Help or hindrance: Is Web3 really improving mainstream industry and products?
Web3 has been gaining ground in mainstream industries with the rise of Web3 business models based around nonfungible tokens (NFTs), blockchain technology and crypto. But it’s still an open question whether it’s actually improving mainstream industry and products.
According to a June Coinbase study, over half of the top 100 United States companies listed in the Fortune 500 have pursued Web3 initiatives since the start of 2020.
Around 60% have either been in the pre-launch stage or already launched since the start of 2020. Out of the surveyed Fortune 500 executives who are familiar with blockchain, 83% say their companies have either current initiatives or are planning them.
Speaking to Cointelegraph, Pat White, co-founder and CEO of digital asset platform Bitwave, believes there has been progress in successfully marrying Web3 with the mainstream.
“It has the potential to drive innovation across so many industries — and we’re just starting to see some of the early use cases outside of the crypto economy,” he said.
He cites eliminating intermediaries, reducing costs, improving data integrity, supply chain transparency, enhancing cybersecurity and creating new ways of interacting with customers as particularly useful in sectors like finance and healthcare, among others.
Related: How smart contracts can improve efficiency in healthcare
Healthcare already has some promising use cases for Web3 in these areas, including services that now appear in the metaverse, specifically for those seeking mental healthcare.
Some companies are also experimenting with medical records being stored and managed using blockchain. One company even released a COVID-19 medical certificate on the blockchain.
It’s all still in the early stages of
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