I believe there would be a lot of value from Web 3.0: Gulbahar Taurani

Web 3.0 has become quite a point of discussion at organizations as more companies try to keep with the new digital trends of the world. Speaking on this very important topic was Gulbahar Taurani, Managing Director and CEO, ISC, Philips Domestic Appliances, at the unveiling of Dentsu-e4m Digital Advertising Report 2023 last Thursday.

Taurani spoke about the three pillars of Web 3.0 in an organization and how this is a new technology which everyone needs to make the most of.

Taurani explained the two pillars in detail and how they build value for brands. “When I was looking at Web 3.0, I think it is imperative for all organizations to actually adapt to this new development or trend. Because the three key pillars on which the entire Web 3.0 is being based is decentralization, transparency, and security. In my own opinion, if I look at security, one of the concerns with all the digital platforms, and with lot of consumers and customers, is the security of their personal data, and also their own privacy. So, I think one of the things that this is going to solve is this aspect. Now it is not going to stay with few bigger players but it is going to get decentralized. But this also puts a lot of responsibility on a lot of organizations and other players.

Second, I think as far as transparency is concerned, the availability of information, sharing of information and also the authentication of the information will become easier. Sometimes we really doubt whether the information provided is right or wrong. So, these are two pillars where I don't see any friction or any tension.”

He then went on to talk about one challenge Web 3.0 might throw that organizations can be mindful of. “Where I see majority of the tension and as an organization or as a consumer is, we say web 3.0 is more efficient. And when we say web 3.0 is more efficient, we say for example, today as an organization if I'm interacting with a consumer, I need a third party to do my transaction as far as payment and all is concerned. While you know if I look at an NFT marketplace or anywhere, I can actually remove those intermediaries so it becomes more efficient. Now the moment it says I removed intermediaries; I see cost savings. So, I don't have to pay, I don't have to shed. But is that really going to happen? I personally believe yes. But is it really convenient to the consumer? I don't have an answer.”

At the end, Taurani summarized his point of view about Web 3.0. “My point of view or my whole thought process at this point of time is as follows: I think for organizations and for professionals, we want to stay relevant. So, if we want to stay relevant, we need to understand it more deeply. And when I say that, it is not the skill set, it is the mindset. It is very easy to follow a passion. But to understand that, to actually make it meaningful for yourself is very, very important. And that's why, I personally believe that there would be a lot of value from Web 3.0.”