Web3 has been touted as the next internet revolution. It will empower end-users, allowing them to use, trade and share digital assets and information in a decentralised manner. It will enable true peer to peer interactions on the internet, without the need for any central authorities. As such, many term Web3 as the “personal” internet. 

‍

To Dedoco, Web3 means ownership. Ownership of your own documents and information which can be shared in a trusted and verifiable manner. Decentralisation is at the heart of this, with the trust that comes with proper processes recorded on blockchain, one doesn’t need to refer to a central authority for the source of truth. This combined with tokenization and smart contracts, allows us to truly ‘own’ our documents and digital assets.

‍

Web3 applications began to realise their full potential with the rise of DeFi and NFTs. Users can bring their digital assets and wallet with them from application to application and this comes with connectivity to other decentralised applications such as cryptocurrency swaps, naming services, identity management and storage. Use cases for Web3 extends to DAOs (decentralised autonomous organisations) where token holders can vote on various decisions much like a company board and Metaverse applications as the industry looks to making virtual assets more portable between digital realms. Of course Web3 has many interesting implications for the financial industry and we saw evidence of that at Singapore Fintech Festival 2021 where the entire conference theme was centred around Web3.

‍

The Web3 technology stack consists of several layers ranging from protocol to front end applications. Inbetween, infrastructure plays an important role. The infrastructure layer is where the different tools or “lego blocks” lie for one to be able to build their own decentralised applications. This covers transactional tools like Uniswap, decentralised storage like IPFS and identity management tools like ENS.

‍

‍

For Web3 to be able to change the fundamentals of how we work, one missing category in the infrastructure layer we foresee is a set of business process and documentation tools. Every business deals with documents, be it contracts, agreements or other documentations like purchase orders and invoices. These documents need to be issued, approved or acknowledged by various parties. In general such documents are not trusted between entities and systems, manual verification processes are needed when a document passes from one system to another. Web3 can potentially change this with non-fungible document processes (NFDs). 

‍

A NFD would provide provenance on the document and its business process by tracking the following:

‍

With these features the NFD can be trusted and verifiable digitally. This can bring about new paradigms to digital transformation and new ways to connect with customers. For example, businesses can share information and documentation by bringing their own trusted documents. This gives more power to the document owners and also enhances the competitive environment.

‍

The next step to the Web3 industrial revolution is to bridge companies from Web2. As companies transition from centralised systems, they would need to:

As we transition towards a “personal” internet that is more connected and technologies like AI, ML, AR and VR continue to change the world that we live in. It is important to consider Web3 as part of any company’s digital transformation process.

‍

At Dedoco, we are connecting systems using our DEcentralised DOcument COnnectors. As a document goes through a signing process via the Dedoco platform (with full digital signing features), NFD Processes are generated. Making the documents tamper-proof, verifiable and trusted. Dedoco also provides APIs to connect between systems, allowing one to integrate from Web2 to Web3. To find out more, contact us and request for a demo.

‍

This material was first presented during Singapore Blockchain Week 2022, organised by Blockchain Association Singapore (BAS).

Watch the Keynote session here

Original article link