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Opportunities and Challenges in Web 3.0: What Does Decentralized Internet Promise to Businesses?

Year 2023, Volume: 2 Issue: 2, 163 - 175, 31.12.2023

Abstract

Along with the latest developments in today's technologies, a new internet evolution known as Web 3.0 has emerged with the newly emerging concepts of blockchain and metaverse. Given its significant potential impact on various industries such as IT, marketing and finance, Web 3.0 is receiving a lot of attention from both academia and industry circles. Since Web 3.0 is a relatively new phenomenon in both literature and practice, this study provides an exploratory analysis of the opportunities and challenges related to Web 3.0. In this context, firstly, the technical differences between Web 1.0, Web 2.0 and Web 3.0 are evaluated, while the unique technical architecture of Web 3.0 is also examined. The aim of the study is to highlight the current development status of Web 3.0 from both an economic and a technological point of view. Finally, a forward-looking perspective is offered on the potential future growth and progress of the Web.

References

  • Anderson, P. (2007). What is Web 2.0? Ideas, technologies and implications for education research report, JISC Technology and Standard Watch. Erişim adresi: http:// 21stcenturywalton.pbworks.com/f/What+is+Web+2.0.pdf
  • Bergman, M. (2001). The deep web: Surfacing hidden value. The Journal of Electronic Publishing, 7(1).
  • Berners-Lee, T., Hendler, J. ve Lissila, O. (2001). The Semantic Web [preview]. Scientific America. Erişim adresi: http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=539724
  • Buterin, V. (2013). Ethereum white paper. GitHub repository, 1, 22-23.
  • Chalmers, D., Fisch, C., Matthews, R., Quinn, W., ve Recker, J. (2022). Beyond the bubble: Will NFTs and digital proof of ownership empower creative industry entrepreneurs?. Journal of Business Venturing Insights, 17.
  • Chawla, C. (2020). Trust in blockchains: Algorithmic and organizational. Journal of Business Venturing Insights, 14.
  • Chen, Y. (2018). Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4).
  • Chen, Y. ve Bellavitis, C. (2020). Blockchain Disruption and Decentralized Finance: The Rise of Decentralized Business Models. Journal of Business Venturing Insights. 13.
  • Choudhury, M. M., ve Harrigan, P. (2014) CRM to Social CRM: The integration of new technologies into customer relationship management. Journal of Strategic Marketing, 22(2), 149–176.
  • Davies, J., Fensel, D. ve van Harmelen, F. (2002). Towards the Semantic Web: Ontology-Driven Knowledge Management, John Wiley. Erişim adresi: https:// www.iwayan.info/Research/Book/SemWeb/Tmp_Towards%20The%20Semantic%20Web%20-% 20Ontology-driven%20Knowledge%20Management%20(2003).pdf
  • Dempsey, C. (2022). (2022). A simple guide to the Web3 stack. Erişim adresi: https://blog.coinbase.com/ a-simple-guide-to-the-web3-stack-785240e557f0.
  • Du, Y. ve Zhang, Z. (2022). Web3.0 empowers the digital economy with New Era. China Translation and Publishing Corporation.
  • Edvardsson, I.R. ve Durst, S. (2012). Knowledge management in SMEs: A literature review. Journal of Knowledge Management, 16(6), 879-903.
  • Gavin, W.(2022). Why we need web 3.0.Erişim adresi: https:// gavofyork.medium .com/w hy-weneed -web-3 -0 -5 da4f 2bf9 5ab.
  • Greenberg, P. (2010) The impact of CRM 2.0 on customer insight. Journal of Business & Industrial Marketing, 25(6), 410–419.
  • Fagan, S. (2022). Why Web3 and Web 3.0 Are Not the Same. Erişim adresi: https://www.reworked.co/information+management/why-web3-and-web-30-are-not-the-same
  • Fan,Y. , Huang, T. , Meng, Y. ve Cheng, S. (2023). The current opportunities and challenges of Web 3.0.
  • Farah, J. (2012). Predicting the intelligence of Web 3.0 search engines. International Journal of Computer Theory and Engineering, 4(3), 443-445.
  • Harvey, C.R. ve Moorman, C., Toledo, M. (2018). How blockchain can help marketers build better relationships with their customers. Harvard Business Review.
  • Hawlitschek, F., Notheisen, B. ve Teubner, T. (2018). The limits of trust-free systems: A literature review on blockchain technology and trust in the sharing economy. Electronic Commerce Research and Applications, 29, 50-63.
  • Jensen, J.R. ve Ross, O. (2022). Retooling DAOs with web3 social media. AMPLIFY, 35(10).
  • Kovacova, M. ve Horak, J., Higgins, M. (2022). Behavioral analytics, immersive technologies, and machine vision algorithms in the web3-powered metaverse world. Linguistic and Philosophical Investigations, 21, 57-72.
  • Kshetri, N. (2022). Web 3.0 and the Metaverse Shaping Organizations’ Brand and Product Strategies. IT Economics. The University of North Carolina at Greensboro.
  • Lehmkuhl, T. ve Jung, R. (2013). Towards Social CRM – Scoping the Concept and Guiding Research Conceptual Background, 26th Bled eConference eInnovations: Challenges and Impacts for Individuals, Organizations and Society (s. 190–205).
  • Levis, D., Fontana, F. ve Ughetto, E. (2021). A look into the future of blockchain technology. PLoS One, 16(11).
  • Lumineau, F., Wang, W. ve Schilke, O. (2021). Blockchain governanced A new way of organizing collaborations? . Organization Science.
  • Mainelli, M. (2017). Blockchain will help us prove our ıdentities in a digital world. Harvard Business Review.
  • Morris, R.D. (2011). Web 3.0: Implications for online learning. TechTrends, 55(1), 42-46.
  • Murray, A., Kim, D., ve Combs, J. (2023). The promise of a decentralized internet: What is Web3 and how can firms prepare?. Business Horizons, 66(2), 191-202.
  • Murray, A., Kuban, S., Josefy, M. ve Anderson, J. (2021). Contracting in the smart era: The implications of blockchain and decentralized autonomous organizations for contracting and corporate governance. Academy of Management Perspectives, 35(4), 622-641.
  • Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
  • Narayanan, A. ve Clark, J. (2017). Bitcoin's academic pedigree. Communications of the ACM, 60(12), 36-45.
  • Ozili, P.K. (2022). Decentralized finance research and developments around the world. Journal of Banking and Financial Technology, 1–17, 2022.
  • Rodriguez, M., Peterson, R. M. ve Krishnan, V. (2012). Social Media’s Influence on Business-to-Business Sales Performance. Journal of Personal Selling & Sales Management, 32(3), 365-378.
  • Park, A., Kietzmann, J., Pitt, L. ve Dabirian, A. (2022). The evolution of nonfungible tokens: Complexity and novelty of NFT use-cases. IT Professional, 24(1), 9-14.
  • Peres,R., Schreier,M., Schweidel,D. ve Sorescu,A.(2023). Blockchain meets marketing: Opportunities, threats, and avenues for future research. International Journal of Research in Marketing, 40(1).
  • Polynya. (2021). The web3 stack: how web3 will offer superior UX than web2. Medium. Erişim adresi: https://polynya.medium.com/theweb3-stack-how-web3-will-offer-superior-ux-than-web2- 6b8c82709163
  • Riaz, S., Mushtaq, A. ve Ibrar, H.(2022). Content Generation in Web 3.0 and Blockchain-Based Decentralized Social Networks: A Theoretical Adoption Framework. TENCON 2022-2022 IEEE Region 10 Conference (TENCON), Hong Kong, 1-6.
  • Rudman, R.J. (2010). Incremental negative impacts in Web 2.0 applications. The Electronic Library, 28(2), 210-230.
  • Saggion, H., Funk, A., Maynard, D. ve Bontcheva, K. (2007). Ontology-based information extraction for business intelligence. The Semantic Web Lecturer: Notes in Computer Science, 4825, 843-856.
  • Tapscott, A. ve Tapscott, D. (2017). How Blockchain Is Changing Finance. Harvard Business Review. Tapscott, A., Tapscott, D. (2017). How Blockchain will change organizations. MIT Sloan Management Review, 58(2).
  • Tarrant, D., Hitchcock, S. ve Carr, L. (2011). Where the Semantic Web and Web 2.0 meet format negative impact management: P2 registry. The International Journal of Digital Curation, 6 (1), 165-181.
  • Vergne, J. P. (2020). Decentralized vs. distributed organization: Blockchain, machine learning, and the future of the digital platform. Organization Theory, 1(4).
  • Verizon (2015), Web 3.0: Its Promise and Implications for Consumers and Business, Verizon Business. Erişim adresi: https// www.verizonenterprise.com/resources/whitepapers/wp_ Web-3-0-promise-and-implications_a4_en_xg.pdf
  • Watson, H.J. ve Wixom, B.H. (2007). The current state of business intelligence. Computer, 40(9), 96-99.
  • Weyl,E.G., Ohlhaver,P. ve Buterin, V.(2022). Decentralized society: Finding web3’s soul. Erişim adresi: https:// ssrn .com/abstr act=41 05 76 3.
  • Wolfram, C. (2010). Q&A: Conrad Wolfram on communicating with apps in Web 3.0. IT Pro. Erişim adresi:https:// www.itpro.co.uk/621535/qa-conrad-wolfram-on-communicating-with-apps.

Web 3.0’da Fırsatlar ve Meydan Okuma: Merkeziyetsiz İnternet İşletmelere Neler Vadediyor?

Year 2023, Volume: 2 Issue: 2, 163 - 175, 31.12.2023

Abstract

Günümüz teknolojilerindeki son gelişmelerin yanı sıra yeni ortaya çıkan blokzincir ve metaverse kavramlarıyla, Web 3.0 olarak bilinen yeni bir internet evrimi ortaya çıkmıştır. Bilişim, pazarlama ve finans gibi çeşitli sektörler üzerindeki önemli potansiyel etkisi göz önüne alındığında, Web 3.0 hem akademik çevrelerden hem de endüstri çevrelerinden büyük ilgi görmektedir. Web 3.0 gerek literatürde gerekse uygulamada henüz oldukça yeni bir olgu niteliği taşıdığından bu çalışma, Web 3.0 ile ilgili fırsatların ve meydan okumaların keşfedici bir analizini sunmaktadır. Bu kapsamda ilk olarak, Web 1.0, Web 2.0 ve Web 3.0 arasındaki teknik farklılıklar değerlendirilirken, Web 3.0'ın benzersiz teknik mimarisi de incelenmektedir. Çalışmanın amacı, Web 3.0’ün mevcut gelişme durumunu hem ekonomik hem de teknolojik açıdan vurgulamaktır. Son olarak, Web'in gelecekteki potansiyel büyümesi ve ilerlemesi hakkında ileriye dönük bir bakış açısı sunulmaktadır.

References

  • Anderson, P. (2007). What is Web 2.0? Ideas, technologies and implications for education research report, JISC Technology and Standard Watch. Erişim adresi: http:// 21stcenturywalton.pbworks.com/f/What+is+Web+2.0.pdf
  • Bergman, M. (2001). The deep web: Surfacing hidden value. The Journal of Electronic Publishing, 7(1).
  • Berners-Lee, T., Hendler, J. ve Lissila, O. (2001). The Semantic Web [preview]. Scientific America. Erişim adresi: http://ieeexplore.ieee.org/xpls/abs_all.jsp?arnumber=539724
  • Buterin, V. (2013). Ethereum white paper. GitHub repository, 1, 22-23.
  • Chalmers, D., Fisch, C., Matthews, R., Quinn, W., ve Recker, J. (2022). Beyond the bubble: Will NFTs and digital proof of ownership empower creative industry entrepreneurs?. Journal of Business Venturing Insights, 17.
  • Chawla, C. (2020). Trust in blockchains: Algorithmic and organizational. Journal of Business Venturing Insights, 14.
  • Chen, Y. (2018). Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4).
  • Chen, Y. ve Bellavitis, C. (2020). Blockchain Disruption and Decentralized Finance: The Rise of Decentralized Business Models. Journal of Business Venturing Insights. 13.
  • Choudhury, M. M., ve Harrigan, P. (2014) CRM to Social CRM: The integration of new technologies into customer relationship management. Journal of Strategic Marketing, 22(2), 149–176.
  • Davies, J., Fensel, D. ve van Harmelen, F. (2002). Towards the Semantic Web: Ontology-Driven Knowledge Management, John Wiley. Erişim adresi: https:// www.iwayan.info/Research/Book/SemWeb/Tmp_Towards%20The%20Semantic%20Web%20-% 20Ontology-driven%20Knowledge%20Management%20(2003).pdf
  • Dempsey, C. (2022). (2022). A simple guide to the Web3 stack. Erişim adresi: https://blog.coinbase.com/ a-simple-guide-to-the-web3-stack-785240e557f0.
  • Du, Y. ve Zhang, Z. (2022). Web3.0 empowers the digital economy with New Era. China Translation and Publishing Corporation.
  • Edvardsson, I.R. ve Durst, S. (2012). Knowledge management in SMEs: A literature review. Journal of Knowledge Management, 16(6), 879-903.
  • Gavin, W.(2022). Why we need web 3.0.Erişim adresi: https:// gavofyork.medium .com/w hy-weneed -web-3 -0 -5 da4f 2bf9 5ab.
  • Greenberg, P. (2010) The impact of CRM 2.0 on customer insight. Journal of Business & Industrial Marketing, 25(6), 410–419.
  • Fagan, S. (2022). Why Web3 and Web 3.0 Are Not the Same. Erişim adresi: https://www.reworked.co/information+management/why-web3-and-web-30-are-not-the-same
  • Fan,Y. , Huang, T. , Meng, Y. ve Cheng, S. (2023). The current opportunities and challenges of Web 3.0.
  • Farah, J. (2012). Predicting the intelligence of Web 3.0 search engines. International Journal of Computer Theory and Engineering, 4(3), 443-445.
  • Harvey, C.R. ve Moorman, C., Toledo, M. (2018). How blockchain can help marketers build better relationships with their customers. Harvard Business Review.
  • Hawlitschek, F., Notheisen, B. ve Teubner, T. (2018). The limits of trust-free systems: A literature review on blockchain technology and trust in the sharing economy. Electronic Commerce Research and Applications, 29, 50-63.
  • Jensen, J.R. ve Ross, O. (2022). Retooling DAOs with web3 social media. AMPLIFY, 35(10).
  • Kovacova, M. ve Horak, J., Higgins, M. (2022). Behavioral analytics, immersive technologies, and machine vision algorithms in the web3-powered metaverse world. Linguistic and Philosophical Investigations, 21, 57-72.
  • Kshetri, N. (2022). Web 3.0 and the Metaverse Shaping Organizations’ Brand and Product Strategies. IT Economics. The University of North Carolina at Greensboro.
  • Lehmkuhl, T. ve Jung, R. (2013). Towards Social CRM – Scoping the Concept and Guiding Research Conceptual Background, 26th Bled eConference eInnovations: Challenges and Impacts for Individuals, Organizations and Society (s. 190–205).
  • Levis, D., Fontana, F. ve Ughetto, E. (2021). A look into the future of blockchain technology. PLoS One, 16(11).
  • Lumineau, F., Wang, W. ve Schilke, O. (2021). Blockchain governanced A new way of organizing collaborations? . Organization Science.
  • Mainelli, M. (2017). Blockchain will help us prove our ıdentities in a digital world. Harvard Business Review.
  • Morris, R.D. (2011). Web 3.0: Implications for online learning. TechTrends, 55(1), 42-46.
  • Murray, A., Kim, D., ve Combs, J. (2023). The promise of a decentralized internet: What is Web3 and how can firms prepare?. Business Horizons, 66(2), 191-202.
  • Murray, A., Kuban, S., Josefy, M. ve Anderson, J. (2021). Contracting in the smart era: The implications of blockchain and decentralized autonomous organizations for contracting and corporate governance. Academy of Management Perspectives, 35(4), 622-641.
  • Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
  • Narayanan, A. ve Clark, J. (2017). Bitcoin's academic pedigree. Communications of the ACM, 60(12), 36-45.
  • Ozili, P.K. (2022). Decentralized finance research and developments around the world. Journal of Banking and Financial Technology, 1–17, 2022.
  • Rodriguez, M., Peterson, R. M. ve Krishnan, V. (2012). Social Media’s Influence on Business-to-Business Sales Performance. Journal of Personal Selling & Sales Management, 32(3), 365-378.
  • Park, A., Kietzmann, J., Pitt, L. ve Dabirian, A. (2022). The evolution of nonfungible tokens: Complexity and novelty of NFT use-cases. IT Professional, 24(1), 9-14.
  • Peres,R., Schreier,M., Schweidel,D. ve Sorescu,A.(2023). Blockchain meets marketing: Opportunities, threats, and avenues for future research. International Journal of Research in Marketing, 40(1).
  • Polynya. (2021). The web3 stack: how web3 will offer superior UX than web2. Medium. Erişim adresi: https://polynya.medium.com/theweb3-stack-how-web3-will-offer-superior-ux-than-web2- 6b8c82709163
  • Riaz, S., Mushtaq, A. ve Ibrar, H.(2022). Content Generation in Web 3.0 and Blockchain-Based Decentralized Social Networks: A Theoretical Adoption Framework. TENCON 2022-2022 IEEE Region 10 Conference (TENCON), Hong Kong, 1-6.
  • Rudman, R.J. (2010). Incremental negative impacts in Web 2.0 applications. The Electronic Library, 28(2), 210-230.
  • Saggion, H., Funk, A., Maynard, D. ve Bontcheva, K. (2007). Ontology-based information extraction for business intelligence. The Semantic Web Lecturer: Notes in Computer Science, 4825, 843-856.
  • Tapscott, A. ve Tapscott, D. (2017). How Blockchain Is Changing Finance. Harvard Business Review. Tapscott, A., Tapscott, D. (2017). How Blockchain will change organizations. MIT Sloan Management Review, 58(2).
  • Tarrant, D., Hitchcock, S. ve Carr, L. (2011). Where the Semantic Web and Web 2.0 meet format negative impact management: P2 registry. The International Journal of Digital Curation, 6 (1), 165-181.
  • Vergne, J. P. (2020). Decentralized vs. distributed organization: Blockchain, machine learning, and the future of the digital platform. Organization Theory, 1(4).
  • Verizon (2015), Web 3.0: Its Promise and Implications for Consumers and Business, Verizon Business. Erişim adresi: https// www.verizonenterprise.com/resources/whitepapers/wp_ Web-3-0-promise-and-implications_a4_en_xg.pdf
  • Watson, H.J. ve Wixom, B.H. (2007). The current state of business intelligence. Computer, 40(9), 96-99.
  • Weyl,E.G., Ohlhaver,P. ve Buterin, V.(2022). Decentralized society: Finding web3’s soul. Erişim adresi: https:// ssrn .com/abstr act=41 05 76 3.
  • Wolfram, C. (2010). Q&A: Conrad Wolfram on communicating with apps in Web 3.0. IT Pro. Erişim adresi:https:// www.itpro.co.uk/621535/qa-conrad-wolfram-on-communicating-with-apps.
There are 47 citations in total.

Details

Primary Language Turkish
Subjects Digital Marketing
Journal Section Reviews
Authors

Merve Kadriye Yurdabak This is me 0000-0003-2149-5359

Recep Baki Deniz 0000-0002-4972-6369

Publication Date December 31, 2023
Submission Date November 14, 2023
Acceptance Date December 22, 2023
Published in Issue Year 2023 Volume: 2 Issue: 2

Cite

APA Yurdabak, M. K., & Deniz, R. B. (2023). Web 3.0’da Fırsatlar ve Meydan Okuma: Merkeziyetsiz İnternet İşletmelere Neler Vadediyor?. Turkish Journal of Marketing Research, 2(2), 163-175.