Web3 is the next stage of internet. The term most people are familiar with in web3 is decentralization, which many people see as the inevitable evolution of the internet. Decentralization will affect businesses across numerous industries, and we have already seen a glimpse of this happening with cryptocurrencies. Whether all the predictions surrounding web3 come to fruition or not, it is a good idea to be prepared for it. Here are some things business leaders across different industries can do.

Ensure Secure and Robust Access For Your Users and Customers

Web3 is leading to the decentralization and democratization of information. It will also require advanced security capabilities that ensure access to apps, data, and information are secure. These capabilities will also be required to ensure users can connect the right way.

Looking into cloud computing and computational power that allows this and enhances user experiences will be key for businesses in this next phase of the internet.

Watch DeFi

Savvy business leaders know to watch for how massive innovations impact other industries before they impact their own. The industry that has been affected the most by web3 and related technologies such as cryptocurrencies is decentralized finance, simply known as DeFi.

DeFi is enabling innovations and services such as decentralized finance where collective interest and input from users ensures the safety of the system as a whole. It is also allowing direct currency exchanges and swaps between users without a central or governing body overseeing these transactions.

Start thinking about how you can leverage such innovations in your business to be better prepared for the future.

Close Skill Gaps

Web3 technologies operate differently from what we have been used to until this point. If you plan on operating in an open-source environment, you need to be prepared for the inevitability that someone will want to work on and improve your products.

Additionally, you will need to keep iterating as the technology changes. Closing skills gaps will be critical to providing the best open-source products as well as iterating as technology changes.

Digital skills will also be crucial for non-tech staff. Many people do not understand or have not yet dabbled in the blockchain, cryptocurrencies, NFTs, and the like, despite what it looks like. Your business will have to bring these people up to speed if they are to participate in web3.

From the basic understanding of how different parts of web3 work to how web3 could impact businesses, knowledge and skills gained now will benefit you in the long term.

Encourage Employees To Think of Innovative Solutions

Like most technologies, it is only a matter of time before businesses and consumers realize the benefits that come with web3. It is a good idea to think about how you could take advantage of it before that time comes. Encourage your employees to think of creative and innovative uses of web3 to solve nagging business issues right now.

Conclusion

Web3 and its various uses are inevitable at this point, the only thing we cannot know for sure is how it will impact businesses and the world. Regardless, it is a good idea to be prepared for what the future might bring.