What is web3 and why is it so important for law firms to get prepared?

What is web3 and is it important? It’s a technology designed to destabilise the internet by handing more power to the general public – removing the stranglehold and influence big brands have over users.

It’s a work in progress though, so predicting the future is tricky.

In this short guide we will answer the questions

  • What is web3 and why is it important for your law firm?
  • Why are bias, access, and AI part of this change?
  • What will web3 look like a few years from now?

web3 in simple terms

You mean there have been two webs already?

That’s right. We’re currently at iteration three. The first version was created in 1983 by Tim Berners Lee. Web1 was basic and not designed for customer interaction.

Next came the second phase which we’re now transitioning from. What made web2 different from web1? The ability to post and share, rather than just read.

This brings us to the all important question: what is web3 and why should your law firm care?

The basics: what is web3 and why does it matter?

Web3 is designed with creators – and the communities they serve in mind – thereby destabilising a power structure that’s long been controlled by banks, governments, and big names like Meta, Google, and Amazon.

At the moment the majority of content flows through digital channels owned predominantly by these so-called mega brands. This means they can vet what is (and isn’t) shared on their platforms. 

So what? After all, no one’s telling you what legal topics to write about. And although some content will rank instead of tank a reasonable percentage of your blogs get seen.

web2 versus web3

Are you sure bias isn’t affecting your content?

What is web3 really solving? It might feel like your published content is reaching its intended audience without censorship. But tweets get censored and admins delete posts when brands defy the given platform’s rules.

The aim of web3 is to remove human bias from the decision making process. Code is neutral, instead making decisions based on predetermined criteria rather than a person’s age, wage, location or political leaning.

An open and decentralised internet might sound terrifying. But it could make reaching your target audience a lot easier. Imagine being able to write legal content how you wanted, rather than to satisfy a search engine or algorithm.

The possibilities could be endless…

internet of things 2023

Shouldn’t everyone be able to access your services?

The internet is segmented into territories that can only be accessed if you have permission. Streaming services in the U.S. aren’t necessarily available to UK residents and you can’t open a bank account in China unless you’re a Chinese citizen.

Likewise, access to your legal services will be off limits to people living in certain countries. This automatically restricts who can use our services – and the options your law firm is able to offer.

What is web3’s solution to this problem? Its aim is to provide an open internet requiring nothing other than a browser to search for the things you need.

Theoretically your law firm could open its doors to the world rather than relying on local SEO, paid advertising, and tailored social posts to reach its audience.

Web3 and Artificial Intelligence (AI) are tag team partners

AI is an integral part of web3. Unless you’ve been vacationing on Mars you’ll have noticed multiple mentions of a phenomenon called ChatGPT: a program that learns through exposure to information (and apparently it could pass the bar exam in the top 5% or higher, so be warned).

Law firms can use ChatGPT or similar AI tools to…

  • Generate headings for blog titles
  • Create outlines for content
  • Program in code
  • Make images

The move toward an autonomous future – where everyday items like cars, fridges, and smartphones think for themselves – is no longer science fiction. That on its own is enough pause for thought. 

Now imagine a world where users tailor browsing experiences and own their data – giving permission for others to use it. How will your law firm cater to the differing needs of a fickle audience?

internet trends 2023

What is web3 going to look like years from now?

Web2 only really hit its stride ten years after its initial launch. Its successor is still in its infant stages of development so second guessing its final form this early on would be little more than speculation.

An internet no longer governed by censorship or controlled by ranking algorithms understood by less than 1% of the world’s population does sound appealing – and it will be interesting to see how big brands react to an online marketplace controlled by users.

In the meantime, it’s business as usual

And this means using the tools you’ve got to compete in a rules-based world. To get the edge, speak to us. We specialise in helping professional services firms to generate more engagement and ROI.

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