What Is Web3 And How Does It Offer Scope For Improved Customer Experience?

Web3 is based on blockchain technology and will allow users to read, write, and own their data.

3 min read

Imagine this: Your grandmother or parents have read a WhatsApp forward about Web3, and they ask you to explain it to them. Daunting right? Particularly so when there is currently no complete working definition of Web3.

The internet is abuzz with Web3. Think of it as a new shiny toy everyone is excited about, but nobody knows quite a lot about it, the greater the mystery, the stronger the effort to de-mystify. Shawn Ennis, Director of Digital Edge at Concentrix Catalyst, has worked out a simple explanation for you.

“We need to be cautious in how we define and communicate the idea of Web3. We must think of Web3 as a technology offering new and quicker services on top of the existing services to improve customer experiences. Businesses like to layer technologies. That does not mean they delete it altogether.”

Think about a content creator who relies on the internet (our introduction to Web1) to share his content. With the evolution of Web2, they were able to reach a bigger audience and better communicate with them through social media platforms such as FB and IG. Simply put, Web1 is our introduction to the internet. It helped us publish all kinds of information on websites. Web 2.0 are spaces that cycle on User-Generated Content, encourage participatory culture, and drive engagement among users.

Web3, considered to be the next iteration of the internet, is based on blockchain technology, allowing users to read, write, and own their data. Web3 is based on the main principle that it will be decentralized rather than controlled by governments and corporations, as is the case with today’s internet. But how will it improve customer experience and transform our everyday lives?

Shawn explains, “Web3 is useful when you have a common trusted integration point. For example, it can be the most useful technology for two organisations who are intent on sharing their loyalty programs. Typically, they would have to shell out a lot of money to link their two programs through Escrow. Web3 eliminates the idea of a middleman and the automation system allows one to link their accounts and be their bank.”

The impetus of Web3 can be the digital wallet. Most of Web3’s innovative impact would be Behind-The-Scene operations which would help us to source our products and services at a quicker and cheaper rate.

Advocates of Web3 see the ability to reduce latency and intermediaries between businesses making products and customers consuming them. They see a fully hosted network connecting us all, free to use to view and track, and one that costs us fractions of pennies for each product produced or sold. Leveraging this technology allows enterprises to connect, serve, and learn from customers directly without physical presence, third-party transaction go-betweens, or heavily regulated privacy limitations—resulting in a faster, more convenient, and more enjoyable experience for customers. This is where organisations like Concentrix Catalyst step in.

Concentrix Catalyst is the experience design and engineering team of Concentrix, a leading global provider of customer experience (CX) solutions and technology that reimagines everything CX through strategy, talent and technology. Catalyst team combines human-centered design, powerful data and strong tech to accelerate CX transformation at scale.

For more information, visit here.

Web3 is based on blockchain technology and will allow users to read, write, and own their data.

Shawn Ennis, Director of Concentrix Catalyst’s Edge Center of Excellence

Shawn Ennis serves as Director of Concentrix Catalyst’s Edge Center of Excellence, covering everything from Private 5G to IoT and Edge-native application solutions. He is an innovative career technologist with over 25 years’ experience developing company strategies, driving bottom-line, and delivering solutions that delight customers. He has grown a software company horizontally and vertically and is the founder of successful technology startups showcasing the ability to develop solutions that change the industry. Shawn is committed to delivering coherent platforms with a wide range of technical domain expertise and business sense.

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Topics:  Blockchain   Customer Service   web3