How the Web3 stack will automate the enterprise

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Web3 not only informs entire verticals and industries but also automates the core technology stack of the enterprise, which was once considered a disruptor.

Blockchain atheism has turned into curiosity. Those who rejected blockchain technology and longed for better use of it now admit that they were wrong. One of them is Nigel Morris, managing partner of fintech firm QED Investors and co-founder of Capital One. In a recent blog post, Morris admitted that he was a crypto skeptic and said, “This time two years ago, I didn’t realize it. I didn’t understand the use cases for him and I never really knew if he would get a global adoption. I was wrong, “he said, leaning forward.” We believe that all our portfolio companies need to develop a positive outlook on crypto and web 3 in the short run for both defensive and offensive reasons. ”

In a letter to shareholders, JPMorgan CEO Jamie Dimon praised blockchain technology and DeFi, in stark contrast to his previous crypto statements. Daemon now believes that “all uses are where blockchain can change or modify contracts, data ownership and other enhancements.” Ramsay Al-Asal of Barclays Corporate and Investment Bank Said At its March Summit meeting:

“We can see the potential of blockchain technology on a scale similar to the decades-long IT shift from mainframe to PC to web to mobile. We believe that moving from “centralized” to “decentralized” technology will be a dominant theme in Fintech for the next two decades.

Gartner estimates that the blockchain could generate નવા 3.1 trillion in new business value by 2030 – in the form of the launch of new products / services in B2B and B2C verticals worldwide. Currently, blockchain technologies have hit the financial sector the hardest as their explicit use case is being implemented – enabling a more secure, transparent and efficient global economy. However, at the top of this infrastructure is how blockchain technology will be transmitted across business operations today to re-platform processes and operations. For the enterprise, using the power of decentralized technology to understand how it compares to today’s systems would be mission-critical.

Enterprises, particularly FinTechs, want to be at the forefront of finance and deliver a wide range of capabilities digitally in one place. 40% of Fintex’s current customers are expected to trade crypto next year (activate consulting). As crypto popularity continues to grow among their users, their platforms need to adapt quickly to become “crypto ready”. The enterprise focuses on retaining existing users by providing a top user experience and maximizing active users. To continue to be innovative leaders, they must have a market for users to discover all kinds of financial products, including crypto.

Source: Web3 Stack

In Web 2, consumers increasingly see banking-a-a-service solutions embedded in consumer goods. Target partners with digital payment service PayPal as well as Buy Now, Pay Later service affirms to provide point-of-sale lending. Uber Cash is the home of the Uber Visa debit card through a partnership with Go2Bank. Web3 integrates stack technologies, typically connected via an API, which includes each blockchain network and the apps and tools designed to interact with it. The Web 3 stack spans multiple layers: access, use case, infrastructure, and protocol. Regardless of the industry or where they are located in the market, Enterprise Web 3 will be able to drive innovation, revenue streams, and enhanced customer experiences on the blockchain due to competitors.

Web3 only partially exists in the enterprise but it is already making an incredible impact and changing strategies. Cross River Bank, which just raised $ 620 million on a valuation of 3 billion, has the power of embedded payments, cards, lending and crypto solutions for more than 80 leading technology partners. Giles Gad, CEO of Cross River, plans to move towards a crypto-first strategy and start offering more crypto-related products and services. Investors are excited about the opportunity. “As Web3 continues to evolve the same mindset among consumers and businesses, we believe that the cross river sits in a unique position to serve as infrastructure and interconnective tissue between the traditional and regulated central financial system, as it gradually becomes decentralized financial system. Is, “he said. Lior Prosser, General Partner and co-founder of Hanako Ventures in the Cross River Press Release.

In many ways, this time financial institutions and VCs have seen disruptive potential by investing in fintech innovation – analog to digital – years ago. If FinTech is a combination of technology and finance, then Web3 is a merging of crypto with the web. This is a better step-work than the current financial system we run today, which is one of the reasons why enterprises are now integrating Web3 through robust API solutions from below.

Below are some examples of how Web3Stack is automating an enterprise from our point of view:

Stacking participation

Cryptocurrency is more than just an asset that is being traded; They are used to interact with blockchain networks and their application ecosystems. Cryptocurrency serves a variety of purposes. Most people know that cryptocurrencies can be traded on exchanges, used to pay for transactions, buy products or gamble. Very few people even know that you can use cryptocurrency to vote on code changes, to wager to secure the network, or to act as an access key to permitted communities. You don’t have to have an engineering team to get rewards on your digital assets. Sometimes, economics just makes sense to launch your own node and share your crypto. Spin the node in just a few steps – no coding required.

Trade and custody

The key consideration for the enterprise will be to be able to securely store, manage, and transact cryptocurrencies in order to adopt blockchain technology. There are integrated solutions that provide secure custody, advanced trading platforms and prime services so you can manage your crypto assets in one place.

Analytics

A data-based enterprise does not really exist because of data limitations. Although data is a key component of business processes, data access has been hampered by technical incompetence and lack of inter-functionality and ConfidenceSolutions focused on enabling decentralized storage or data indexing, query and transaction are important for unlocking new value in many business functions. This, and the use of smart contracts, will have enormous implications for secure enterprise automation and decision making. AML is the backbone of this major product offering. With analytics, enterprises can link crypto transactions to real-world organizations using public blockchain attribution data, monitoring risk and investigation of fraudulent activity.

Commerce and payment

Consumer demand for online and retail payment acceptance is growing in digital assets. Legacy payment systems have embedded transaction costs that are also passed on to customers. Corporates and consumers alike are joining the economics of digital assets as an alternative medium of exchange. Turnkey APIs for merchants such as accepting multiple cryptocurrencies or buying crypto from a crypto wallet for customers will make the process more seamless for all parties involved.

Data interaction

Currently, the Web 3 API can be used by enterprises to drive accounting functions, enhance IoT connectivity, access real-time and verifiable data to automate decision-making, and initiate the implementation of blockchain technologies to participate in a variety of networks. With read / write nodes, the enterprise can quickly access business-critical data and insights from the blockchain. A single API can help your engineering team create and maintain a home ownership index, quickly access data, and reduce development timelines.

The enterprise will need blockchain protocol experts to understand how blockchain can help improve their existing processes / operations and provide an insight into how participating in different networks can add value to their business. Just as we saw the ‘mobile app’ version of the website, we will see the web3-version of the Web2 platform – from Google and Salesforce to Facebook and Tiktok.

Here are some things to consider when evaluating your Web3 stack to automate your enterprise:

  • Take advantage of third party combined crypto native and traditional finance experience.
  • Get your crypto offerings in the market quickly with flexible, mature, robust API and infrastructure.
  • Securely scale the crypto experience with a standardized API for power and ownership through a range of fully integrated, white-labeled solutions.

Despite the general need for more regulatory guidance, crypto-first companies are working to provide a better regulatory framework to their partners while expanding their reach. Web3 Products has generated mainstream adoption and will not be fired this time. “As the fintech sector continues to grow in tandem with cryptocurrency and blockchain popularity, Spots will continue to embrace digital asset technology,” according to The Block Research.

Every Web2 service provider will have a Web3 version that enables ventures, and that’s just the beginning.

Harry Alford manages institutional sales for the Coinbase Cloud,

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