The Impact of Web3 on the Traditional Centralized Model

The emergence of Web3 technology has sparked a significant amount of debate about its potential impact on traditional centralized institutions such as governments and corporations. There are those who argue that Web3 technology has the potential to disrupt these institutions by enabling more decentralized and democratic systems.

Web3 Could Help Centralized Institutions to Become More Transparent in Argentina

Argentinian tech leaders look optimistically toward how Web3 will impact centralized institutions. Nicolas Manzini from Beon.tech says that Web3 could bring More data transparency in how governments and companies interact.

At the same time, there is a concern that governments will lobby against adopting decentralized technologies. Of such an opinion Mauricio Payetta, CEO at XOOR is. He states that there will clearly be a huge lobby against decentralized orgs. I think centralized orgs will end up integrating decentralized orgs features because at some point it will be unstoppable.

On the other hand, Santiago Tapia from TUXDI Digital shared that

Web3 will transform traditional institutions, hopefully, they will become more agile through the implementation of decentralized contracts reducing the need for management personnel. In addition to that, we believe Web3 will bring a more leveled structure when it comes to power and responsibilities across its members.

Web3 Is Unstoppable - Governments Will Try To Control, And Then Slowly Adapt To It - Australian Tech Leaders Say

Australian tech leaders think that centralized institutions will try to take over Web3. Justin Nesbet from SEO Expert Gold Coast states that governments and corporations will regulate or seek to administrate Web3.

At the same time, Tim Boylen from Boylen+ considers that

Web3 is like a boulder rolling down a hill - and like Web 1 and 2, it's unstoppable. For both government and business, there will be highly publicised failures but overall, Web3 has the potential to deliver benefits across a wide range of key areas, such as procurement, finance and security.  Entrepreneurs are driving the agenda at the moment. However, there is a need for government and policy makers to be forward thinking to establish "rules" that keep pace with innovation - and help restrict criminal activities.

From a cybersecurity perspective, Brodey Sheppard, sitecentre director, thinks that adopting decentralized technologies is imminent to protect personal data: It's vital for anyone storing personal information to adopt decentralization technologies.

Web3 Will Impact ID cards and Passports - Armenia

In a single intervention, Hrach Avagyan, Hydralab Co-Founder thinks that Web3 will impact people’s identification procedure and documentation: Decentralizing user IDS would be a huge step, so people will not have passports. 

Web3 Will Disrupt Centralized Governance And Business Models As They Will Come With Benefits - Bangladesh

Moving next to Bangladesh where opinions are different as far as it concerns web3 impact. Fahim Ferdoush from Ai9 states that Web3 has the potential to disrupt traditional business models by enabling peer-to-peer transactions and the creation of decentralized autonomous organizations (DAOs). This could lead to a more equitable distribution of wealth and a reduction in the power of corporations.

Brazil - Decentralization Will Be Benefic, But Centralized Institutions Will Oppose Resistance

Brazil tech leaders agree that adopting decentralized technologies will have a positive impact. Anderson Queiroz, CEO at Doomel thinks that Many industries will be able to utilize Web 3.0 to make their processes more efficient and become more self-sufficient, ranging from retail to medicine, from micro-businesses to large corporations.

At the same time, Fabio Santos from Agência Divulgar Meu Negócio notes that larger corporations and governments are already suffering from the impacts of Web 3.0. Large corporations are already preparing because they fear increased competition and the democratization of the web.

5-10 Years Should Be Enough For Governments to Adopt Decentralized Technologies - Canadian Tech Leaders Say

Compared to what tech leaders from Bangladesh and Brazil say, Canadian tech leaders, think that ultimately governments will be adopting decentralized technologies, even though it would take some time. Mark Tharme, Muse Marketing Group Inc says that most governments and corporations will adapt to Web3 in the upcoming 5-10 years. Some governments and corporations are already using Web3. A similar opinion was shared by Eric Poulin from Digital Marketing People, stating that a tremendous amount of infrastructure changes will be required especially for governments.

Web3 Impacts Privacy & Security At All Levels - Chilean IT Companies Say

In their responses for TechBehemoths, Ki Technology and Koffein - two prominent IT companies from Chile, shared that It's going to take more time to have a real impact in this kind of institutions. But the impact is going to happen on all levels. Both should adopt web3 for privacy, security, and control. 

Web3 Isn’t Happening Any Time Soon - Czech Company Founder Say

While in some countries tech leaders feel either optimistic or pessimistic regarding the Web3 adoption by centralized institutions, in Czechia the wind of change doesn’t seem to be closer. Michaela Bartoňová founder of bartonova.solutions was amused by our question: Haha I don't see it in my country. I see more like centralization of Web 2.0 in the missing progress stage found again waiting for the public to not see the real state of things.

But let's stay optimistic and do our best to get there as best we can.

Adopting Decentralized Technologies Is A Slow Process - Estonia

Estonian tech leaders have a similar opinion to their Canadian counterparts as far as Web3 is concerned. 

Company owners and C-level executives share the opinion that decentralization takes time, including for governments and corporations. 

Andriy Obrizan from LeanyLabs thinks that they're [centralized institutions]  forced to stop ignoring it. Governments will enforce more regulations. Corporations will probably slowly start using decentralized technologies for real, and not only for marketing purposes.

Centralized Institutions Are The Last Adopters of Web3 - Greek Tech Leaders

Moving forward to Greece, where opinions are skeptical about Web3 and decentralization on a governmental level. Paul Davies from The Hotel SEO Agency mentions that governmental services are the most likely to be able to benefit immediately benefit from web3 approaches, but perhaps are likely to be one of the latest adopters.

On the other hand, a more rough opinion comes from Ilias Apostolou, Weboo.gr CEO, saying that hopefully, they [centralized institutions] will have to pay as to get our personal data (if we are willing to sell them).

Indian Tech Leaders Have Divided Opinions on Web3 Impact

Indian tech leaders also believe that Web3 has the potential to challenge traditional institutions. Jero Krish sees Web3 as a true revolution that brings security and privacy while Ashish Srivastava believes that centralized institutions will eventually improvise their functioning in response to the challenge posed by Web3.

 Remy Frederick, iLeaf Solutions Pvt Ltd, Business Developer declared that Web3 technology could lead to increased transparency, reduced corruption, and improved accountability, as well as giving individuals more control over their personal data and assets.

On the other hand, Mahipal Nehra from Decipher Zone believes that Web3 technology can be used to improve government engagement with the public by creating new corporate and government services that are more responsive to citizen needs. Similarly, Anurag Jha , CEO of Teamarcs technologies believes that Web3 creates a decentralized environment that is not susceptible to corruption, which could be beneficial for both governments and corporations.

Chetan Patel from Dexoc Solutions suggests that

Web3 apps are powered by blockchain technology, which allows them to run without the need for a central authority. This means that users can interact with each other without giving away their personal data and are less susceptible to censorship. This could be beneficial for governments and corporations that are looking to implement Web3 technologies.

In addition, Sushil Kumar, CEO at TEQTOP argues that Web3 has the potential to impact the role of traditional centralized institutions in many ways, including disintermediation, increased competition, improved transparency, and data privacy. 

Viral Shah states that Web3 technologies offer new ways for people to transact and interact with each other, reducing the need for intermediaries such as banks, payment processors, and other centralized institutions. Anto M highlights that the Web3 decentralized model seeks to manifest a digital experience that is more resilient and inclusive. Amit Thakar suggests that people need to be aware of what technology to use in what kind of business models or operations to ensure proper adoption. Ali Maujjam points out that in Web3, value creation, storage, and exchange are decentralized across communities and technology infrastructure.

Important to note, that Indian tech leaders were among the most vocal when it came to Web3 adoption and transformation, even though their opinions clash with each other. 

Decentralized Technologies Have Both Benefits and Disadvantages for Centralized Institutions - Pakistani Tech Leaders Report

Haroon Usman from AMZ-DOC believes that data management is likely to be one segment that is affected by Web3, as it enables higher levels of data sharing and collaboration, which could drive new business models based on data sharing and collaboration.

However, it is important to note that Web3 technology is still in its early stages of development and adoption, and the full extent of its impact remains to be seen. As Rana Umer of Select Pakistan notes, the web has already experienced increasing levels of centralization and mass surveillance over the past two decades, so it is not yet clear whether Web3 will be able to reverse this trend.

However, Adil Hussain from Omnisofttex Inc, considers that

Governmental institutions will enable decentralized technology usage in its processes, as it will come with a series of benefits: In the case of governments, Web3 could enable decentralized systems of governance, where decisions are made through consensus mechanisms rather than by a single central authority. This could lead to greater transparency and accountability, and potentially increase citizens' trust in government.

Polish Tech Leaders Split on Web3 Adoption by Centralized Institution

In Poland, tech leaders have divided opinions about web3 adoption by centralized institutions. While some IT companies think that governments can’t use Web3, others suggest various ways on how it can be implemented and at what extent. 

For example, Aliaksandr Kot, CCO at Exposit thinks that the government can’t use WEB 3 advantages in terms of decentralized technologies at all, having a fear of losing access to this data or someone can have it unauthorized. Opposite we see how conservative governments are trying to isolate all their internal data and protect it against leaks

On the same note, Krzysztof Ryk - Antologic COO continues web3 can threaten centralized organizations as those could potentially loose the control they have now. A thought also shared by Alexey Kalachik from Fively.

On the other hand, Vlad Pivnev from ICODA considers that Web3, with its decentralized and blockchain-based architecture, has the potential to disrupt and transform traditional centralized institutions, such as governments and corporations, in several ways:

1. Decentralized governance: Web3 allows for decentralized decision-making processes, which can challenge the traditional centralized control exercised by governments and corporations.

2. Increased transparency and accountability: The use of blockchain technology in Web3 makes it possible to have transparent and immutable records, which can increase trust and accountability in traditional institutions.

3. Empowerment of individuals: Web3 enables individuals to take control of their data, assets, and identities, thereby reducing the power held by centralized institutions such as corporations.

4. Alternative economic models: Web3 can facilitate new, decentralized, and more equitable economic models, which may challenge the dominant centralized economic models supported by traditional institutions.

It's important to note that Web3 is still in its early stages of development, and its full impact on traditional centralized institutions remains to be seen.

Portuguese Tech Leaders - Institutions Must Adopt Decentralized Technologies

In Portugal, opinions say that Web3 is something that centralized institutions must comply with. Arthur Luiz from Buzzvel states that Web3 seems to be a new revolution as was the Internet. Institutions must adapt to this new era.

On the other hand, Aleksandr Gurov from .wrk commented that I hope there will be less bureaucracy around government institutions with Web3. And it itself can give the economy new opportunities.

Web3 Will Force Centralized Institutions to Adapt - Romanian IT Companies Say

In Romania, tech leaders consider web3 and decentralized technologies as possible game changers as far as it concerns society, technology, and government.  Gabriel Jicman, B1 Studio CEO told TechBehemoths that They [centralized institutions] will have to adapt to the new way of processing data, because individuals and communities will become more powerful.

At the same time, Alexandru Gavrilovici, NeoVision’s Business Developer hopes that Web3 will bring More transparency, less corruption, and more democracy. 

As for the technological impact of web3 and decentralized technologies, Maria Rozin from LiftUp thinks that Web3 will create a digital experience that is more resilient, more inclusive, and prioritizes peer-to-peer connection. On the same note, Alex Paval from Nokto considers that shared computing power and storage would be the first thing that would have the most impact.

UK IT Companies Think That Centralized Institutions Have To Adopt Web3 Technologies For Their Own Good

In the United Kingdom, tech leaders consider that those who will not adopt Web3 technologies will have a lot to lose. This idea by the way is supported by the Web2 to Web3 survey results, where most of IT companies that face challenges related to Web3 are exactly those who didn’t move in this direction. 

Ben Foster, The SEO Works CEO, thinks that Banks and financial institutions will need to adopt or integrate the technology or suffer longer term. 

The idea reflected by Ben comes with certain risks though. Of such opinion is Gordon Hall, ProMedia 66 Director. He states the following: I see a possible escalation to the point of a major change in the democratic system.  Eventually, both ideas have their chances to materialize, as long as Web3 will indeed impact governments and society at the scale Ben and Gordon predict. 

Web3 is About Data Privacy and Informational Freedom - Ukrainian Tech Leaders Say

In Ukraine, IT companies and their leaders draw the line between centralized institutions and decentralized technologies. It could be very much that governmental institutions and corporations would have less control over the information once decentralized technologies would be adopted. 

Such an opinion was shared by Kirill Soliar, Solar Digital CEO:

We see this as a sign that the issue of freedom of information and its ownership will become more transparent and flexible. Large institutions will remain major players but with modified functions. Such a transition is inevitable. A few organizations cannot and should not influence the whole world web.

In its turn, Dmitriy Sergienko, Betlace Director also considers that decentralization adopted by governments will have a positive impact: I guess, it's s good idea in the case of data privacy. Probably for institutions, it will be a big challenge.

Web3's Potential to Disrupt Centralized Institutions Sparks Debate Among US Tech Leaders

In the United States, tech leaders and IT company owners can’t agree over web3 impact over centralized institutions. Some voices say that web3 would not impact at all centralized institutions, while others see radical changes in data privacy, and information ownership. 

Jeane Sumner, WebsiteHQ CEO, states that While Web3 is still in its early stages of development and adoption it's easy to imagine if it will have the potential to disrupt these more traditional institutions because of more transparency and accountability.

At the same time, Mike Rux, Founder of Cipher Digital Marketing talks about how the process will look like from tech giants’ perspective: I believe some corps. and institutions will have to catch up to the changes and will be behind in their technologies and implementations. Again giving the underhand to the large tech companies. 

On the other hand, Andrew Miller, 84EM Founder, foresees a minimal impact of web3 over centralized institutions: I see a minimal impact if at all. I especially do not feel governments will embrace it.  

Summing up

By definition, decentralized technologies would mean an opposite way to rule, govern, and act to what we know today. All voices and tech leaders may be right or wrong, as it is only to see how corporations and governments will act when faced with. 

If decentralized technology would bring more freedom than chaos is still something we’ll have to live up to. There are still many unanswered questions, as the shape of future technologies is still unclear to us, just as the human response to it.