Innovation in Business Q4 2022

and businesses will find new ways to utilise them to encourage further interactions and investment from their consumers. Decentralisation can be a powerful business transformation NFTs have been an amazing showcase for blockchain and Web3’s potential for businesses but it should not overshadow the many other ways that Web3 technologies can be applied. Blockchain technology is a generalpurpose tool with many functionalities and a strong facilitator of creating digital scarcity or providing secure value exchange. The distributed ledger technology, which is the core component of a blockchain and enables items that live in the ledger to be truly immutable, can solve a multitude of pain points. Anything from improving audit traits for things like cargo tracking for the aviation industry to securing ticketing in the events industry, blockchain enables organisations to become decentralised. But how would businesses benefit from decentralisation? While not every business will be naturally suited to adopting a decentralised model, for those that can implement it, it will allow them to share the functionality of the business across multiple points. For example, rather than having single data storage in one place, they can invest in multiple data storage points, reducing overreliance on a single data centre, and thereby improving efficiency. Alan Vey, leading tech entrepreneur and blockchain expert Yet it does not have to be all or nothing when it comes to adopting blockchain. Businesses can adopt ‘permissioned’ instances of networks – meaning they benefit from the speed, security and interoperability of a blockchain while maintaining full control over all transaction activity, and actually enhancing its anti-money laundering capabilities for example. The era of Web3 is upon us and businesses need to be investing in it now The Web3 technology is developing at pace: NFTs are one of the strongestholding assets in the current challenging economic landscape, countries are turning to CDBCs among global political turmoil and even the sustainability concerns around blockchain technology are eroding as major blockchains like Ethereum make significant reductions to their environmental impact. It is only a matter of time before businesses will be able to purchase ‘blockspace’ where businesses can rent flexible, interoperable and secure space on the blockchain that is specifically tailored to their shifting needs for security, availability, and latency. Businesses that don’t want to be left behind when the era of Web3 fully comes into its own, should already be exploring how blockchain technology could improve their operations. A smart business invests in its future and the future is most definitely Web3. Alan Vey is a Forbes 30 Under 30 winner for his work building businesses in the blockchain industry. After completing his Master’s in Artificial Intelligence at Imperial College London in 2016, Alan went on to found Aventus, an enterprise-grade blockchain company that helps bring blockchain to businesses. In addition to his current role as Founder & CEO at Aventus, he also runs and consults on several other businesses in the blockchain space. Find out more about Alan at: