Multinationals are preparing for the evolution
This article discusses how three multinational companies are preparing for the transition to Web3. This evolution is not going unnoticed, as a significant group of companies is undergoing the trial. Most of these companies are primarily focused on preparing for the transition by testing various concepts and conducting experiments.
World’s Largest Retailer
The first company we will discuss today is Walmart, which has held the top position in America based on annual revenue for 10 years in a row. It is certainly not a small player, with over 10,000 physical stores and more than 2 million employees. Walmart also recognizes an evolution towards Web3 and is fully committed to it.
Web3 in Walmart’s Operations
Walmart is using the third generation of the World Wide Web, known as Web3, to improve its operations and enhance the customer experience. Web3 technologies allow Walmart to efficiently track goods as they move through the supply chain, ensuring that they are sourced ethically and sustainably.
Furthermore, Walmart is exploring the use of Web3 in the metaverse, a virtual shared space where users can interact with each other. This could potentially allow Walmart to offer virtual shopping experiences and extend its reach beyond physical stores.
In addition to utilizing Web3 for its operations, Walmart has also filed several patents related to the technology. These patents relate to various applications of Web3, such as improving supply chain traceability, streamlining payment systems, and providing personalized product recommendations to customers. By filing these patents, Walmart is positioning itself at the forefront of Web3 innovation and looking to protect its investments in this technology.
The Luxury Conglomerate
Louis Vuitton Moët Hennessy (LVMH) is the next company we would like to mention. In recent weeks, Bernard Arnault, the CEO of LVMH, has attracted significant attention for surpassing Elon Musk as the person with the highest net worth, according to multiple reputable sources. This notable achievement serves as a testament to their financial success and standing in the business world.
LVMH’s Use of Web3 Technology
LVMH, a luxury goods conglomerate, is utilizing Web3 technologies to improve the traceability and sustainability of its supply chain, particularly in the “Maison Hennessy” division which produces cognac. As part of this effort, Maison Hennessy has announced an innovative partnership with Friends With Benefits (FWB), a Decentralized Autonomous Organization (DAO) focused on sustainability and ethical business practices.
Through the collaboration, Maison Hennessy and FWB will use Web3 to track the origins and journey of the brand’s cognac. This will not only benefit Maison Hennessy’s operations but also provide customers with greater transparency and assurance about the products they are purchasing.
Cafe 11: A New Standard in Luxury and Innovation
In addition to supply chain improvements, Maison Hennessy and FWB are also collaborating on a new project called Cafe 11. The project aims to showcase the brand’s sustainability efforts and provide customers with an immersive and informative brand experience. Cafe 11 will feature a café, art gallery, and education center, all designed to engage and educate consumers about Maison Hennessy’s commitment to sustainability and ethical business practices. By leveraging Web3 technologies and partnering with FWB, Maison Hennessy is setting a new standard for luxury goods and driving innovation in the industry.
The World’s Largest E-Commerce Platform
In addition to these large American and European companies, we have also selected one of the largest companies in Asia, named Alibaba. With over 8.5 million sellers in 110 countries, Alibaba receives around 12.7 billion orders per year.
When thinking about new technology that would make this business model easier, one that comes to mind is the implementation of Web3 technologies.
Adoption of Web3 Technology
Alibaba, is one of the multinationals preparing for evolution. The Chinese e-commerce giant, uses Web3 technologies to improve the traceability and transparency of its supply chain. As with the other companies discussed, Alibaba is also using the security and immutability of blockchain to track the origins and journey of goods as they move through the supply chain.
Aside from supply chain management, Alibaba is also exploring the use of Web3 for other applications, such as streamlining payment systems and enhancing the customer shopping experience. For example, the company is looking into the use of blockchain-based digital wallets to facilitate secure and efficient transactions.
Alibaba Web3 Academie
In addition to utilizing Web3 for its own operations, Alibaba is also committed to educating the public about the potential of Web3 technologies. To this end, the company has established the Alibaba Web3 Academy, a free platform that offers courses and resources on Web3 and related technologies. The academy is designed to help individuals and businesses understand the basics of Web3, as well as its potential applications and implications for various industries.
Driving Innovation in the E-Commerce Industry
By providing education and resources to a wide audience, Alibaba is helping to promote the growth and development of Web3 and fostering a community of enthusiasts and experts. Overall, Alibaba’s adoption of Web3 is helping the company to improve its operations and provide customers with greater transparency and trust. By embracing this cutting-edge technology, Alibaba is positioning itself as a leader in the e-commerce industry and driving innovation in the field.
Within this article we’ve discussed how multinationals are preparing for the evolution. In conclusion, the three companies discussed have distinct plans and approaches to implementing Web3 within their businesses, if not already implemented. However, all three companies share some similarities. They focus on supply chain management, invest in education to better understand Web3, promote transparency, and prioritize ethical considerations.
It’s important to note that many of these projects are still in their early stages, yet they show promising plans, innovations, and opportunities. Furthermore, Web3 technology is still relatively new, and many of its potential uses are yet to be fully explored.
Given this information, we see a great opportunity in Six Capital and aim to make the transition to Web3 more accessible and to be your trusted partner in this process.
Interested in what Web3 and its technology can mean for your business? Contact the experts at Six Capital.