INTHEBLACK July 2022 - Magazine - Page 16
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// FAS T F O C U S
STORY CHRIS SHEEDY
Web 3.0 is the next
step in the evolution
of the internet, in
which control over
data is gradually being
transitioned away from
large, centralised
organisations and
back to its creators.
AT A
GLANCE
This disruption is
taking place across
multiple sectors.
In the finance sector,
it comes in the form
of decentralised
finance (DeFi).
CLICK HERE
TO LISTEN
to a CPA Australia
podcast on
understanding
DeFi
BRAVE
NEW WEB
T H E N E X T G E N E R AT I O N O F T H E I N T E R N E T
I S FAS T A P P R O A C H I N G . F O R T H O S E I N
A C C O U N T I N G A N D F I N A N C E , I T ’ S V I TA L
T O U N D E R S TA N D W H AT I T M E A N S F O R
BUSINESS. HERE’S THE LOWDOWN.
I
n an episode of the popular podcast Crypto Curious,
host Tracey Plowman describes a job she had in the
late 1990s. Part of her role with Western Australia’s
Tourism Commission was to travel around the state and
teach small tourism operators about the potential value
of the internet to their business.
Plowman explained to those operators that the web
would introduce their businesses to travellers from
around the globe, to an audience bigger than they could
ever imagine. They could showcase what they do with
photos, videos and descriptions.
“Back then it was so hard,” she says, “A lot of them
would even say, ‘Look, we just don’t believe in the
internet.’ That was seriously what I was getting…it was
quite funny.”
The point she was making in the podcast was that
she is sensing the same reaction from many businesses
today, as Web 3.0 approaches at pace. They simply
aren’t as aware as they should be of what Web 3.0
involves and the opportunities and risks it presents.
A few businesses are already on board.
Stuart McLeod, co-founder and CEO of Karbon, the
collaborative practice management platform for
accounting firms, flags Myna Accountants – the UK’s
leading cryptocurrency accounting firm – as one that is
16 ITB July 2022