Speaking to a packed audience, Ndaboka shed light on the shift from Web2 to Web3 and highlighted the transformative potential it holds for businesses.
“Web2 is what we are all familiar with: the applications that we had in the past, running over the internet. Web3 is just referring to the next generation of the internet—where we have applications running on blockchains and where we’re using intelligence and artificial intelligence to create trustless applications,” explains Ndaboka.
The three core benefits of Web3 that Ndaboka highlighted were:
- Trustless interactions: Web3 eliminates the need for intermediaries between users and applications, enabling trustless interactions. This means seamless, direct transactions and interactions without relying on third parties.
- User control: Users gain control over their data, content, and applications in the Web3 landscape. This empowers individuals to personalise their online experiences.
- Token economy growth: Web3 ushers in the era of token economies, reducing reliance on traditional currencies. This shift opens up exciting opportunities for businesses to explore new financial models.
Ndaboka went on to discuss the wealth of opportunities Web3 offers for business expansion. These opportunities include:
- NFT marketplaces: NFTs (Non-Fungible Tokens) have garnered significant attention. Companies can leverage NFTs to engage consumers in virtual experiences and reward them for participation.
- Decentralised finance (DeFi): DeFi platforms offer financial services without traditional intermediaries, enabling global access to borrowing and lending.
- Smart contracts in the supply chain: Web3 enhances transparency in supply chain operations, addressing a significant challenge in logistics.
- Gaming and the metaverse: Gaming and the metaverse present substantial opportunities for companies to engage with younger audiences in virtual environments.
PepsiCo’s Web3 initiatives
Maximus Ndaboka detailed PepsiCo’s innovative Web3 initiatives, demonstrating how a traditional beverage giant is embracing this transformative technology. Some key initiatives include:
- Virtual experiences: PepsiCo offers consumers the chance to attend virtual games, conferences, and events. This initiative bridges the gap between physical products and the virtual world, rewarding consumers with NFTs for their participation.
- Music and artistic platforms: PepsiCo engages music lovers and artists through platforms like “Tipsy Mic Drop.” Consumers can sing their favourite songs and the platform rewards them for their talent. An artistic platform also allows artists to contribute and potentially monetise their creations.
- Sports and competition: PepsiCo connects with sports enthusiasts through virtual competitions. Players can compete for prizes, showcasing how the metaverse can impact the real world.
Web3 challenges and future outlook
Despite the promise of Web3, Ndaboka acknowledged several challenges, including regulatory compliance, sanctions, authenticity of NFTs, data permanence, and combating illicit activities like money laundering.
Looking ahead, PepsiCo sees immense potential in the metaverse, especially when combined with generative AI. They aim to engage younger generations and adapt to evolving consumer preferences by meeting them where they are.
“Web3 is a very huge field of multiple opportunities. As a beverage company, we explored only a few areas, but you have opportunities in finance, banking, telecoms, and so on,” explains Ndaboka.
“We still have a lot to do, but we are going in the right direction.”
With Web3 on the horizon, the possibilities for innovation and transformation are near-limitless. Companies like PepsiCo are embracing the change and ensuring they are not left behind.
Want to learn more about blockchain from industry leaders? Check out Blockchain Expo taking place in Amsterdam, California and London. The comprehensive event is co-located with Digital Transformation Week.
Explore other upcoming enterprise technology events and webinars powered by TechForge here.