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7. Mainstream adoption of Web3 technologies
Data privacy concerns regarding traditional Internet platforms will drive the mass adoption of Web3 technologies in the coming year.
“People are starting to wake up to the fact that in the digital world, all of our interactions are permanent, [and] we have no idea who is watching anything,” Alex Pruden, Chief Executive Officer of Aleo, said in an interview with The Drum.
“It is a totally new universe that humanity is trying to wrap their heads around. […] This is why you’ve seen crypto be adopted more and more: people who are more tech-forward as they realize the implications, and I think slowly but surely, people will come around to see that we have to have protections, we need to use cryptography to protect our information online,” Pruden adds.
Web3 technologies for everyday use like communication, business activities, or financial transactions will actively compete with their traditional counterparts. More people will replace formal agreements with smart contracts, fiat transactions with cryptocurrencies, and traditional social media platforms such as Twitter with Web3 alternatives like Mastodon.
How can traditional institutions prepare to survive and thrive in a Web3-driven world? The key is customer-centricity, says Suad Seferi.
“To have their businesses in the Web3 realm, companies must be ready to operate in an abnormal environment where users will finally be put at the center of all business processes. Ecosystem companies focusing on security and education will surely become the fastest-growing brands in the new Web3 realm.”
For IT companies worldwide, this means:
- holding your business to the highest transparency standards,
- growing communities on Web3 platforms,
- investing in data privacy and security.
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