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RC Reynolds, August 8, 2023
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Table of Contents
What are Decentralization and Web3?
Web3 is the latest way for users to interact with the internet with a focus on security. Using a distributed architecture, it allows for users to have greater control over their interactions with the internet, ensuring a seamless, frictionless, and intuitive experience. This approach fosters a more substantial digital footprint and establishes robust accessibility for different user personas.
What are some of the trends in the market?
Decentralization and Web3 are buzzwords used in the market today, and are very powerful words. But this technique of providing accessibility in a secure manner has been used for quite some time. Post COVID-19, geo-political situations, and now the volatile market, are accelerating the adoption of Web3 in a decentralized manner. Organizations are looking for ways to innovate, enabling efficient utilization, access, and management of their digital assets within a governed environment. These asks have accelerated the adoption of decentralized business approaches in Healthcare around clinical systems, medical research, regulatory compliance and digital patient front door experience to real-estate modernization such as tokenized assets and smart contracts.
PMsquare take on Decentralization and Web3 by leveraging Cloud Technologies
This pattern of digitization will continue to grow and expand in this geo-agnostic and business innovation era. Almost every day, we come across organizations who want to discuss ways of managing digital assets in a controlled environment. Architectural patterns and the new ways of doing Cloud have helped drive this adoption and will continue to accelerate into 2023 and beyond.
As organizations look at cutting cost in 2023 – by far the most important strategic initiative for CxOs – evaluating technical debt and creating ways to enhance the capabilities of existing digital assets while minimizing expenses will continue to drive decentralization.
Excessive data, i.e., data overload, is a significant issue and a bottleneck – one of the biggest inhibitors to Innovation. Proper Data Governance controls are a necessity. These controls create governance blueprints to support the core constructs of decentralization, which involve governance and policy-driven security controls.
We believe decentralization is the new way of doing business whether you are buying, selling, or managing your digital assets. This trend will continue to grow, and IT Innovators in collaboration with Business Innovators will have to make significant investments to be relevant in the market. To achieve these goals, we believe organizations will have to make strategic enhancements and investment in their People, Process and Technology. They can do this by setting clear directions in terms of business and technology roadmaps, internal adoption of the “change”, and innovating through a “fail fast” model.
The convergence of decentralization and Web3 with cloud technologies represents a significant shift in internet usage and business operations, promoting more security, user empowerment, and innovation opportunities. However, it also requires thoughtful planning, technical expertise, and adherence to governance and security principles.
Next Steps
Embracing the cloud is no longer a mere technological choice; it has become a strategic imperative for organizations across industries. We hope you found this article to be both intriguing and informational. If you have any questions, contact us today!
If you’re ready to embark on your cloud journey or have questions about implementation, our experts are here to guide you every step of the way. Contact us to explore how PMsquare can revolutionize your organization through the cloud.
