Like any other technology, the future of web3 is by no means fixed and definite. In a world that sometimes moves faster than we can keep up, the development of web3 is highly dependent on the rate of technological advancement as well as the economic and geopolitical events that take place around us. As we enter the year 2023, there are a number of things to keep in mind about the current state of web3 and its potential for the future.
Generally speaking, web3 is the third iteration of the web where the main frame of reference is decentralization. In response to the largely centralized institutions determining the web today, web3 provides a path towards developing a more distributed, open-source, and private future. To achieve this, the technology focuses on areas such as blockchain, cryptocurrency, internet of things, and cloud computing.
With that said, the market for web3 technologies experienced a drastic dip in 2022, as the crypto boom failed to play out as expected. Fortunately, 2023 looks like a year of potential high inflation, which could lead to a renewed focus on decentralized technologies such as web3. More specifically, the inflation rate could lead to an increase in the demand for web-based computing power, which could result in a new surge in investment into the sector.
However, it is important to note that the success of web3 technologies depends heavily on their ability to be adopted. To that end, it is recommended to explore the possibilities of a “Web3 telecom” – a centralized institution that would allow for web-based services on a transparent and supported platform. Furthermore, having a single point of contact when expanding web3 solutions across industries could prove invaluable.
The expected trends of 2023 point directly towards a potential Web3 telecom. For starters, the trend for analytics-as-a-service is likely to continue, driven by the need for organizations to make better use of their data. This could create an environment where web3-based solutions are utilized to provide this service. In addition, the development of solutions in drone manufacturing and logistics, as well as renewable energy, could act as catalysts for the implementation of web3 solutions.
Finally, in the interest of keeping up with the competition, many businesses will look to the development of low-code and no-code solutions for their commercial activities. These solutions could stand to benefit from the distributed ledger architecture provided by web3 to great effect, making them more secure and reliable in comparison to other solutions.
Overall, the future of web3 is shrouded in mystery, with only a few possible predictions that can be made. However, the trends of 2023 point towards a period of adoption and further investment into the sector. In particular, the possibility of a Web3 telecom, combined with the other expected trends, could make it possible for web3 solutions to become an integral part of our lives, which could lead to a whole new level of decentralization and privacy currently unseen within techno-societal networks.