Navigating Web3 with a clear business strategy
In the fast-evolving landscape of Web3, where blockchain technology and decentralised ecosystems are transforming industries, it’s crucial to cut through the hype and understand the practical implications. MDRx, in collaboration with Women of Web3, recently hosted a roundtable that delved into the heart of Web3, addressing its intersections with AI, the need for businesses to adopt it, best practice and the imperative of diversity. In this blog, we share the key takeaways without the jargon and provide actionable insights on whether Web3 is the right technology for your business.
Did AI eclipse the Web3 conversation?
One of the roundtable discussion topics revolved around the intersection of Web3 and AI. The consensus was that they’re not in competition. The technologies are totally different, with different uses. AI can add real value to blockchain engineering. For example, blockchain engineers can harness the power of AI to enhance the efficiency of developing smart contracts and testing them.
Assess the need for Web3: Is it right for your business?
A critical question that businesses must ask is whether Web3 aligns with their core objectives. A business strategy should set out the vision and goals of the business and the technology choices should enable you to achieve that goal. To do this you need to understand business strategy and technology options.
Unless you understand how a technology could achieve your organisation’s goals, whether that be to reduce costs, increase revenue, or enhance your brand, then you might be overcomplicating the solution.
The two key value propositions underpinning Web3 are ownership and distributed consensus. If a project doesn’t require users to have ownership of digital assets, it might not be the right fit for Web3. If you don’t need distributed consensus and an intermediary is fine, then there are much cheaper implementations and data solutions that allow you to get the same results for users without having to implement blockchain.
Diversity in Web3: Breaking down barriers
As part of the discussion, we also covered the importance of diversity within the Web3 space. Putting a toe into Web3 can be daunting, with jargon and acronyms that may seem intimidating.
To build a more inclusive Web3 community, we must break down these language barriers and encourage open discussions. Research shows that women are less likely to put themselves out there unless they understand the full context, reducing the likelihood that they will ask questions or engage in discussions on platforms like Discord, which could leave them sidelined.
Diversity must engage a wide range of demographics, including age. A significant proportion of Web3 enthusiasts are under 30 and to crack adoption, the industry must appeal to a broader audience which will only be achieved if we address scepticism and deliver relevant products.
All attendees agreed on the importance of demonstrating applicable use cases that align with core business drivers. This is essential to win over sceptics and ensure Web3 technologies meet users where they are and address their specific needs to remain relevant. Additionally, Web3 technologies must also be relevant to users, and barriers to entry, both cost-related and educational, need to be addressed.
MDRx partnered with Women of Web3 to support their mission of showcasing remarkable female role models in the tech industry and advocating for diversity within the Web3 space. I was recently featured in an episode of the Women of Web3 podcast (‘Does it actually need to be Web3?’), where I talked about what Web3 can do today, questioned whether a business really needs to be on the blockchain, and about avoiding ‘tech for tech’s sake’.
Guiding businesses through their Web3 transformation
The Web3 landscape is rich with opportunities and challenges. It’s crucial for businesses to assess their compatibility with Web3, follow best practice and champion diversity to create a more diverse and sustainable Web3 ecosystem.
If you’re not sure whether Web3 is right for your business or would like to find out more about the relevance and benefits of using Web3 technologies, get in touch. We run a Discovery before we build anything to provide you with the comfort that your concept has been tested, hypotheses have been challenged, and the delivery plan has been well considered to save time and money.