April 17, 2024

Deloitte Investing in Web3 Technologies to Address Corporate Needs

The London-based financial provider Deloitte has announced plans to invest in Web3 technologies to cope with the ever-evolving corporate world. A report from Deloitte’s managing director, Khusro Khalid, dated March 22, reveals that the company plans to leverage Web3 technologies to eliminate intermediaries and reduce operational costs.

Khalid stated that the firm plans to invest heavily in Web3 to gain a significant market share in the corporate world.

Why is Deloitte Investing in Web3?

In his statement, Khalid outlined the setbacks battling the corporate industry. He argued that the lack of accessibility to key market information hindered expansion most companies.

Khalid stated that startups that depend on third-party information to reach their audience are seeking innovative solutions to reduce operating costs. He argued that most fast-growing firms invest in developing Web3 tools such as digital wallets, tokens, and loyalty rewards.

The attempt to cope with the global economic changes has inspired Deloitte to pursue the metaverse space. The investment in Web3 tools has provided the Deloitte team with endless opportunities to offer upskilling programs to the employees.

Additionally, the Deloitte team utilizes the Web3 during shareholders’ engagement. The team has also utilized Web3 technologies in the property department to enable marketing team to showcase their products virtually.

A recent report from Precedence Research revealed that virtual experiences had enabled companies to gain a substantial income. The Precedence team projects that immersive technology’s market share will reach $134.18 billion in 2030.

Adoption of Web3 Technology in the Corporate Industry

Besides Deloitte, other industrial heavyweights, including Meta, Microsoft, and Google, have leveraged their infrastructures to explore metaverse space with support from leading Web3 and blockchain firms.

Elsewhere, the chief executive of Vatom, Eric Pulier, believes that the metaverse is the next big thing after the internet. Pulier issued his report when Deloitte entered into a partnership agreement with Vatom to develop products and services that will increase the firm’s brand value.

According to the partnership agreement, the team plans to onboard thousands of people to the virtual world. Deloitte plans to develop cross-chain and digital wallets to meet the customers’ needs.

Deloitte joins other firms in the entertainment and fashion industry utilizing immersive experiences to meet corporate needs.

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