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Blockchain technology adoption is disrupting business as usual.
If the Internet is the foundation for digital innovation, Blockchain is the technology making us rethink how we exchange value and how we verify ownership. It underpins almost all of the key elements of Web 3.0.
Innovative applications of blockchain technology such as digital currency, non-fungible tokens and augmented and virtual reality are rapidly reshaping our world and evolving at breakneck speed. PwC can help you understand and put these technologies to work, so you can be the disruptor, not the disrupted.
Web 3.0 has introduced digital value transfer; the ability to own a piece of this new, immersive internet. Blockchain enables Web 3.0 and has the fastest adoption of any technology in all human history.
The vision of Web 3.0 is a digital world where we can move, interact and trade seamlessly across multiple experiences offered by various providers. Underpinning this vision are decentralised systems, digital ownership and value transfer which is a fundamental shift from the traditional ways of interacting in the digital world.
Metaverse
The term Metaverse is used to describe a combination of the virtual reality and augmented or mixed reality worlds accessed through a browser or headset, which allows people to have real time interactions and experiences digitally, using digitally owned assets.
This increasingly immersive internet experience has the potential to change the way we conduct business, customer service experiences, and social interactions.
Gartner expects that by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media and/or entertainment *
“The time we spend in digital spaces has increased significantly as a result of the pandemic. If we look further ahead, it’s not hard to imagine a future where the digital economy and our digital experiences form the majority of our interactions and economic activity.” - Futureverse Whitepaper
*Source: Bloomberg, Newzoo, PwC, Statistica & two Circles, December 2021
Bitcoin & digital currency
Digital currency can streamline the current financial infrastructure, making it cheaper and faster to conduct monetary transactions.
It is powered by blockchain technology, and exists in purely electronic form. There is no tangible equivalent (i.e. physical cash and online banking).
There are three types of digital currency: cryptocurrency, stablecoins and CBDCs.
Cryptocurrency (i.e. Bitcoin) is decentralised and the value is determined by the market. Stablecoins are pegged to a fiat currency (i.e. USDT), but are not issued by a nation state.
A Central Bank Digital Currency (CBDC) can be thought of as a digital form of cash, issued by a nation’s central bank or reserve bank.
Bitcoin (₿) is the world’s first decentralised digital currency. It was created as a way for people to send money over the internet, without the need for intermediaries.
Bitcoin does not have a central bank or single administrator. As such, all transactions are directly peer-to-peer on the bitcoin network.
Non-fungible tokens
Anything that could benefit from having its ownership more easily transferable, verifiable and interoperable with the blockchain is likely to end up being “tokenised” and represented by an NFT in the future.
What is a Non-Fungible Token (NFT)? A “fungible” asset is one that is interchangeable and identical in value (i.e. cash: one $20 bill and two $10 bills, or gold). Non-fungible assets are unique and are not interchangeable in value (i.e. a 1 carat diamond is not equal in value to ten 0.1 carat diamonds).
NFTs can be thought of as ‘permanent digital containers’ that allow any type of value or ownership to be embedded within them. These unique cryptographic tokens exist on a blockchain, can be digitally verified and cannot be replicated.
A NFT can be entirely digital OR represent the ownership of real-world items like physical artwork, vintage wine, real estate and much more. This revolutionary ability to “tokenise” ownership digitally also allows for fractionalised ownership of scarce desirable assets.
How we can help
Our team of digital asset and Web 3.0 experts have the firsthand experience to help you understand and navigate this new technology. We’re connected with a global community of digital asset specialists, bringing insights and new thinking from across the PwC network.
Whether you’re a new business in this space or an established business looking to prepare for the future, our team can help.
Specifically, our Digital Assets & Web 3.0 team can assist with:
Tailored Executive Workshops to introduce your team to the fundamentals of blockchain and digital assets
Managing your financial, operational and security risks in this space
Helping leadership teams develop a custom Digital Assets & Web 3.0 strategy for your business
Managing the evolving regulatory and financial reporting requirements applicable to your business, including AML/KYC compliance
Industry-focused assurance, tax, advisory and legal services for both Web 3.0 native companies and traditional businesses with a global perspective
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