According to experts, the blockchain market’s value will reach $1,235.71 billion by 2030, from just $5.85 billion in 2021. However, this requires everyday businesses to migrate to Web3 and incorporate smart contracts in their everyday transactions.
Web3 has the potential to transform a wide range of industries like real estate, fashion, healthcare, energy sector, and a lot more. It solves many problems like friction due to intermediaries, intellectual property theft, identity management, lack of transparency, and more.
However, no matter how innovative a new technology may be, its transformative potential stays unrealized unless it is embraced by the broader population.
Why widespread adoption is necessary …
Back in 1991, when the World Wide Web first opened to the public, even the sharpest minds dismissed the Internet’s transformative potential and looked at it with skepticism.
For instance, Paul Krugman, a 2008 Nobel Memorial Prize winner in Economics, said, “By 2005 or so, it will become clear that the internet’s impact on the economy has been no greater than the fax machines”.
Of course, we now know that his prediction turned out to be wrong. The main reason why the Internet transformed the world is because it was widely adopted by large corporations, everyday businesses, and the general public. In 2023, the number of users connected to the Internet was 5.3 billion, which is two-thirds of the world’s population. And this number is only expected to grow in the near future.
That’s the most appropriate example of why widespread adoption is necessary for any capable technology to create a real impact on the world. The same applies to blockchain, which is the fundamental technology behind Web3.
Forward Protocol is playing a notable role in shaping the future of Web3 by making it easy for everyday businesses to adopt it. Let’s take a look at how Forward is achieving this.
How is Forward Protocol shaping the future of Web3?
However, the biggest challenges that Web3 currently faces include a high barrier of entry and the lack of technical expertise. This high entry-barrier exists simply due to the fact that companies require a huge capital if they want to deploy a dApp and migrate to Web3.
This goes hand in hand with the fact that there is a severe lack of expertise in this area, naturally raising development costs.
Forward Protocol helps businesses bridge this gap via its revolutionary platform called Forward Factory. Users can connect their wallets, purchase a smart contract template from the Forward Marketplace for a minimal price, customize their dApp’s front-end using a drag-and-drop interface, and deploy it. All of this can be done in under 5 minutes!
This solves two things. Firstly, non-technical users can launch a dApp without bearing the high costs of traditional development services. Secondly, everyday businesses don’t need a huge capital to participate in Web3. This way, Forward makes Web3 accessible to all.
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