Technology consultancy Thoughtworks has urged companies exploring Web3 technologies to carefully evaluate the technologies through the lens of tangible customer value.

Web3 refers to technologies like blockchain and cryptocurrencies that are expected to be the next evolution of the World Wide Web.

In a new report, Thoughtworks argued that Web3 can best be understood as a collection of building blocks that could serve as the foundation for a more distributed Internet future.

According to Thoughtworks CTO, Dr. Rebecca Parsons, the biggest opportunities for companies are likely to revolve around reducing friction and going digital.

“For some, Web3 has become synonymous with volatility and ‘get-rich-quick’ schemes,” he said.

“[But] If the security and privacy aspects of the blockchain are taken into account, the gain in distributed identity and greater end-user control could open up new ways for companies to keep customer data private while earning the trust and loyalty of customers in Web3”.

The report suggests that companies evaluate Web3 technologies using six lenses. These are the ability of technologies to accelerate sustainability; platforms as products; the benefits that Web3 offers that are directly relevant to the business; innovations in AI and machine learning; the technologies that will be the basis of the metaverse; and balance threats to consumer security and privacy.

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