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Certain industries are slow to adopt new technologies and ideas because there’s a high barrier to entry for mass participation.
Two major issues create a high barrier to entry: The capital expenditure needed to develop workable blockchain solutions is insurmountable for most companies, and the technical know-how and development expertise needed to build an effective solution are limited and would take too long to implement.
To eliminate these two things, we need to lower the barrier to entry across verticals with a B2B approach, connecting ideas, companies and markets with open source, fully customizable, no-code blockchain-smart contract tools to make the adoption of blockchain easy.
Providing toolkits for a decentralized, value-driven economy can help encourage the adoption of blockchain across sectors.
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Bridging the gap between early adopters and blockchain technology
For the most part, corporations and organizations steer clear of blockchain projects because the learning curve is too steep, and the blockchain sector is currently an “insider party,” with most of global GDP sitting outside of the sector.
The onboarding process needs to be simple without introducing technical challenges.
We know that our knowledge as a whole is expanding rapidly. And because knowledge and innovation go hand in hand, the rate of innovation is also accelerating. New products and technologies are reaching the market today faster than ever before.
However, if we can help organizations that don’t have access to the Web 3.0 tools and resources, we can make a massive difference in a very short time.
Smart contracts are an example of a Web 3.0 toolkit. A good example would be the Proof-of-Value-delivered smart contract, which deals with the actual transfer of value in exchange for money.
The smart contract says, “You do this, and then you get the reward (e.g., money) for completing the task.” This smart contract works purely on the condition that a predefined value is delivered with proof of delivery.
What would the Proof-of-Value-delivered smart contract look like for a corporate organization?
An employer wants his or her employees to complete an annual LinkedIn Learning training program completed on a monthly cycle. The employer can incentivize (or add rewards) to the course to encourage completion.
For context, the employer may tell their employees, “Your bonus this year depends on the completion and passing of this course that will upskill you for your job position. If you complete the course and improve your skills, you will get the reward (the bonus).” The rewards can be unlocked on a linear vesting schedule spread over the year as monthly training is completed and accumulated for the annual bonus.
The accumulated rewards are held in escrow until bonuses are paid at the end of the year and then released to the employee according to his or her training-completion rates. So, an employee that completed 80% of his or her training will receive 80% of his or her bonus.
The statistics show that most people never complete the courses they start.
An organization that spends a lot of money on training staff should also measure the value transferred. This extra layer of oversight and incentive acts as motivation for the employee to complete his or her monthly training.
As a result, the organization benefits from better-trained staff and motivated employees.
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The following questions can inspire the design of Web 3.0 toolkits:
- What if we could build a system that could track value across sectors?
- What if we could create a system that made it easy for organizations to adopt blockchain in a user-friendly manner?
- What if we could create a system where aid organizations could track the value of the funds they send, with a certainty that the funds would arrive in full and be used by the intended recipients, and they could measure the impact of these funds?
- What if an ecommerce organization could use a smart contract to attribute incentives to sales staff and keep their staff engaged over five years without developing the tools to do this themselves?
- What if we could build a system that any company could use as a launchpad to develop better tools and more innovative solutions to connect more companies with markets globally?
- What if we could make the adoption of blockchain so simple that the term “Blockchain for Dummies” would be the catalyst for mass adoption?
How Web 3.0 toolkits can impact your organization
Smaller, nimble platforms increasingly contribute to the global economy, reaching niches inaccessible to major players. While larger companies have the resources to outspend and outstrip smaller companies in the fight for market share, small companies often have a greater level of versatility and on-the-spot intuitiveness. Because of this, companies across sectors need customizable, easy-to-deploy blockchain tools to make their products more trustworthy and competitive.
Related: What Makes SaaS the Go-to Option to Build a Digital Ecosystem?
Easy UI for non-blockchain or crypto participants
To encourage the growth of a value-driven economy, we need ready-to-use, open-source products that make an entry into the blockchain space easy and the adoption of blockchain by corporations practical. An optimal UI would be a similar model to WordPress, containing an easy deployment and drag-and-drop format. The more entrants and participants there are, the faster adoption of blockchain will happen.
The inner group in the blockchain world understands what is happening in the space and benefits as the industry grows, but most commerce takes place outside of the blockchain sector.
Many companies and organizations want to participate, but the high barrier to entry stops them.
Take away the barrier to entry, encourage participation and experimentation in the space, and realize the power and potential of blockchain. Bring on mass adoption for your product. Let’s move forward.