Web3.0 is gaining a lot of traction in the business world, and many expect it to disrupt numerous technologies.
The CEO of CertifiedTrue, Stephen Graves, believes that blockchain technology will disrupt numerous technologies over the coming years. CertifiedTrue is a Software-as-a-Service providing a secure method to immutably bind time, location and ownership of data at its origin.
In a recent interview, Graves stated that despite the hype around Web3.0, there is still a long way to go before businesses adopt it. He stated that;
“So there is a lot of excitement and investment in the push for Web3 (decentralized, blockchain) technologies. At the same time, a lot of corporate and business applications are still struggling to fully integrate, even Web 2.5 (cloud). Certain industries that depend on information processing systems like Legal, Insurance, and Real Estate still use an astonishing amount of paper and have legacy human processes beyond technical integration where it can be difficult to get buy-in for real change.”
Graves stated that the real growth would be in the fusion of Web 3.0 with Web 2.5 rather than replacing it. He cited it with an example of how his company leveraged both to build its photo verification app. Graves stated that;
“When we started out building our own blockchain platform in 2018 to support our main photo verification application, we eventually realized that to escape “Zamfir’s triangle” on scalability, security, and decentralization, we would need to create a hybrid system using both cloud and blockchain technologies. In the end, this gave us the best of both worlds, and I suspect this is where the real action is going to happen over the next 5 years.”
The CertifiedTrue CEO isn’t a fan of nonfungible tokens (NFTs), adding that he believes they will not last in the long run. He stated that;
“The current state of NFTs is a bubble, and it is going to crash down to earth at some point. I mean, how much are Crypto Kitties going for now? But like previous tech waves like blockchain, cloud, and e-commerce, I believe the real value in NFTs is in the underlying technology being applied to real-world issues, and that value should only grow over time.”