Web 3: A Utopian Idea?

The next phase of the internet's development is called Web 3. Additionally, terminology relating to Web 3.0 has grown in popularity in recent years, such as blockchain and cryptocurrency. Similar to earlier online iterations, companies and business owners must comprehend what this new and developed form of the web is if they hope to be competitive.

Speaking at the BW Businessworld Web 3 summit in 2023, Rajesh Dhuddu, Global Head – Emerging Technologies at Tech Mahindra, says that given the current state of adoption, Web 3 is still a utopian idea. He explains three fundamental things that Web 3 is going to bring to the table: "One is in terms of the right to monetize, the right to forget, and the right to control. And you don't have any of that on the existing internet today. And the existing internet cannot cater to that because fundamentally the architectures are different."

As the adoption rate of Web 3 among users increases, big enterprises have been adopting Web 3 in peripheral use cases that do not disrupt the core of the business, creating a Web 2.5-like experience, according to Arpit Sharma, MD – India, SEA & Middle East at NEAR Foundation.

Commenting along similar lines, Vinod Bhat, Chief Information Officer, and Chief Ethics Counsellor at Vistara – Tata Sia Airlines highlights that Web 3 is a new way of doing business. Businesses need to put the right business processes in place rather than solely focusing on the adoption rate, as it may vary from industry to industry.

Marketing is one of the important verticals of a business. Regardless of whether it's Web 3 or any other platform, brands need to keep a tap on customers' changing behavior. Nowadays, customers are flagging data security and privacy, which is where Web 3 comes as a solution.

Offering her perspective on Web 3, Harleen Bhatti, Head – Growth and Retention at The Good Glamm Group, says, "As a digital marketer, for me, it's very imperative to understand where my customers are, am I marketing to them efficiently, what are my new KPIs of success? So, when we look at marketing in the Web 3 or 2.5 world, we need to also understand these KPIs."

The future of marketing with Web 3 promises a transformative shift, enabling personalized, secure, and immersive digital experiences. Decentralised technologies and smart contracts will empower marketers to engage users directly, create authentic interactions, and leverage blockchain's transparency for trust and data ownership.

Moreover, the Data Protection Bill that the government plans to table in the current monsoon session is anticipated to give individuals more control over their personal data and create a framework for how it can be collected, used, and stored. However, the security of Web 3 applications and protocols is still a major concern, as they are often based on decentralised networks that are more vulnerable to attack.