Accountability. One of the main advantages of blockchain and Web 3.0 is transparency, as the technology itself is open source and the information stored in it (transaction data, principles of smart contracts, etc.) is mostly public. Thanks to this, businesses and customers can track and verify every transaction, which makes all business processes more secure. In addition, transparency is also a great tool for building strong trusting relationships with users.

Security. The increased security of blockchain technologies is certainly one of the biggest business opportunities in Web3. Decentralized and distributed data is a natural deterrent against traditional cyberattacks and fraudulent (phishing) schemes. For example, one of the biggest current threats to user privacy in Web2 is the distributed denial of service (DDoS) attack. It involves sending a huge number of pings (information) to a single server in an attempt to slow it down and/or shut it down.

In the case of Web 3.0, such an attack makes no sense because it is based on a blockchain (distributed registry) that has no single point of failure – all users on the network are servers. Such a network can only be disrupted by capturing/stopping 51% of such servers (nodes), which is almost impossible in the case of large networks. For example, Bitcoin has 13,900 nodes today, Ether has over 8,000. It is almost impossible to hack them, and also irrational – the possible benefits would simply not recoup the cost of such a large-scale attack.

Absence of intermediaries. Another advantage of Web 3.0 is that there is no need for intermediaries to guarantee and validate transactions. This applies to simple financial transactions as well as complex business processes, as these can be entrusted to smart contracts. Smart contracts are essentially software algorithms that are automatically executed (on an “if→then” basis) if certain conditions agreed upon by all parties to the transaction are met.
These smart contacts are based on open source code, and all their actions are prescribed in the blockchain. Consequently, they are open for any user to view and verify. At the same time, the terms of the contract cannot be changed once both parties have digitally signed it.

Financial decentralization. Web3 also provides amazing financial opportunities for businesses around the world. And it’s not just cheaper and faster money transfers and the absence of intermediaries, but also new business models and automation of business processes. For example, already now many artists, musicians, athletes, celebrities and brands have gotten a taste of NFTs – non-replaceable tokens that can be used to identify and determine the authenticity of any product on the Internet. Million-dollar paintings, music albums, lyrics, domain names, game aitems and characters, tweets of famous people and many other things are sold using NFTs.

As for automation, with smart contracts, many companies like Microsoft, IBM, Visa, FedEx, Walmart, and JPmorgan have automated their financial transactions in logistics, insurance, e-commerce, and even tax payment, making these processes faster and cheaper.

Easier compliance. Web 3.0’s openness and transparency make it a great tool for compliance with laws, privacy regulations, contractual relationships and sanctions. Reviewing authorities and all stakeholders can easily verify transaction history, all specifications of smart contracts and decentralized applications (Dapps). This will not only reduce red tape, but may also reduce corruption as these records will always be open for inspection and cannot be changed.