Web3 to empower communities in developing nations

Web3 will play a major role in helping communities in developing nations gain access to digital financial solutions, experts said the ongoing World of Web3 Summit in Dubai.

The event has brought together several global NFT and DeFi leaders, along with international businesses, government authorities, tech visionaries, investors, developers, and senior decision-makers to discuss the impact of blockchain and associated technologies on financial services.

Speaking to Khaleej Times, international angel investor Alessandra Silvestri von Bismarck, founder of Dunhill Bismarck, said that she was happy to see the work that the UAE had been doing in order to transform itself into a hub for communities across the Middle East and internationally. She highlighted how the emirates had played a large role in building a digital ecosystem which was constantly evolving due to the introduction of new technologies such as Web3 – an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralisation and token-based economics.

The Internet, she explained, had started the process of globalisation and connecting people. “People were able to actively do B2C and B2B, and this was not possible to the extent that it is today some 30 or 40 years ago without the Internet. They built the first phase of a globalised economy, and what we are doing today is that we are building the Web3, which is the consequence of the first Internet.”

The idea of Web3, she explained, revolves around building a “much more complex and much more richer” environment for globalisation to develop across. “When you talk about blockchain, you see several young people and companies working together for the planet. They are all connected with no barriers and collaborating on technologies. On this blockchain, we will be building smart contracts, NFTs, products, and anything that you will need to build the Metaverse.”

“For me, the most important part is the impact that this will have on the small villages in Sub-Saharan Africa, in the Middle East, in South Asia, and Latin America that are totally deprived of a good lifestyle because they were called unbankable,” she added. “We are talking about more than four billion people that don’t have a bank account or access to financial services and the digital economy will finally reach these people. This is why, in my view, cryptocurrencies were created – to allow these communities to have access to digital financial services. There are a lot of big corporations that are already involved in making this happen right now, but we have to focus on making sure that this technology is being used to improve the lives of billions of people out there; that is the most important thing.”

Andrey Kuznetsov, CTO at Nodamatics, said that digital money and decentralised finance are becoming a “solid solution” for both businesses and consumers, considering sane regulation, huge progress in user experience, and the transition to energy-efficient consensus mechanisms. “Regarding the impact of the Metaverse, I believe that the industry today should focus on Web3 adoption rather than Metaverse, which is currently more hype than actual life-changing technology.”

Similarly, Rabih Farhat, founder and manager partner at Related Inc, said that the surge in digital transformation is “unsurprising.”

Businesses, Farhat said, witness a boost in revenue, customer satisfaction, and innovation at a fraction of the operating costs, whilst consumers enjoy independence, convenience, and personalized experiences.

“Technologies like Meta will allow businesses to enter otherwise-inaccessible markets, and establish a global workforce among numerous other examples. Likewise, consumers are empowered with employment opportunities, digital transparency, and borderless communities that break the boundaries of the physical realm. Such technologies give rise to stronger economies, since they require investments, policy changes, and infrastructure from a global network to reach their full potential,” Farhat said.

rohma@khaleejtimes.com