Video: What is Web3?

September 6, 2022

Cliff Justice, U.S. Leader of Enterprise Innovation at KPMG LLP, talks about what Web3 is, and how large companies can better define what opportunities it creates.

Web3 “is based on blockchain technologies It’s distributed; it’s decentralized. It brings with it a number of benefits,” Justice says, “the biggest and most visual being that this is a much more immersive internet.”

In this six-minute conversation with InnoLead CEO Scott Kirsner, Justice also discusses DeFi (decentralized finance) and NFTs (non-fungible tokens), as well as some of the concerns that need to be overcome around energy usage and transaction costs. Justice expects Web3 to overtake Web2, the current interent, over the next decade, “but it’s beginning to happen now.”

(Featured image by Emily Morter on Unsplash.)