Despite the storms in the crypto world, the web3 sector is proving to be considerably resilient. The market capitalization of cryptocurrencies and other digital assets reached 1,300 billion dollars (+32% in one year). With 15,000 DApps on the market, around 3 million users actively use decentralized apps (DApp) monthly, registering+32% in one year. Consisting of financial sector Dapps, the DeFi ecosystem is stable at 40 billion dollars.
Companies and the public sector continue to explore the field. In 2022, 278 web projects were identified, +13% compared to 245 in 2021. In the banking industry, 63 of the 100 main banks in the world, 10 more than in 2022, implemented at least one project linked to the use of stablecoins, Central Bank Digital
Currencies (CBDC), or safe keeping and cryptocurrency investment services. The future opportunity to integrate Central Bank Digital Currencies in web3 as more regulated options is also emerging. To date, 94 central banks (around 60% of the total) are conducting studies or testing in the CBDC field. 129 local initiatives were launched, and 5 projects are already active (Caribbean, Cambodia, Jamaica, Bahamas,
Nigeria), while 46% of the initiatives are being tested (+8% compared to 2022). At the same time, the European Union is also increasingly committed to the development of the web3 sector, as indicated by the recent launch of the Digital Euro project and the publication of the MiCA regulation.
Web3 is therefore already transforming the world of business. The new paradigm that promises to revolutionize the Web by creating a more distributed and decentralized ecosystem through technologies such as blockchain, is spreading worldwide. This is what emerged today at the conference “Blockchain impact on Business: Web3 and Internet of Value” organized at the European Parliament by the Blockchain & Web3 Observatory of Politecnico di Milano, attended by Brando Benifei and Daniela Rondinelli, Members of the European Parliament and representatives of organizations working in the industry such as Banque de France, Commerzbank, Decentraland, Fireblocks, London Stock Exchange Group, Namirial, SIX Digital Exchange, Uniswap Labs and the European Commission.
“Web3 is revealing a transformational potential that goes well beyond mere financial dynamics or fluctuations in the market of cryptocurrencies – explains Francesco Bruschi -. Web3 offers the opportunity to shape a new Internet model, characterized by equity and inclusiveness, based on fundamental principles such as transparency, decentralization, and user engagement. In this perspective, users will become the real owners of their own data and web interactions, thus reducing the inordinate power of digital platforms”.
“However, the fullfilment of a more sustainable and inclusive Web3 is anything but certain – says Giacomo Vella -. This is just the beginning of a long journey. In order to fully unleash the potential of web3, it will be crucial to continue to invest in research and development and to actively collaborate in the creation of an adequate regulatory framework. The future of web3 increasingly emerges as a collective challenge. Today, Europe cannot just be a spectator of this transformation, but must play an active front-row role to promote proper adoption of web3”.
Web3 is revolutionizing business models through advanced interoperability based on shared infrastructure, redefining the central role of companies and generating new and powerful network effects. The fundamental principles of web3 encourage collaborative value chains, enabling participants to use and combine pre-existing smart contracts to innovate without requiring permission. Companies test reduced transaction time and cost through trusted blockchain based processes. Web3 tools not only provide access to innovative revenue streams, but also enable brand repositioning to reach new customer segments. In short, web3 is redefining the nature of business models, fostering stronger user engagement, greater operational efficiency, and a new era of decentralized trust in the digital world, but also with strong repercussions on the physical world.
“One of the main elements that enable web3 is the use of digital assets natively integrated in the technological infrastructure to facilitate the exchange of value – explains Valeria Portale-. However, a digital native currency is currently not available, and this has led to the adoption of cryptocurrencies and stablecoins. At the same time, many central banks, including ECB, are acknowledging the importance of developing their own digital native currency also as a tool that can potentially be used in the web3 context.
One of the features that may bring great change in business is the programmability of web3 native payments. A few examples: in split payments, blockchain enables automated and transparent division of funds. On web3 platforms, split payments can automatically distribute relative payments, such as dividends or royalties, among the participants of a decentralized project. The concept of “delivery versus payment”
takes on a new dimension with smart contracts based on blockchain. In a web3-based trade finance context, payments can be programmed to automatically execute only when the buyer confirms receiving the product, guaranteeing the security of the transaction. The “time-bound automation” on blockchain might be used to manage programmable payments dependent on specific conditions. For example, a smart contract could automate the renewal of a streaming service or the payment of rent each month, guaranteeing regular payment with no manual action.
By incorporating such features in the web3 context, programmable payments become powerful instruments to optimize financial transactions, leveraging the inner security and transparency of blockchain technology.
