WEB 3.0: An inevitable change

WEB 3.0= An evolutionary revolution +Web 2.0

Evaluation of Industries that can Soar up in WEB 3.0

The evaluation process is rigorous and transparent.

  1. Due Diligence: There are risks associated with transformation. It also comes down to the players. “Are you able to get everyone together? “It also becomes a trust issue of who will do the due diligence, eventually, it will rely on who is a trusted intermediary,” with WEB 3.0 automation is a relief to all possible industrial measures.
  2. Money Laundering: The anonymity of crypto has made them well-suited for illicit transactions such as money laundering and fuel ransomware
  3. Data Protection: As data privacy rules gain prominence, consent-based aggregation of data can bring advantages.
  4. Asset and Wealth Management: The expanded ecosystems, will provide forth large data volumes that need to be aggregated and stored which poses a real challenge for financial institutions. Data will certainly be a critical asset that banks need to better monetize for future growth.
  5. Financial Transaction & Account Aggregation: ‘Zero trust’ and structured security programs are needed in financial transactions. Extreme reliance on multi-factor authentication. It is probably the single strongest control we have to secure what we do, and we will see more application of password-less.
  6. Lending: Leading with or without collateral has to be checked.
  7. Cryptocurrencies: Crypto is a storage value that comes with risk.
  8. The potential for AI: Artificial intelligence is huge, and it is critical to ensure that it is ethically used.
  • Transparent royalty calculations
    -Automatic royalty payments
    - P2P content sharing
    -Fundraising for creative projects
    - Improvements in digital advertising, including fraud prevention and ad effectiveness
  • Emerging technologies of WEB 3.0 will redefine Banking exposure of seamless services: ET will combine to redefine the bank-customer relationship forever. As technology reshapes how we live and communicate, this will have an impact in several ways including a hyper-connected world as the norm, engagement as a service, and the rise of the ‘super-app’
CREDIT: IBM Technologies
Faster processing under WEB 3.0 Credits: IBM
One digital ID!
  • Appropriate and ethical sales practices,
  • Marketing communication, fair practices on financing, loans, and refunds.
  • Swap
  • •CDS: A credit default swap is a financial derivative contract that shifts the credit risk of a fixed income product to a counterparty in exchange for a premium.
Source: Moody’s Analytics
Credits : TRADE LEDGER OLD WAY OF LOAN DOCUMENTATION
CREDITS: NEW WEB 3 WAY OF LOAN PROCESSING
Pic credit: prasannalohar
Fintech challenges in Web 3.0

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Chartered Accountant in the Cryptocurrency space evolving with world, Financial Tax advisory, Content writer by choice, Fin-tech, Researcher, Learner!

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CA RIDDHI JAIN

Chartered Accountant in the Cryptocurrency space evolving with world, Financial Tax advisory, Content writer by choice, Fin-tech, Researcher, Learner!