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IT Companies and Web3: Trends, Benefits, and Impacts
[April 11, 2023]

IT Companies and Web3: Trends, Benefits, and Impacts

TMCnet News

The past few decades have seen metamorphoses of the internet as we know it today; from static, half-empty web pages to compelling and interactive content, social media platforms, and AI-powered tools left and right. As the internet's newest era is laid bare, it's worth surveying IT companies; how they weigh in on rampant technological changes, what needs more attention paid to it, and what Web3 opportunities may be worth the investment.

A recent study conducted by TechBehemoths (among 988 IT companies across 35 countries) revealed intriguing insights. Notably, only 64.2% understood what the term "decentralization" really means; companies were more confident in defining how they utilized Web2, primarily for social media. However, a still-sizeable 24.5% have already adopted decentralized tech in their respective products and services, and 26.5% have faced challenges with Web3 implementation and competition.

TechBehemoths also determined - based on these findings - that it may take up to five more years before Web3 becomes massively adopted. (Though LinkedIn (News - Alert), Asana, and especially ChatGPT were three named tools IT companies seemed most excited to utilize.)

Quotes from survey respondents:

"To date, Web3 appears to be a dream just beyond our reach." - Walter Steelman, CEO of 11 Marketing+Design

"While Web3 is still in its early stages of development and adoption, it's easy to imagine if it will have the potential to disrupt these more traditional institutions because of more transparency and accountability." - Jeane Sumner, CEO of WebsiteHQ

Overall, many in IT still grapple with Web3's concept, but the benefits and impacts of widespread adoption (albeit time-consuming) will prove fruitful. There's credence lent to decentralized tech when it comes to intermediary-less interactions and transactions, increased securities via cryptography and distributed networks, more data privacy and transparency, and other innovations.

Edited by Alex Passett

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