Let’s talk about technology. Specifically, blockchain technology and how it is going to impact business owners. This new technology, including Web 3.0 and cryptocurrency, will change the way you interact with clients and other businesses.

When the web was first introduced as Web 1.0, it brought a lot of excitement to business owners because it provided a new means of transacting business. Additionally, it opened up a world of digital marketing opportunities. Another update came with Web 2.0—and along came Amazon, Netflix, and other businesses that completely disrupted the digital space.

In Web 3.0, we expect to see the same level of transactions or more without an intermediary. It will be a decentralized online world. The change is expected to be exponential, and this version will also embrace blockchain technology. If you’re not familiar with how blockchain technology works, it’s essentially a distributed ledger. An entire copy of every transaction distributed across thousands of computers across the world.

Cryptocurrency is a currency that uses cryptography and is built upon a blockchain. Not all blockchain applications are cryptocurrency, but the blockchain is fundamental to cryptocurrency itself. The implications of this technology span across industries, including real estate, medical, government records, and more.

One benefit of the blockchain is that it’s been designed for validation, so it’s not a system that’s easy to alter or manipulate. From a privacy perspective, keeping important records on the blockchain is a better option. You can disclose specifically what you want to the people you choose. On the flipside, there are risks too. There is so much more to cover on this topic, and more information will be coming through this podcast soon.