Internet of value
How can you transfer value as easily as you do data?
With resilient networks that enable blockchain and smart contracts.
We are now in the third stage of the internet's evolution where Web3 promises a more immersive and decentralized online world. Web3 is being touted as the future of the internet. This new block-chain-based web will fulfill a multitude of purposes, including the Internet of Value where value is transferred as easily, cheaply and reliably as data is transferred today. Decentralized trust, coordination, cooperation, and value exchange will reduce external transaction costs and make it easier and faster to outsource. Web 3.0 applications aim to achieve a higher degree of security and interoperability by building decentralized infrastructure. Instead, Web 3.0 applications will be running on distributed blockchain and cloud networks.
The global blockchain technology market is projected to grow to $469.49 billion by 2030, according to Fortune Business Insights.
Over half of business leaders mistakenly believe ‘blockchain’ and ‘cryptocurrency’ are interchangeable, according to Casper Labs.
Just roughly 30% of business leaders feel they have a strong understanding of smart contracts, web3 and distributed applications, according to Casper Labs.
Service providers
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Web3 technologies will be adopted as they begin to deliver more compelling use cases that can evolve better business models and user experiences.
The blockchain market for service providers is projected to grow significantly in the next 5-10 years. Use cases such as automating roaming and settlements, identity management, fraud prevention, and Mobile Number Portability (MNP) have the potential of being transformed with blockchain and smart contracts, streamlining processes and enhancing security. Service providers can also have a role to play as curators, bundlers and distributors of a dynamic ecosystem of web3 apps, content and experience.
Service providers are challenged with storing, maintaining, and transferring growing volumes of data. Data access control (giving users the power to determine who has access to the data they generate), device identity (combining blockchain, IoT, and security to keep track of devices on the network and prevent malicious use), and data exchange (making marketplaces of accessible data where data suppliers are rewarded by data consumers) are all innovative and high-value capabilities the blockchain can facilitate.
These will need to support massive connectivity, ultra-reliable low-latency communication, physical infrastructures and enhanced mobile broadband.
This includes private home; public wi-fi, private enterprise, venue or campus network or regional or multinational mobile network. Customers want this flexibility while also having the data representing their digital twin roaming along with them and interacting locally and in real-time with applications and other data. By providing fit-for-purpose, frictionless, multi-network connectivity in an algorithmic, secure and trust-based way, service providers gain the opportunity for a platform play. Web3 provides fresh opportunities for such a move to succeed.
That includes private home; public wi-fi, private enterprise, venue or campus network or regional or multinational mobile network. Customers want this flexibility while also having the data representing their digital twin roaming along with them and interacting locally and in real-time with applications and other data. By providing fit-for-purpose, frictionless, multi-network connectivity in an algorithmic, secure and trust-based way, service providers gain the opportunity for a platform play. Web3 provides fresh opportunities for such a move to succeed.
Priorities
- Consider your current role and capabilities as trusted connectivity providers and your ecosystem position as natural integrators, aggregators and distributors of technology.
- Identify the strategic control point to decide where you want to play. Explore where you can play a role as sponsor, operator and custodian of the infrastructure that serves the broader ecosystem.
- Take action now to avoid missed opportunities. Identify the capabilities and technology building blocks to invest in that will help your operations today as well as web3 tomorrow. Look at using blockchain for internal and external-facing solutions, including partner roaming settlement, identity services and 5G monetization.
- Explore blockchain to enable secure and efficient authentication, access control and verification for devices and users in your 5G and 6G networks.
- Look at facilitating dynamic spectrum sharing and management in 5G and 6G networks with blockchain, to improve the spectrum utilization and reduce interference among different network operators.
- Explore blockchain distributed ledger technology to provide a trustless and transparent platform for data sharing and computing among different network entities, such as edge devices, base stations and cloud servers.
- Enhance the efficiency and transparency of your networks by automating processes and contracts, and by providing a verifiable and immutable record of network activities and performance.
- Integrate blockchain with artificial intelligence (AI) to enhance the performance of 5G and 6G networks, such as optimizing network configuration, routing and resource allocation.
- Research the potential of blockchain in wireless networks and develop a future comprehensive framework. Challenges with resource utilization, computational loads, delays and bandwidth overheads lead to a new set of issues that can be solved with the integration of blockchain, IoT and AI with 6G networks.
Enterprises
Get the insights
Web3 technologies will be adopted as they begin to deliver more compelling use cases that can evolve better business models and user experiences.
The blockchain market for service providers is projected to grow significantly in the next 5-10 years. Use cases such as automating roaming and settlements, identity management, fraud prevention, and Mobile Number Portability (MNP) have the potential of being transformed with blockchain and smart contracts, streamlining processes and enhancing security. Service providers can also have a role to play as curators, bundlers and distributors of a dynamic ecosystem of web3 apps, content and experience.
Service providers are challenged with storing, maintaining, and transferring growing volumes of data. Data access control (giving users the power to determine who has access to the data they generate), device identity (combining blockchain, IoT, and security to keep track of devices on the network and prevent malicious use), and data exchange (making marketplaces of accessible data where data suppliers are rewarded by data consumers) are all innovative and high-value capabilities the blockchain can facilitate.
These will need to support massive connectivity, ultra-reliable low-latency communication, physical infrastructures and enhanced mobile broadband.
This includes private home; public wi-fi, private enterprise, venue or campus network or regional or multinational mobile network. Customers want this flexibility while also having the data representing their digital twin roaming along with them and interacting locally and in real-time with applications and other data. By providing fit-for-purpose, frictionless, multi-network connectivity in an algorithmic, secure and trust-based way, service providers gain the opportunity for a platform play. Web3 provides fresh opportunities for such a move to succeed.
That includes private home; public wi-fi, private enterprise, venue or campus network or regional or multinational mobile network. Customers want this flexibility while also having the data representing their digital twin roaming along with them and interacting locally and in real-time with applications and other data. By providing fit-for-purpose, frictionless, multi-network connectivity in an algorithmic, secure and trust-based way, service providers gain the opportunity for a platform play. Web3 provides fresh opportunities for such a move to succeed.
Priorities
- Consider your current role and capabilities as trusted connectivity providers and your ecosystem position as natural integrators, aggregators and distributors of technology.
- Identify the strategic control point to decide where you want to play. Explore where you can play a role as sponsor, operator and custodian of the infrastructure that serves the broader ecosystem.
- Take action now to avoid missed opportunities. Identify the capabilities and technology building blocks to invest in that will help your operations today as well as web3 tomorrow. Look at using blockchain for internal and external-facing solutions, including partner roaming settlement, identity services and 5G monetization.
- Explore blockchain to enable secure and efficient authentication, access control and verification for devices and users in your 5G and 6G networks.
- Look at facilitating dynamic spectrum sharing and management in 5G and 6G networks with blockchain, to improve the spectrum utilization and reduce interference among different network operators.
- Explore blockchain distributed ledger technology to provide a trustless and transparent platform for data sharing and computing among different network entities, such as edge devices, base stations and cloud servers.
- Enhance the efficiency and transparency of your networks by automating processes and contracts, and by providing a verifiable and immutable record of network activities and performance.
- Integrate blockchain with artificial intelligence (AI) to enhance the performance of 5G and 6G networks, such as optimizing network configuration, routing and resource allocation.
- Research the potential of blockchain in wireless networks and develop a future comprehensive framework. Challenges with resource utilization, computational loads, delays and bandwidth overheads lead to a new set of issues that can be solved with the integration of blockchain, IoT and AI with 6G networks.
Get the insights
Blockchain will deliver enhanced security, transparency, and decentralization for transactions and processes in the enterprise and industries.
Industrial sectors will benefit from enhanced problem-solving, efficiency, optimize supply chain networks and stronger relationships fostered by Web3 and blockchain. Improving the coordination and collaboration among supply chain partners by facilitating peer-to-peer transactions, data sharing and smart contracts that can automate the processes and contracts in the supply chain.
Critical to decentralized applications are smart contracts, which are self-executing agreements that trigger actions when predefined conditions are met. They are incorruptible, immutable, and tamper-proof, enabling secure, automated, and trustless transactions. Smart contracts have potential applications across various sectors, including supply chain management, real estate transactions, and intellectual property rights management.
Decentralized Finance (DeFi) emerges as a significant trend, allowing for the creation of financial products and services without intermediaries. This transformation enables businesses and start-ups to secure loans, trade assets, and earn interest while retaining control of their funds, thereby democratizing access to financial resources on a global scale.
Distributed Ledger Technology (DLT) can be used to create a transparent and unchangeable ledger of transactions, which can be particularly useful in supply chain management. For example, a retailer could use DLT to track the production, shipment, and delivery of products in real-time. This transparency can help in verifying the authenticity of products, ensuring they are sourced responsibly, and providing consumers with verifiable information about the products they are purchasing.
Tokenization can increase the liquidity of assets by dividing them into tradable tokens on a blockchain. This process can make previously illiquid or hard-to-trade assets like real estate or fine art more accessible and easier to trade. Tokenized assets can be programmed with smart contracts to automate various processes, such as dividend payments, voting rights, or any other asset-related interactions, making asset management more efficient and responsive.
Priorities
- To operate in Web3, all companies will need to embed blockchains into the core of their network and customer operations.
- Education is pivotal. Ensure that your team is educated about blockchain technology, smart contracts, and Web3 principles. Upskilling employees to understand and operate these new technologies is crucial.
- Engage with blockchain and Web3 communities to stay updated on the latest trends, regulations, and opportunities. This also includes participating in or forming consortiums with other stakeholders in your industry to jointly explore blockchain applications.
- Make strategic investments in blockchain and Web3 technologies. Consider investing in or partnering with startups and companies that are leading in these domains.
- Re-engineer processes to integrate blockchain and smart contracts. For example, automate contractual processes with smart contracts and use blockchain for transparent and immutable record-keeping.
- Embrace a user-centric approach by designing services that leverage the decentralized, transparent, and user-controlled features of Web3 and blockchain technologies.
- Create or adopt decentralized applications (dApps) that provide value to your customers and/or streamline your operations.
- Explore new business models like tokenization to monetize assets or adopt decentralized finance (DeFi) models to provide financial services without intermediaries.
- Start with pilot projects to test the waters, gather data, and learn from your experiences. Iterate and scale based on the learnings from pilot projects.
What’s next?
Nokia is embracing these principles in our business. We are adapting and innovating in a dynamic technology landscape to help businesses deliver advanced, hyperconnected customer experiences. We guide IT, operations, and network infrastructure evolution for success on the Internet of Value era.
We’ll help you understand what is needed to evolve your IT, operations, and network infrastructure to fully leverage the opportunities presented by the Internet of Value to transform your business for future success.
