Many business owners in Malaysia may be asking what is Web3 and how this may affect their business online. In this article, we will dive briefly into the basic understanding of what is Web3, its potential implications for business owners, challenges that need to be overcome before it can truly reach its full potential, and how this may affect the future of business owners in Malaysia. Jom!
What is Web3 for Business
Web3 is the third generation of web technology that enables businesses to be more efficient, cost-effective, and secure. It represents a major shift in how we interact with the internet and can provide many benefits for business owners.
In the first generation of web technology (Web1), businesses will open a website that is operating through a server in their office and fill in information about their business and the services they offer. Normally, this kind of website during its time was run by a medium enterprise who are able to afford a server and the cost to create a website.
As we enter the current generation (Web2), the cost to launch your own website has become more affordable and easier to build. Servers to run your website can now be through a cloud server and you can now build a website using a website builder like WordPress and expands its capability with the power of plugins.
Not only running your own website has becomes easier and more affordable, but the complexity of Web2 has also become more advanced. You can now sell your product and services online through your own website as e-Commerce and connect your social media accounts to your website so that customers or in general terms; traffic will be able to find you through your social media.
The big difference between Web1 and Web2 will be the interaction of a user. Users in Web2 are more interactive as they can now create their own content to be posted online and everywhere; we call this User Generated Content (UGC) and this is based on the user’s perspective. As for the business perspective, the technology created in this generation gives the ability and power to each business owner to do more than just create a website and fill in information about their business and sell something.
They can now allow users to post content on their website as a platform and at the same time, Web2 technology has given the power to track each user’s interaction, behavior, and interests. This gives businesses of all sizes the power for advanced marketing using the data they acquired about their user and selling more products in a more efficient way.
With the appearance of Blockchain, Cryptocurrency, Non-Fungible Token (NFT), and Metaverse, the next generation of internet and web technology will drastically advance users and business owners to the Web3 generation.
Web3 will unlock the immersive experience for users (metaverse), the ability to buy anything online using a unified currency that lives online (cryptocurrency), be secured with any purchase online (non-fungible token, and have data being authenticated and kept safely without any tampering or manipulation (blockchain). With all these new internet functionalities, users will spend more time online browsing, discovering, interacting, and shopping!
As a business owner, this is all good news! There will be more business opportunities available online with the potential to increase sales. Web3 will unlock more functions for your business, especially with blockchain technology. Due to the early stages of the current blockchain technology, it is still not user-friendly for the mass market, but the opportunity is still unchartered as there are more and more opportunities and functionalities to be created in the near future.
Web3 as a Decentralized Platform (Blockchain)
Web3 is a decentralized platform that enables developers to build and run decentralized applications. Web3 is powered by a decentralized network of nodes, which each have a copy of the blockchain. When a user wants to interact with a dApp (decentralized application), they send a message to the dApp’s smart contract. The smart contract then executes the code and updates the blockchain accordingly.
This decentralized platform enables businesses to build and run applications without the need for a central authority. The different components of Web3 include a decentralized network, a distributed ledger, and smart contracts. These features allow businesses to operate without the need for third-party intermediaries, which can reduce costs and increase efficiency. In addition, because there is no central authority, businesses can be more agile and responsive to change. Finally, because all data is stored on a distributed ledger, it is secure from tampering or theft.
The benefits of using Web3 for businesses include increased security, transparency, and trustless interactions. Additionally, because there is no central point of control, businesses are less likely to be subject to censorship or interference from governments or other centralized entities. This decentralized nature of Web3 also makes it more resilient to outages or attacks, as there is no single point of failure that could take the entire system down. Overall, Web3 provides a number of advantages for businesses that make it an attractive option for many companies.
The most likely industries to be disrupted by Web3 are those that rely heavily on intermediaries and centralized systems. This is because decentralized alternatives built on Web3 can provide more efficient and secure solutions to these industries. Banking, finance, insurance, healthcare, and supply chain management are all examples of industries that could be greatly affected by the adoption of Web3 technologies.
Revolution of Web3
Web3 has the potential to revolutionize the way businesses operate. By definition, Web3 is a decentralized network that allows users to interact with each other without the need for a central authority.
This could potentially disrupt many industries that are currently reliant on centralized systems. Some of the most likely candidates for disruption include banking, payments, and identity verification. There are numerous benefits that Web3 can offer businesses, especially for the Malaysian market.
Perhaps most importantly, it can help them reduce costs and increase efficiency. For example, banks could use Web3 to process transactions more quickly and securely than they do use traditional methods.
Additionally, businesses would no longer have to rely on third-party service providers such as credit card companies or payment processors. Another benefit of using Web3 is that it enables businesses to tap into new markets and reach new customers. For instance, by accepting cryptocurrency payments, businesses can expand their customer base beyond those who use fiat currency.
As Malaysia may still be behind compared to other countries when it comes to future tech, Malaysia has leaped forward in its own ways and this goes the same with blockchain technology and Web3. Companies like LuxTag Sdn Bhd have created unique blockchain technology to help other businesses protect their products from fraud and replicating goods.
Simplify your Business with ONJOB
Hello! Nice to meet you! May I know more about your business and what you do? Do you have social media?
These are the common questions you may encounter every day when a customer or a friend asks about your business and where to follow you on social media. Normally, you would give two links to help your customer (one for your website and one for any of your social media) because you know it’s faster.
You may experience this, sometimes your business does more than 1 service and you may have 4 to 5 Social Media accounts. Putting all this into your website and also your website has been designed to be beautiful and awesome, finding out what you do, the list of services you offer, and your social media can take a minute from a customer’s perspective and may result in losing the interest of a customer; because we all know the attention of customer online is now 5 seconds.
What if there is a way to create a landing page that is simple and quick for customers to read, understand what you do, list of services you offer, and select the social media accounts you have for customers to choose which one to follow? Something like how Razer Merchant Services did.
ONJOB creates a quick landing page for your business that simply show what you do, what you offer, and make customer easy to follow you online by listing out all the social media you have available. On top of that, ONJOB is Malaysia’s #1 Business Service Directory Platform where customers on ONJOB are looking for businesses like yours that may offer a service that they have been looking for.
This is because ONJOB is a platform designed to optimize services a business offer instead of optimizing a business name. Your list of services will be discovered online through our in-house SEO Optimization recipe to help you gain new customers online.
For added bonus, ONJOB with its in-house creative writers creates SEO-optimized content (like this one) frequently around and related to our vendor’s businesses to help promote our vendors online.
All this starts from as low as RM30 per month to grow your business online and convert your customer more efficiently with a highly effective and proven landing page format by ONJOB. Find out more