Thoughtworks releases guide to Web3 technologies

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

Web3 refers to technologies such as blockchain and cryptocurrencies that are expected to make up the next evolution of the World Wide Web.

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

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

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

“[But] if the security and privacy aspects of blockchain are realised, the gain in distributed identity and greater end-user control could open up new ways for businesses to maintain customer data privacy while earning customer trust and loyalty in Web3.”

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

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