Web3 or AI: Which will be more disruptive in 2023?

Hearing Web3 in 2021 is a bit like hearing about artificial intelligence today... right? These breakthrough technologies have fundamentally changed the world, and while some aspects of business are exempt from automation and decentralization, these two technologies can still be considered disruptors of traditional businesses.

The global value of the Web3 market was $3.2 billion in 2021 but grew to $27.5 billion in February 2023, while the artificial intelligence market grew from $142.32 billion in 2022 to $207.3 billion in 2023 . Get ready to be fascinated by how these technologies will change the future.

The Importance of Disruptive Technologies

Disruptive technologies such as the dot-com bubble drove the Nasdaq from less than 1,000 points to over 5,048.62 points from 1995 to 2000. Although it subsequently fell 76.81% to 1,139.90 on October 4, 2002, it paved the way for the common stock to emerge. Use of the Website and further use of the Internet.

What Web3 and AI change is input and output. Web3 uses smart contracts and decentralized applications to provide better security, scalability and transparency; artificial intelligence uses machine learning and LLM (Large Language Language Model) provides scalable solutions to otherwise time-consuming tasks. In 2023, after the epidemic, most companies were forced to make technological adjustments, and now more companies are more likely to open their doors to innovation.

Comparing Disruption Potential

As a disruptor, Web3 provides a solid foundation in a distrustful society, giving people greater control over their data while eliminating intermediaries and supporting cross-border payments. , resist censorship, protect privacy, decentralize applications and promote better ownership of digital assets. Its applications can focus more on security, privacy, and transparency rather than automating current work tasks.

Artificial intelligence provides a way to automate repetitive tasks and streamline certain technical manual processes, such as coding, copywriting, image/video generation, etc. When the dot-com bubble happened, every "site" was idolized, and when everything collapsed, only the strong survived, and those sites became bigger than they were then. Artificial Intelligence serves as a disruptor that can replace some of the current repetitive tasks, but in the long term, can open up new opportunities.

SYNERGIES AND CROSSROADS

Finding opportunities for collaboration between these two technologies is difficult, but not impossible. Imagine integrating AI and machine learning into decentralized applications and smart contracts because Web3 focuses on clarity and transparency, while AI’s main focus is its privacy and data handling/collection practices.

Although the two exist in very different realities, their new developments are still relatively new. Although artificial intelligence has been around since the 1950s, its advanced breakthroughs have only occurred in the past decade, mostly through GPT3.5 and the newer GPT4.

INDUSTRY APPLICATIONS

Adopting new technologies can require valuable resources, so you should determine which investments are worth it. Here are some of the best use cases for each technology.

Web3

• Supply Chain Management: Implementing a blockchain-based system allows you to track the movement of goods and deliverables.
• Payment Settlement: Web3 allows for simple, secure, and nearly instant cross-border payments and settlements through decentralized finance (DeFi) protocols.
• Data privacy and security: Through advanced decentralized storage encryption mechanism, data is stored on the blockchain, which greatly reduces the risk of data leakage.
• Crowdfunding: Web3 can simplify crowdfunding campaigns and democratize investment opportunities.
• Automated smart contracts: Smart contracts can be used to automatically execute and execute agreements, thereby enabling trustless transactions.

Artificial Intelligence

• Customer Service Support: Provide customer support using LLM chatbot that can provide superficial help with simple queries and questions.
• Predictive Analytics: You can use AI as a predictive tool by feeding it historical data to make predictive estimates.
• Automation and optimization: Artificial intelligence can fill inefficiency gaps and automate repetitive tasks and workflows.
• Marketing materials: Artificial intelligence can be used to generate text, images, videos, and other marketing-focused content.
• Quality Checking: Because AI relies on data, it can easily spot inefficiencies, problems, or inaccuracies before they become bigger problems.

Web3 and AI: Conclusion and next steps

Innovation and integration are not always prerequisites for success. However, if done correctly, they do produce the improvements necessary to take a business to the next level by leveraging capabilities, expanding output and improving inputs.

By implementing Web3, AI, or both, you can open the door to a more efficient, secure, and powerful business. Take the first step toward version 2.0 of your business today.

Written by Urian Buenconsejo on July 22, 2023. Used as a sample article only.

Original text: https://medium.com/@writer.buenconsejo/web3-or-ai-which-one-is-more-disruptive-in-2023-ff0532d17a8a

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