How Web3 Impacts SMBs

Esme_Lee
edited November 2023 in Business

What is Web3? 

Empowered by distributed ledger technology (DLT), Web3 is a decentralized business system that comes in the form of blockchain. Web3 enables data exchange between users, with no need for a third-party. 

The arrival of Web3 also invites the question of how it compares with Web2–the current iteration of the Internet characterized by user-generated content and ease of use for the general public. Web2 itself is dominated by powerful, centralized technological companies– businesses such as Meta, Amazon, and Google– and the wealth of commercial data generated every day takes place somewhat “centrally” on these mega platforms. In comparison, the very purpose of Web3 is to break free from such monopolistic centralizations by  “decentralizing” data exchange. It is often seen as safer, less time-consuming, and more transparent than Web2. 

How can Web3 contribute to SMBs? How can Web3 impact business operations?

For SMBs, collecting commercial data that is precise, updated, and transparent ownership is essential to the integrity and effective running of business. Web3 can address all of these elements in one go: 

It protects data integrity and gives both SMBs and their customers a sense of security

Web3 has the potential to contribute to SMB operations by improving the privacy, and security of client data. Without a third-party getting involved in the transaction and interaction process, SMBs can connect with their clients directly and offer a much more personalized experience. On the other hand, clients can also purchase services with peace of mind that their data integrity is likely not compromised under a Web3 system. This is particularly key, given that consumers in current times (much unlike common misconception), are gaining awareness of how their data is used and would adopt any feasible means to protect it

It decentralizes the business process with blockchain technology while adding elements of personalization

Web3 is a form of blockchain, and by using it, SMBs can enjoy the benefits that come with its blockchain system. With a publicly accessible ledger without the supervision of a third party, blockchains contain multiple blocks of data “chained” together, each consisting of permanent, time-stamped records that cannot be tampered with. This contributes to the transparency and efficiency of financial records. 

On blockchain-based ledgers, tokens (that is, digital representations used to exchange goods on a blockchain platform) can help SMBs streamline daily operations and improve customer relations. With decentralization, there is a decreasing need for existing bank infrastructure; shops can reduce expenses such as financial costs and also have their transaction history transparently displayed on a permanent record. A tokenized payment system enables businesses to recognize old customers, thus making loyalty and personalized rewards programs easier to operate. It can also instantaneously build new client profiles with opt-in permission.

It facilitates interesting forms of innovation and efficiency

The Web3 platform also helps facilitate more innovative, efficient, and transparent operations across sectors. In the realm of real estate, Web3 could make property purchasing more hassle-free with the elimination of intermediaries. This could cut costs for both the buyer and seller, making real estate a market more accessible than before. When it comes to the energy sector, the decentralization of energy grids allows household units to exchange excess energy. Not only is this liberating for the household, but it also enhances energy efficiency. 

Examples like these describe the innovation that Web3 can bring, tailored to the development of particular sectors. As the future unfolds, industries will seek to make more efficient use of Web3 – it will be up to each SMB to observe these trends and apply them as needed. 

Challenges for SMBs when adopting Web3 

The advantages of Web3 are clear to many, but jumping to its implementation is not as straightforward. At present, there are two common outstanding challenges for people interested in Web3: 

The first challenge pertains to law. As Web3 concerns privacy and data exchange, legal frameworks, along with regulations of crypto assets, are still being planned. As such, those interested in Web3 may be hesitant to take action due to the lack of solid legal guidance at the moment. 

Secondly, blockchain itself is not easy to navigate for companies, and it takes a while to understand how to apply it for business purposes. The same applies to Web3–while it does invite interest, barriers for use still exist due to the general lack of familiarity with it.

How can Acer help SMBs transition into Web3

The demands of Web3 imply that less advanced computers will not be able to keep up with it. The tech enthusiasts among SMBs may therefore be wondering how to update their devices to welcome the Web3 era. For this, a good set of hardware should be on the list: 

Processor (CPU):

  • Minimum: A modern multi-core processor, such as an Intel i5 or AMD Ryzen 5.
  • Recommended: A higher-end multi-core processor, like an Intel i7 or i9, or AMD Ryzen 7 or 9. If you're involved in tasks like blockchain node operation or dApp development, a faster processor can significantly improve performance.

Graphics Card (GPU)

  • For General Use: Integrated graphics (like Intel's integrated graphics or AMD's APUs) should be sufficient for basic Web 3.0 browsing and decentralized application (dApp) usage.
  • For Developers or Advanced Users: A dedicated GPU, such as those from NVIDIA's GeForce or RTX series or AMD's Radeon series, can be beneficial. This is especially true if you're involved in tasks that require GPU acceleration or if you're considering cryptocurrency mining.

RAM:

  • Minimum: 8GB of RAM. This should be sufficient for basic tasks like browsing decentralized websites or using dApps.
  • Recommended: 16GB or more. For developers or those running nodes for certain blockchains, more RAM can be beneficial. Some blockchain nodes, especially when fully synchronized, can be memory-intensive.

Storage:

  • Minimum: A 256GB SSD. Solid-state drives (SSDs) are much faster than traditional hard drives (HDDs), which can be crucial when dealing with large blockchain datasets.
  • Recommended: 1TB SSD or larger. If you plan to run a full node for certain blockchains, you'll need a lot of storage space. For instance, the Ethereum blockchain's size, when running a full node, is several hundred gigabytes and growing. Additionally, having extra space allows for future scalability and the addition of more blockchains or dApps.

For an effective combination of these elements, Acer’s Veriton 8000 Workstation is a safe place to start. Designed to supercharge work productivity, it boasts:

  • CPU: Up to 13th Gen Intel® Core™ i9 processor
  • GPU: Up to NVIDIA RTX™ A4000 GPU
  • Ram: Up to 128 GB DDR5 ECC memory
  • Storage: Up to 2 TB M.2 PCIe SSD and up to 8 TB HDD storage

With enhanced graphics and high-speed bandwidth, it can enhance work productivity under the demands of Web3. It also comes with extremely powerful processing abilities and can manage the needs of different data-intensive industries such as engineering, research, and design. The extra benefit of rapid connectivity also smoothens the transition to Web3, keeping up with the ever-busy incoming flow of data at any time. 

Web3 is here to optimize the business experience 

Well, Web3 may be less known than Web2 for now, and some uncertainties still lurk with regard to its operation. But with time, Web3’s affordances of offering more privacy, security, and space for innovation may result in it becoming more popular in the longer term. If you’re part of an SMBs, you may therefore wish to keep your eyes peeled on how Web3 develops in your sector and reimagine what it can do for your business.

Esme Lee is a science writer and editor in the UK, carrying a passion for tech copywriting. She has a background in educational neuroscience and holds a PhD from the University of Cambridge.

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