

Web3 applications are decentralized applications (DApps) that run on blockchain technology. They offer increased transparency, security, and immutability compared to traditional applications. Examples of Web3 applications include decentralized exchanges (DEXs), gaming platforms, NFT marketplaces, and social networks that give users direct control over their data and assets without the need for a third party intermediary.

What is a Web3 Wallet?

A Web3 wallet is a digital wallet that enables users to store, send, and receive their cryptocurrencies and digital assets like NFTs. Moreover, a Web3 wallet serves as a method of identification and authentication in the decentralized world of Web3, facilitating interaction with DApps and smart contracts.

What are the dangers of web3?

Despite its many advantages, Web3 also carries certain risks and challenges. These include technical complexity and potential security vulnerabilities in smart contracts and blockchain platforms, the risk of market volatility for cryptocurrencies and digital assets, as well as regulatory uncertainties. Additionally, there are concerns regarding the scalability and environmental impacts of some blockchain systems. It is important that both companies and users are aware of these risks and take appropriate measures to mitigate them. We are happy to advise you regarding these risks.