Business uses of three domains within Web3

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Web3 innovations such as crypto, NFTs, smart contracting, blockchain technology and tokenisation are gaining ground in the business world. Yet our research on Web3 shows that finance professionals are still hesitant to look at these innovations. This is partly due to the unclear image and fickle crypto market. Moreover, most finance professionals still lack knowledge and understanding of how to deploy the new technologies within their organisations. We share three areas of Web3 innovations that your organisation can apply.

Smart contracting for process optimisation

Smart contracting is gaining ground in the business world. Consequently, one in three finance professionals expect that the business use of smart contracting can bring benefits to their organisation. This new technology is mainly of interest when it comes to digitally recording contractual agreements. Companies that often deal with purchasing and sales are the most ideally placed to utilise smart contracting. This is because it allows companies to automate standardised processes. The big advantage with this is that the contract is executed automatically without a need for an intermediary. This saves time, as manually filling in an Excel sheet is no longer necessary. And another nice bonus: the risk of errors is zero. On top of that, smart contracts are extremely secure, as they are almost impossible to modify by others.

NFTs for better customer contact

Non-fungible tokens (NFTs) are growing in popularity for private use, but are also enjoying increasing attention in the business world. Yet only 19% of finance professionals still see the use of NFTs in the business world. Striking, because this technology does have benefits. Namely, organisations can use it to build a new kind of relationship with consumers through loyalty programmes, for example. In these, NFTs act as stamps in a booklet that consumers can collect. Once the consumer has saved enough, they can get something in return. For instance, Sony announced in September 2022 that they will launch a PlayStation Stars loyalty programme. Users can save for ‘Stars’ and then use them towards redeeming rewards, such as digital artwork. But organisations can also start much smaller and internally by, for example, releasing a Christmas collection of NFTs for employees.

Tokens to save money

Tokens are also becoming more familiar in the business world. A quarter of finance professionals see that the business use of tokens can greatly benefit an organisation. This is because sensitive information is replaced by a unique combination of numbers and characters. Organisations can also think about developing their own tokens. This is especially interesting for companies that do many global transactions, allowing them to avoid a plethora of transaction fees. With an internal payment system with your own token, these fees fall away.

Endless possibilities

Web3 innovations, such as smart contracting, NFTs and tokens, are growing in popularity, and not only in the private sphere, but certainly also in the business world. There is increasing interest in these new technologies because the possibilities with these innovations seem endless. NFTs for better customer contact, tokens to reduce transaction costs and smart contracting to optimise processes. Interesting possibilities that are surely worth delving into.

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