Truebit 2024 Predictions: Web3 Beyond Blockchains

Truebit 2024 Predictions: Web3 Beyond Blockchains

This article was originally published on VMBlog.com.

Industry executives and experts share their predictions for 2024.  Read them in this 16th annual VMblog.com series exclusive.

Web3 Beyond Blockchains

By Blane Sims, Head of Product, Truebit

As businesses continue to adopt serverless compute, the composable web, and large-scale AI, embracing Web3 becomes increasingly important. The fundamental premise for Web3 is democratization: giving greater data sovereignty and security to application developers and IT organizations with greater transparency. Similarly, the factors driving the shift to hybrid, multi-cloud infrastructures are the same forces underlying Web3, including security, risk mitigation, interoperability, and cost control.

In 2024 and beyond, as organizations refactor cloud architectures to accommodate this shift, Web3 will emerge as the next evolution of compute from virtual machines to containers to serverless functions.  Below are five predictions that will shape Web3 application development in 2024.

Web3 Offers an Open Market for Compute

Web3 technology is often associated with cryptocurrencies and NFTs, but it has the potential to revolutionize the way we think about enterprise computing. In 2024, developers will see the benefits of a new generation of infrastructure emerging leveraging consensus, verification, and transparency to address some of the most significant new challenges in enterprise computing today.

Web3 factors in as IT leaders increasingly seek a more open market for compute. The factors driving the shift to hybrid, multi-cloud infrastructures are the same forces underlying Web3: security, reliability, risk mitigation, portability, interoperability, and cost control. As we refactor cloud architectures to accommodate this shift, Web3 naturally emerges as the next evolution of the compute we rely on today – from VMs to containers to serverless functions.

Decentralization Will Get a Seat at the Table in 2024

Decentralization is an important next step for enterprises, as it allows more compute capacity to come to the table and reduces dependencies on cloud computing giants. However, as workloads run on a more decentralized network, businesses must determine how to trust a vast distributed network of providers that they may not be able to vet individually. This is where Web3 plays a crucial role; by establishing trust and transparency in a decentralized environment.

In a world of low-code and open-source solutions, where nothing is entirely new and components are repurposed and combined, verifying correctness when data and processes come from unknown sources becomes increasingly important. Verified compute, transparent protocols, and immutable records address these concerns.

Decentralized Verification as a Mainstream Solution

In 2024, as mainstream developers increasingly seek secure and efficient computing solutions, decentralized verification platforms will gain traction. These platforms enable verification of data integrity and computational correctness in a trustless environment. For developers, this means enhanced trust and reliability for complex applications and immutable proof of execution, aligning with the growing demand for transparency and security in business processes.

Interoperability as a Necessity for Enterprise Computing

The shift towards a more open market for compute power puts a spotlight on interoperability. In 2024, the ability to seamlessly integrate and interact across independent systems and data sources will be crucial. By facilitating secure and transparent cross-chain operations, Web3 technologies will empower businesses to harness diverse computational resources and data sets, making them indispensable for innovative enterprise applications.

Ensuring AI Integrity in a Trustless World: With the proliferation of AI technologies like deepfakes and automated content generation, there’s an increasing need for mechanisms to verify AI. Web3 technologies offer a solution to this challenge by providing a framework for transparent, verifiable AI operations. This shift will be crucial for industries that are increasingly relying on AI, ensuring that AI remains a trustworthy tool despite the decentralized and often opaque nature of its operation.

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ABOUT THE AUTHOR

Blane Sims

Blane is an experienced product leader who helps growth-stage organizations clarify their market opportunities, build products that solve real customer needs, and create empowered, fast-moving product teams. He has served as Chief Product Officer at Tapad, the leading provider of cross-device identity for digital marketing, and Global Chief Product Officer at MiQ, an independent leader in marketing analytics and programmatic media. Prior to MiQ, Blane was Chief Innovation Officer at Signal where he built the product group and shaped the vision, strategy and roadmap for Signal’s real-time identity resolution and customer data platforms.

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