December 6, 2022
March 13, 2023
Throughout its short history, the Internet has shifted how public services can be delivered. Web3, as the Internet’s latest iteration, presents a new ecosystem of solutions that could eventually generate tangible value for governments as well.
Against the backdrop of current events in the Web3 space, this might seem counterintuitive. After nearly a decade of meteoric investments and glossy articles theorising applications of Web3 in nearly every domain, recent bankruptcies of major cryptocurrency companies and exchanges have cast a shadow over the sector.
Certainly, it has become clear that Web3 is not a silver bullet. Sometimes, it has appeared to be a solution in search of a problem. For policymakers and public officials, accurately assessing the relevance that Web3 and the Distributed Ledger Technology underlying it may have for their work has been difficult, as abundant technical jargon and a dearth of non-financial applications shroud the sector in mystery.
But seeing through the hype, gloom, and jargon is worth the effort. Today, organisations leveraging the technologies of Web3 are making real contributions to public value – from helping activists share and protect open-source intelligence in Hong Kong and Ukraine to supporting the tracking of CO2 emissions based on sensitive company data. Far from threatening to replace governments, these organisations are aligned with governmental goals and may conceivably serve as a valuable tool in their belt.
To help policymakers and public officials identify, engage, and leverage those aspects of the Web3 space that could make tangible contributions to the delivery of public value, the report at hand makes four contributions:
As with any GovTech innovation, capitalising on the opportunities provided by Web3 requires policymakers and public officials to attain a grasp of the core concepts and key technologies at play.
Sign up to our weekly newsletter to get the latest news and updates