Web3: The next big thing for Kiwi businesses, and why you can’t afford to ignore it
Web3, also known as the decentralized web or the web of trust, is the next generation of the internet. It is a vision of a future internet that is decentralized, secure, and owned by its users. Unlike the current web, which is controlled by a few powerful companies and organizations, Web3 is built on the principles of decentralization and trust.
One of the key technologies that makes Web3 possible is blockchain. Blockchain is a decentralized, distributed ledger that allows for the secure, transparent, and tamper-proof recording of transactions. By using blockchain technology, Web3 enables secure, peer-to-peer interactions and transactions without the need for intermediaries or central authorities.
In addition to blockchain, Web3 also leverages other technologies such as peer-to-peer networks, cryptography, and smart contracts. These technologies enable Web3 to provide a wide range of services and capabilities, such as decentralized storage, secure messaging, digital identity management, and decentralized finance.
Web3 has the potential to be beneficial to New Zealanders and Kiwi businesses in several ways. For example, it can enable New Zealand businesses to operate in a more efficient, transparent, and secure manner. It can also empower New Zealanders by giving them more control over their own data and assets. Web3 has the potential to create new opportunities for collaboration, innovation, and value creation in New Zealand. It can enable the creation of decentralized networks and communities that can work together to solve complex problems and create new value.
For Kiwi businesses, Web3 can provide new opportunities for growth and expansion. By leveraging the power of decentralized networks and technologies, businesses can access new markets and customers, and create new products and services that were not possible before.
It is important for New Zealanders and Kiwi businesses to start looking at Web3 now because it is a rapidly evolving field with many exciting developments and innovations happening every day. Many businesses and organizations around the world are already exploring the use of Web3 technologies and incorporating them into their operations. The Reserve Band Of New Zealand has already confirmed they are investigating the potential use of a CBDC (Centralized Bank Digital Currency)
Recently MBIE (Ministry of Business, Innovation and Employment) released their first long term insight briefing “The future of business for Aotearoa New Zealand” with the byline “An exploration of two trends influencing productivity and wellbeing purpose-led business and use of blockchain technology”. You can find a copy of the document here, it is worth highlighting that the word blockchain appeared 274 times. If you have the time to read a 70 page strategic document go for it, or you can wait for me to summarize it in a future blog and I might throw in a couple of opinions and good ideas.
In conclusion, Web3 is the next generation of the internet, built on the principles of decentralization and trust. It has the potential to be beneficial to New Zealanders and Kiwi businesses by enabling more efficient, transparent, and secure operations, and by providing new opportunities for collaboration, innovation, and value creation. It is important to start looking at Web3 now in order to stay ahead of the curve and take advantage of the opportunities it presents.
