Web3 is term that represents a collection of technologies, a decentralized network, the ability to digitize assets, and new multi-party business models. Blockchain is the foundation of Web3. On top of that foundation Web3 includes the prediction and decision support of AI, the measurements and actuation of IoT, and the spatial UX of AR/VR/Metaverse. 

Previous foundational technologies such as railroads, electrical grids, telecommunication networks, and the internet have all defined eras. They have enabled new ways of conducting business and interacting with governments.  Entirely new business and civil society models became possible.  They have all been characterized by accelerated economic growth and significant improvements in the efficiency of the means of production. The era enabled by blockchain has been labeled the Web3 era.  

The Web3 era will be characterized by smaller economic actors coordinating their activities to generate value with great efficiency. It will feature accelerated rates of innovation, a proliferation of new business models and configurations, and new ways of delivering public services.

A common authoritative record of transactions, and the data that describes those transactions, is fundamental to all business interactions. Traditionally the data, and the state of the data, has been maintained in databases and ledgers controlled by companies or governments who rely on auditors, trusted third parties and the legal enforceability of contracts to support confidence in transactional interactions and the related business velocity. 

Blockchain makes data, transaction records, and the business logic that can manipulate the data a fundamental characteristic of a decentralized network. This is a revolutionary capability.

Blockchain is the foundational technology for the Web3 era. It is the database and operating system of the networked economy. As the world’s businesses and governments continue to digitize, their systems will run on blockchain.

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