There is no denying that emerging technologies are radically transforming our era, redefining the way we interact, relate online, do business and even think as human beings. We’re talking about blockchain technology, the foundation of Web3.
Radical transformation and new business models
A radical transformation is brewing right now, largely driven by the growing interest in Web3 or decentralized web. A new era of the internet that allows us to participate equally in the creation and use of information, and helps us regain control over our personal data.
Blockchain technology, which is the basis of Web3, is an unabashed provocation to leave behind old beliefs and obsolete paradigms, as it has the potential to break the centralization of power and absolute control of our information, eliminate the idea of geographical barriers and build a more united and collaborative global community, as well as to democratize access to information and control of money where transactions can be made securely and transparently. Nothing simple but increasingly natural in our daily lives.
Undoubtedly a scenario in many ways, promising and still developing, but if you are one of those who still do not understand it, your question will be then where to start?
Solutions or services for companies with blockchain technology in 5 steps:
Step 1: Diagnosis
How is your company doing today? During the diagnostic stage, the opportunities, threats, strengths and weaknesses that your company faces are analyzed. There are simple methodologies to apply, such as the SWOT analysis, which will allow you to perform a complete diagnosis. At this stage, it is recommended that you carry out a study of your competitors, with a special focus on understanding how they are using blockchain or Web3 technology. This research will allow you to identify strengths and weaknesses of their approach and propose how your company could differentiate and stand out by applying that perspective.
Once you are able to clearly identify the problem you want to solve or the idea you want to demonstrate, you have completed the diagnostic stage and can move on to the next step.
Each of the first steps will lead you to integrate your insights into a final product known as a proof of concept. A proof of concept is the design of a small project, which is aimed at demonstrating the feasibility of an idea or technology solution. A proof of concept is built to evaluate if your idea is viable, practical and if it can work before investing time and resources in a larger project; but it is reached after going through the first 4 steps.
Therefore, a good diagnosis is decisive because it will set the tone for the whole process to culminate in a successful outcome.
Step 2: Establish a purpose
How clear are you about where you want to get to in the next quarter? and in the next semester? and in the next year?
Once you build the radiography of your company or venture, it is necessary to state in detail where you want to get to: Are you looking for expansion, do you need more customers, do you want to solve a specific problem in your processes? This is the ideal stage to learn and become familiar with the basic concepts surrounding Web3, blockchain technology, cryptocurrencies and decentralized applications, as it will allow you to better understand how the technology works, what opportunities it offers and how it can be aligned with the purpose you have in mind.
Step 3: Define objectives
A clear and well-defined objective is critical to a later implementation of your proof-of-concept, as it provides a clear axis to guide the entire process. Each objective will, in turn, guide the initiatives or actions that will form part of the strategy, while helping to establish the criteria for ultimately evaluating whether the proof of concept was successful or not.
The central question you should ask yourself to define a successful objective is what do I hope to achieve by validating this idea or blockchain technology in my venture or company?
For example, if your purpose is to support your customers to adopt blockchain or web3 technology solutions through a new consulting service and you expect to know how much interest there is in your market about these opportunities, your objective could be: define the scope of the consulting service in Web3 solutions through showing customers use cases in the sector, in which the technology is used to create new products or services, or improve existing ones.
What problem are you trying to solve? What idea are you trying to demonstrate? What is the final result you want to achieve? These are some other questions that will allow you to define functional objectives at this stage.
Step 4: Design your strategy
The strategy should be clear and realistic for your company and should include a plan with concrete actions and responsible people to ensure its execution. A strategy aimed at implementing a proof of concept should also include prior research and selection of the tools and technologies to be used, as well as the available resources, execution time and estimated budget.
As we know, this new blockchain technology can be complex, so it is important to have people with knowledge and experience in blockchain, cryptocurrencies, decentralized application development, metaverse and other alternatives.
You can also choose to train your team with specialists, there are many successful cases in which well-known brands opted for training new teams with very good results.
Finally, it is important that the strategy you define is flexible and allows you to make the necessary adjustments during its execution.
Step 5: It’s time to launch your proof of concept
In the field of blockchain technology, talking about proof of concept is a common theme and refers to an initial assessment of the technical and financial feasibility of an idea or project. Launching a proof of concept will allow us to identify potential problems or limitations, correct errors and demonstrate the validity of an idea to potential customers, partners or investors.
In this step, we seek to test and refine the proposal and ensure that our idea can work in practice. It is important that you do not try to cover too much at the beginning, start with something basic and develop a simple proposal. As you gain experience and confidence, you will be able to expand these new solutions or services.
The technology around Web3 and blockchain is new and emerging, everything in it is being created right now and you are likely to encounter challenges and obstacles as you go along. Be patient and persevere.
Why do Web3 projects fail?
The reasons can be diverse, ranging from lack of understanding and adequate knowledge of blockchain technology, lack of budget and investment for innovations to the decision to have allocated too little time for research and development of appropriate solutions aligned to the core business of the company or business. They can also be due to poor collaboration and communication between teams and lack of understanding of the needs and demands of customers or end users.
On the other hand, blockchain technology is in an early stage of development, with a lot of potential but not yet fully mature. This, coupled with its technical complexity and the difficulty in identifying opportunities for customers and end users, creates a business scenario where Web3 and blockchain projects are more difficult to implement and maintain than conventional solutions.
Consider that success in this new ecosystem is not automatic, it requires a solid commitment on your part, a clear understanding of the challenges presented by this emerging technology and the opportunities it brings to businesses, customers and users.
No one regrets being brave
What we have experienced over the past three years is only the beginning of an increasingly technological, complex and diverse future. As new technologies emerge, we are increasingly seeing scenarios that challenge our understanding of the world and force us to find new ways to adapt and thrive in an ever-changing business environment.
Everything dictates that, as entrepreneurs, we must add more innovation and creativity to our projects or else, how do we survive and stand out in an increasingly competitive world?
The global business and technology landscape, today more than ever, opens a unique opportunity for those willing to explore its possibilities and challenges. It is a scenario for the brave and daring, yes, but also for new opportunities driven by emerging technologies.
We need challenges that shake us up, shake us up and help us improve. On the way, accompaniment is necessary, but it is much more important to break our own beliefs about digital and flow together.