As it becomes clear that Web3 is here to stay, and is quickly becoming a revolutionary force in the running and use of the internet, big brands across the world are increasingly looking to integrate Web3 processes into their business models and products.
But, where big brands outside the financial industry lack the expertise to integrate Web3 processes, they are partnering with a range of smaller Web3 companies that possess the infrastructure and know-how to introduce and market Web3.
This is positive for both the integration of Web3 into the mainstream and the promotion of smaller fintech businesses with the capability to revolutionize our relation to the internet and money in the 21st century.
What are Web3 and dApps?
Web3 is a set of proposals for reforming the current running of the internet, led by the successes and processes of blockchain. In opposition to large technology giants who maintain most of the internet’s infrastructure, Web3 proposes using blockchain technology to combat their dominance within the internet ecosystem and democratize the running of the internet.
The Web3 model proposes the decentralization of all data, rather than its storage by private companies. Rather than being required to share data with technology corporations in order to use their services or third-party services, customers and financial entities would share data with the help of blockchain technology. Information would be stored on the blockchain’s public ledger, which is not owned by any one company or individual, making it more secure and private.
dApps, or decentralized Applications, are digital applications or programs that run on a blockchain network rather than a single computer. Like the blockchain’s infrastructure, a dApp is not owned or maintained by a single entity or company, making them decentralized and free from the control of a single authority. Commonly used dApps include PancakeSwap, OpenSea, and Splinterlands.
Brands working with Web3 companies and dApps
In July 2022, the Mercedes-Benz Group announced that it was partnering with Web3 company Polygon to launch a data-sharing platform based on blockchain technology.
Currently named Acentrink, the platform will allow businesses to purchase, sell and trade data on its decentralized network. Rather than being saved on the blockchain, each data set will be saved as an NFT. The idea is to make the sharing of expertise and data between companies, but also individuals, quicker, easier, and more secure.
This project will combine the business potential and brand recognition of the Mercedez-Benz Group with the Web3 capabilities and innovation of Polygon.
BNP Paribas has recently partnered with fintechs Fireblocks and Metaco to work on developing digital asset services. It hopes to offer clients the chance to issue, transfer, trade, and securely store regulated digital assets, such as NFTs.
This is one of many examples of mainstream and traditional banks seeking to diversify their offerings into Web3 and dApp technologies, partnering with Web3 companies and fintechs who have the capabilities to develop such banking processes.
Swedish fashion giant H&M Group is in the process of designing an immersive showroom space, with the support of Web3 agencies Dept and Journee.
Using the power of the Metaverse, H&M Group will expand beyond physical showrooms to offer digital showrooms, including 3D-rendered cloth materials and colors.
Dept and Journee both have experience in creating immersive Web3 experiences and digital products for large brands.
In June 2022, British fintech Checkout.com unveiled its stablecoin settlement solution, having partnered with Web3 company Fireblocks.
The settlement solution will allow merchants to process customers’ crypto payments in real time. It is hoped that the new process will allow the greater adoption of stablecoins within e-commerce.
Checkout.com now also offers merchants 24/7 settlement, including on weekends and during holidays. This will increase access of merchants to cash flow and ease operational processes, as well as promoting crypto as a form of payment.
Payment giant Mastercard has recently partnered with Fasset, a Web3 company specializing in providing crypto payment gateways. Mastercard especially hopes to drive crypto payment adoption in Indonesia, before implementing these processes in wider markets.
The partnership will make use of Mastercard’s extensive infrastructure and wide customer base, and Fasset’s expertise in Web3 crypto gateways, to bring digital technologies and off-ramping opportunities much closer to locals.
In a country where 92 million people don’t have a bank account, there is a large potential to promote Web3 technologies and uptake.
Web3 with Chainswipe
No matter how big or small your business is, you could benefit from introducing Web3 processes and blockchain technology. As seen in the adoption of Web3 by a variety of big brands, it is a rapidly growing market and a pioneering force in the direction of the internet and economy.
But, don’t worry if you’re unsure about how to implement Web3, or where to start. This is where fintech companies can easily share their expertise with brands outside the fintech sector.
With the help of Chainswipe’s bundled product and no-code use cases, we can take the stress out of orchestration and integration so that you and your customers can make the most of emerging Web3 platforms.
Contact us today to learn more.