Web 3 at the Service of Business

Introduction

According to statistics, more than 60% of the world’s population uses the Internet, and almost 90% of them are users of social networks, and this number is only growing every day. Today, all users are witnessing global changes associated with the emergence of a new generation of Internet, called Web 3. The rapidly developing digital world is destroying many approaches that have been created and strengthened over time. Artificial intelligence, blockchain technology, decentralization, cryptocurrencies, NFTs, metaverses etc. have become the first signs of a new round of Internet development. Many users are trying to reorient their thinking towards blockchain, realizing that this technology can bring certain benefits, both in business and in social life. However, any technology is just the tip of the iceberg, since there must be a base that makes any technology functional. The foundation of the blockchain and, in fact, the foundation of web 3 is web3 infrastructure. It is thanks to this foundation that Web 3 distributed registries can be formed and opened to users.

Problems solved by blockchain technology

Let us remind you once again that the world is only at the start of the development of Web 3, but there is no doubt that today one of the priority tools of Web 3 is distributed registries. And, of course, distributed registries can become reliable assistants in many areas of business and human activity. To see this, let’s give examples of real life situations.

The first situation is related to inheritance of real estate. It happened when someone received th information that after the death of a relative, he got one house as an inheritance. However, during the inheritance procedure, it turned out that there were no records in the city real estate registers about the house that was subject to inheritance. During the investigation, it turned out that for some reason the records were deleted, i.e. the registry was susceptible to fraud. After a similar situation, blockchain technology began to be used when registering real estate in this locality. This not only secured the process of registering real estate, but also greatly simplified the search for the necessary objects. The transition to immutable data through the use of blockchain has led to the fact that any trading operations with real estate began to take no more than 5 minutes. In addition, it became possible not only to make cryptocurrency transactions, but also to use VR technology.

Blockchain technology is being successfully introduced into the gaming industry. Many companies that are leaders in the gaming sector are gradually moving to the use of blockchain, although still in test mode. As an example, we can take some ordinary evolutionary game in which you need to achieve a certain digital result by moving figures with the same values. Using blockchain technology, you can successfully monetize this game by representing each element in the form of a specific token.

The use of blockchain technology also proves its usefulness in the repair segment of various types of transport: road, rail and air. In this industry, it is not uncommon for problems to arise that are associated with incorrect fulfillment of contractual obligations, with counterfeiting and theft of original components, and with fraud when preparing procurement documents. Blockchain was quite capable of solving these problems.  For example the special sensors was installed on each part, which contained a unique part identifier, and was a kind of signal source that allows it to be monitored. Such monitoring and further registration were carried out using special devices by responsible persons at the starting and ending points of the route. Any change in data immediately activated the sensor alarm. Some companies, as a result of using blockchain, have managed to take control of compliance with contractual obligations throughout the supply chain of components. In addition, problems associated with theft of parts were eliminated and the market for counterfeits of original products was eliminated. The use of smart contracts has led to the fact that transactions between counterparties began to be concluded automatically and the level of quality control of the services provided has significantly increased.

Based on the examples given above, we can confidently say that blockchain technologies not only can, but should also be useful. Today they are one of the engines of the third generation Internet, and these are not just nice words. The use of blockchain technologies allows business and society as a whole not only to solve pressing problems, but also to develop confidently.