Whitepaper | Cryptos, NFTs and smart contracts

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Is the business world ready for new opportunities offered by Web3?

Introduction: the new market

The economic world is upside down in 2022. Inflation is skyrocketing, energy prices are skyrocketing and the purchasing power of Dutch consumers is declining. The business world is also worried about the financial situation of the Netherlands. But isn’t it time to take a closer look at our current economic system? After all, a broader view of our financial system may give new technological and financial innovations a chance to develop.

To paint a good picture of all the developments, we first need to go back 20 years. The Internet (the Web) then began to change from one-way traffic to more interaction. Web 2.0 was born. We have now entered a new phase: Web3. And developments are happening at lightning speed. Web3 (also known as Web 3.0) is the new version of the internet where the focus is on decentralisation and ownership. You are then not only creator of content, but also partially own it. Blockchain technology plays an important role here. Here, data is stored encrypted on all servers in a network. This makes information traceable and securely stored. Key Web3 applications, such as cryptos, NFTs, tokens and smart contracting, are growing in popularity. Not only among individuals, but companies are also poised to make a move. Brands such as Nike, Adidas and Starbucks are already experimenting how to apply these new technologies to establish new relationships with customers.

Visma | Onguard, the order-to-cash specialist, annually researches which trends, developments and innovations within the financial world are likely to succeed. In 2022, cryptos, NFTs and smart contracts are topics of conversation. To what extent can we expect these innovations to become the foundation of the global payments system? And how can companies leverage these new developments? And should they step into this uncharted territory at all?

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