The Road to Web3: Insights from Zeebu's COO on Enterprise Transformation
ZBU
We are currently experiencing the transition from the fourth industrial revolution to the fifth. The global technology landscape is evolving rapidly, with converging technologies triggering an evolution from Web 2.0 to a trustless and permissionless Web3. Business leaders worldwide must be well-prepared to leverage Web3 to retain a competitive advantage in their industry.
According to Harvard Business Review, Web3, the next iteration of the internet, is poised to revolutionize the digital landscape. By leveraging blockchain technology, Web3 empowers users with greater control and ownership over their online experiences. This transformative shift enables secure, transparent, and decentralized transactions, eliminating the need for intermediaries. With applications like cryptocurrencies, NFTs, DAOs, and DeFi, Web3 promises to reshape the way we interact, create, and participate in the digital world.
While Web3, the next evolution of the internet, offers the promise of secure, transparent, and decentralized transactions, its widespread adoption is still in its infancy.
However, the momentum is building. A recent report indicates that 315 brands launched over 526 Web3 projects in 2022 and the first quarter of 2023. This surge demonstrates the growing interest and investment from top-tier brands. With over 40% of these projects remaining operational beyond their first year, it's clear that real-world adoption of Web3 is on the rise.
“Decentralized finance (DeFi) platforms currently hold over, $100 billion in locked assets, yet skepticism remains largely due to limited awareness. At Zeebu, we're addressing this by actively engaging with the community—participating in events and nurturing a network of 100,000 people through our blogs, social media channels, and Telegram," said Keshav Pandya, COO and Co-founder of Zeebu.
Web3 enterprise adoption faces challenges on both business and technical fronts. One major hurdle is developing and deploying flawless smart contracts. For enterprises, privacy and security are critical to Web3 adoption. “Many businesses are leveraging privacy protocols to scale operations and enhance efficiency,” noted Keshav Pandya, COO and Co-founder of Zeebu. “At Zeebu, our core clients are telecom carriers, for whom security is paramount. A single error could jeopardize their entire business. To address this, we’ve designed the Zeebu platform to be KYB/KYC compliant, with data securely stored in a smart contract that protects their confidentiality.”
Another challenge is the centralized model
Centralized ownership offers little to no benefits to the community. In a centralized setup, the community neither has a say in the decision making nor is incentivized, leading to rigid decision making.
However, decentralized ownership through Web3 empowers businesses to create relationship-driven models that give its community a voice and the opportunity to share in project revenues through token ownership and governance.
We’re preparing to launch the ZBU protocol, one of the largest liquidity protocols in the DeFi space, where participants in the ecosystem will actively contribute to governance,” said Keshav. “Participants can choose to become delegators, deployers, or on-chain liquidity providers (OLPs), depending on the amount of ZBU they stake. They can have an active say in the protocol’s governance”
Moreover, Web3’s transparency and data ownership models could transform how companies attract, engage, and retain customers.
“With the open architecture of Web3 applications, customers gain greater control over their data. “Keshav said.
User experience also seems to be a major roadblock of the enterprise Web3 adoption.
Many Web3 projects overwhelm and frustrate users, creating a significant barrier to adoption among enterprises," noted Keshav Pandya, COO and Co-founder of Zeebu. "For Web3 to truly reach widespread adoption, the user experience must be intuitive and seamless." He emphasized the importance of clarity, saying, “Web3 platforms should offer straightforward, easily understandable explanations of on-chain transactions users are prompted to approve.” Recognizing this early on while designing the Zeebu platform, Keshav explained, “We made it possible to settle transactions with just a click of a button on Zeebu. It’s that seamless.”
Another challenge is the lack of skilled talent pool which poses a significant challenge to Web3 adoption.
According to Bitcoinist, blockchain-related jobs surged by 351% between 2019 and 2020, rising from 18,200 to 82,000, with a further increase of 118% from 2020 to 2021. This highlights the undeniable demand for blockchain expertise.
“Given the ongoing talent shortage and the rapid pace of digital disruption, enterprises should prioritize investing in the training and development of their in-house talent. This approach could give them a competitive advantage, enabling them to maximize the current and future value of Web3 applications,” Keshav said.
Conclusion
Despite the numerous challenges and complexities associated with Web3 and enterprise blockchain adoption, a recent poll revealed that a substantial 87% of surveyed businesses intend to invest in blockchain solutions within the next year. This significant interest underscores the growing recognition of blockchain's potential to revolutionize industries and drive innovation.
“The convergence of factors such as the proliferation of digital assets, the maturation of enterprise blockchain platforms, and the increasing number of financial applications has created a great moment for businesses to explore and leverage blockchain technology. By carefully considering specific use cases and potential benefits, enterprises can unlock new value streams, enhance operational efficiency, and gain a competitive edge,” Keshav said.
By carefully evaluating the potential benefits and challenges, enterprises can dispel the fear, uncertainty, and doubt surrounding Web3 and embark on a transformative journey toward a more decentralized and innovative future.
