Web 3.0 is the future. Granted, there are hiccups in its development and rollout: the recent crypto rout, instances of fraud and a general decline and lackluster market . However, these have not dissuaded industry participants from finding ingenious ways to leverage this technology. There are multiple industries disrupted by web 3.0 and we are bound to see it upending legacy technologies as the world strives for a disintermediated future. We list three fields we believe will be impacted by this technology.
Conventional financial instruments such as bonds, stocks, commodities and even cash will ultimately morph into digital assets. We are ,currently, seeing legacy financial institutions getting disrupted by novel web 3.0 technologies such as Defi- smart contracts designed to offer collateralized loan products in a P2P manner. Moving forward, we expect more digital financial assets will be developed and anchored on this technology. Some of these will include Central bank digital currencies ( CBDCs), stable coins, NFTs and Tokenized Assets. Countries such as China are piloting CBDC trying to seek use-cases and potential ways to leverage this technology. Others such as Japan and the UAE are exploiting use of NFTs and the Metaverse trying to find ways through which they can use them to boost economic output. This points to a global trend that will take shape,
gain traction and ultimate adoption across the globe.
As web 3,0 evolves, we will see more infrastructure developed to support these new technologies. This infrastructure will cut across areas such as risk and compliance, wallets, clearing and settlement of transactions. Already, companies have sprout up that are emerging as leaders in some of these fields. We are bound to see more infrastructure developed to support and spearhead changes in web 3.0.