What Web3 Can Bring to the Digital Workplace by Bash Sarmiento
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Workplace digitisation is one of the most significant and far-reaching changes that technology has brought to the business world.
The digital workplace, which is made up of a range of tools and technologies to help people collaborate and communicate with each other effectively and efficiently, is becoming the norm in organisations across all industries. And Web3, the decentralised internet, promises to take this revolution even further by bringing advanced cryptography-based technologies to the workplace.
The Web3
While Web 1.0 focused on providing static content and Web 2.0 centered on social networking and interactivity, Web3 is poised as an alternative version of the internet that prioritises privacy and security of data.
It is powered by blockchain technology, the same technology that underpins cryptocurrencies like Bitcoin and Ethereum, referring to the distributed ledger technology that records and stores digital data in an immutable and secure manner.
Web3 is designed to give users full control over their online identity and data and the ability to interact directly with content creators and services without the need for intermediaries. Additionally, it introduced new protocols that enable faster data transfer speeds, improved scalability, better privacy controls, and more efficient communication networks— features that are set to revolutionise the digital workplace.
Potential application of Web3 in the workplace
Web3 has several functionalities that make it an ideal technology for businesses looking to further optimise their digital workplaces.
Here are some of the potential applications of Web3:
Smart Contracts
Smart contracts are digital agreements stored on the blockchain and executed automatically once certain conditions are met. Organisations can use this feature of Web3 to automate contract-based processes such as onboarding new employees, paying vendors, and releasing payments for services. It streamlines tedious paperwork and legal processes and reduces the risk of errors or fraud.
Decentralised Applications (DApps)
Another advantage of Web3 is creating and deploying decentralised applications (DApps). These applications run on a distributed network of computers instead of a single server, making them more secure and resilient than traditional software. With this, businesses can utilise DApps to create custom applications tailored to their specific workplaces, such as task management and workflow solutions.
Identity Management Solutions
Since workplaces are no longer limited to physical spaces, identity management has become a critical issue in employee access control. Web3-based identity management solutions allow organisations to create and store digital identities on the blockchain that they can use for authentication and authorisation purposes. This ensures that only authorised personnel have access to sensitive information to reduce the risk of unauthorised data breaches.
Tokenisation
Tokenisation is creating digital tokens used as a form of payment or exchange. This Web3-based solution permits companies to develop their own digital tokens that they can use for a variety of purposes, such as incentivising employees or customers, managing loyalty programs, and paying vendors. Furthermore, tokenisation reduces transaction costs and increases efficiency by simplifying the transfer value between parties.
Decentralised Storage Solutions
Compared to cloud-based storage solutions, Web3-based decentralised storage solutions offer enhanced security and privacy. Businesses can encrypt data and store it in multiple computers across the globe, eliminating the possibility of hackers gaining access to sensitive information and reducing the risk of data loss, corruption, or other cybersecurity threats. This Web3 feature is an excellent asset for businesses with large amounts of sensitive data and those that need to comply with data protection regulations.
Artificial Intelligence (AI)
Lastly, with Web3, businesses can use artificial intelligence (AI) to automate mundane tasks such as data entry or accounting and free up workers’ time for more creative or complex activities. Additionally, AI can aid businesses in workplace mentoring and training through virtual reality systems and improve customer service with AI chatbots and personal assistants.
Conclusion
The potential of Web3 in the digital workplace is vast. The technology offers significant improvements in critical areas in the workplace, like data security, communication, collaboration, and automation.
By leveraging the features of Web3, businesses can create secure digital workplaces that are more efficient, productive, and cost-effective. And as this technology continues to evolve, we will likely see more applications arise that make the workplace even more connected and responsive.
Organisations that invest in Web3 now can get a head start on their competitors and reap the benefits of this new technology sooner rather than later. With its immense potential, investing in Web3 is an opportunity no business should miss.
Guest Author
Bash Sarmiento is a writer and an educator from Manila. He writes laconic pieces in the education, lifestyle and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management and traveling are translated in his works.
