Keeping up with the latest trends and technology tools is no longer just the job of industry experts. With many of us working, shopping, socializing, and seeking entertainment online these days, curiosity about what’s happening to both workplace technology and the digital consumer market is widespread.
“Web3” is a term that many are seeing more and more these days. Representing a shift toward more user-centric and autonomous online and digital experiences, Web3 promises to empower consumers and open up new ways to manage our data, transact, interact with brands and much more. Below, 17 members of Forbes Technology Council discuss some of the Web3 tools and trends that could soon have a more direct impact on the consumer market and how the global digital world could soon expand and change significantly.
1. NFTs
I think non-fungible tokens will eventually become an integral part of people’s lives. Whether it’s ticketing an event, record keeping, or other administrative tasks, NFTs can be used to indisputably prove ownership of a digital asset. I’m not sure profile photo NFTs will thrive, but powerful and practical use cases built using NFTs are on the horizon. – Jordan Yallen, MetaTope
2. Digital Wallets
The emergence of digital wallets in the Web3 arena is a game changer and poised to significantly influence our interactions in both the digital and physical realms. These wallets will have the capacity to evolve beyond simple financial tools; they will become unified platforms that seamlessly integrate our identity, things, money and assets, reshaping the way we interact with the digital world. – Tejas Patel, Accenture
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3. Verifying cryptographic images
I heard about a new technology being developed by a research group with the aim of using cryptography to improve the veracity of videos you watch or images you might see online. I believe this Web3 technology will ultimately be a game changer in an online world where the authenticity of images and videos is compromised by generative AI tools and deepfakes. – Michael Gargiulo, VPN.com
4. Blockchain-based identity verification
Companies are struggling to balance new age-related content restrictions while respecting privacy and free speech rights. Blockchain-based identity verification allows companies to verify certain details about a person (for example, whether they meet an age requirement) without actually storing or seeing those details themselves. Blockchain technology has the potential to give rise to a new, more private web. – Daniel Chong, Harpy
5. Challenge
The integration of decentralized finance into traditional financial services is a significant Web3 trend poised to impact the global economic market. By enabling peer-to-peer financial transactions without traditional intermediaries, DeFi offers more accessible financial services, potentially leading to greater financial inclusion and empowerment for users around the world. – Jo Debecker, Wipro
6. Real-world asset transactions in DeFi
An emerging Web3 development with widespread potential impact is the integration of real-world assets into DeFi. By connecting real-world assets with decentralized finance, RWA transactions offer the convenience and efficiency of DeFi for asset transfers, combined with the familiarity and trust associated with tangible assets. – Dmitry Michunin, HashEx
7. Blockchain-based gaming transactions
Integrating blockchain into games through Web3 could transform the way we buy, sell, and trade in-game items, such as rare cosmetics. It enables secure, verifiable ownership and transactions, providing players with true ownership and real potential value for their digital assets. – Nick Kishfy, MojoTech
8. CAD
Decentralized autonomous organizations are a notable Web3 development with widespread potential impact. They enable collective decision-making and management of digital assets without a central authority, which could revolutionize business models, governance and community initiatives, giving consumers a new way to collaborate and directly influence projects. – Nicolas Sfondrini, Watercraft
9. DONE
Decentralized identity is a revolutionary concept in Web3, giving users control over their sensitive data. It unlocks new trust paradigms, fosters seamless customer experiences, and fosters secure, value-based online interactions. I believe we should embrace DID, not just as a technology trend, but as a strategic lever to build trust and value in our next-generation business ecosystem. – Dharmesh Acharya, RadixWeb
10. Personalized AI for Connection and Discovery
I think there could be an exciting intersection between artificial intelligence and Web3, and I hope to see that future – it could mean the end of big tech’s monopoly on our personal data. I would like to see our data moved from Web2 to Web3, where it can be stored securely on the blockchain. From there, personalized AI could facilitate connections and discoveries that are currently mediated entirely by Big Tech. – Lindsey Witmer Collins, WLCM Studio App “Welcome”
11. Storage of human knowledge
Big Tech companies are repositories of a lot of knowledge and data. Moving this information to a blockchain (such as IPFS) would not only prevent theft and plagiarism, but also easily store rolling updates, have the potential for citations and, if paired with technology such as Uniswap Pools, would allow users to monetize their information. knowledge and make it investable. – Boris Lapouga, Work HQ
12. Expanded Smart Contracts
zkCoprocessors and zkOracles significantly expand the computational capabilities of smart contracts. Until now, smart contracts have been hampered by gas costs and the limitations of the Solidity programming language. With the new zero-knowledge-based infrastructure, we will soon see a wave of DeFi applications that come much closer to what we know from traditional finance, with new use cases such as on-chain exchange-traded funds . – Marlene Ronstedt, Play by ear
13. Blockchain-Based Supply Chain Management
Consumers are more passionate than ever about ethical and sustainable practices, and that is why blockchain technology used for supply chain management has and will continue to have an impact. It provides a reliable way to track a product’s journey from start to finish, ensuring that what you buy is authentic, responsibly sourced and environmentally friendly, in line with consumer expectations. – Jonathan Cardella, Ventive, LLC
14.SSI
Imagine owning your digital identity, data, and credentials securely on the blockchain with a self-sovereign identity. You can control who accesses it, share only what you need, and move seamlessly across online platforms. This allows consumers to reclaim their privacy, combat data collection, and gain greater control over their online lives. SSI could redefine everything. – Shelli Brunswick, SB Global LLC
15. Tokenized Rewards
An interesting trend in Web3 is the integration of token rewards into everyday applications and services. Imagine earning tokens for activities like writing reviews, sharing data, or even recording sports performances. These tokens could be exchanged for goods, services or exclusive content, creating a new economy where user engagement and contributions are directly rewarded. – Marc Rutzen, HelloData.ai
16. Blockchain-based personal health records
The integration of Web3 technologies into healthcare data management could revolutionize patient data privacy and security. By leveraging decentralized storage and blockchain technology, patients could gain unprecedented control over their medical records, ensuring their security and privacy. This change could transform the way personal health data is accessed and shared among healthcare providers. – Marc Fischer, Dogtown Media LLC
17. Ownership of virtual property
Soon we may combine augmented reality with blockchain technology. This means creating a virtual world where you can use AR glasses or your phone to see and interact with things that don’t really exist, like artwork or buildings. These virtual items could be purchased and owned like real items, thanks to the blockchain that keeps them secure and unique. – Margarita Simonova, I like MyQA
