With exciting technologies such as Web3 and blockchain rapidly gaining base, what are some of the best ways that businesses can prepare? This was one of the main panel discussions at the recent Philippine Blockchain Week. The panel was moderated by Chris Snooks, Co-Host of the Web3 Show, and consisted of:
- Gareth Roberts, Product Manager at nChain;
- De La Muerte, Co-Founder of IP3;
- Rico Pang, Founder of Sanctum Global Ventures
- Erik Lapaglia, Co-Founder of Miami NFT Week
Overview • A panel of entrepreneurs and experts discussed how businesses can prepare for Web3 during Philippine Blockchain Week. • Web3 is a cluster of emerging technologies that integrate with existing applications and services. • Topics discussed included the impact of Web3 on staff, skills, customers, processes, and technology. The panellists also discussed data ownership and the potential shift in where individuals hold their data is discussed. • Creating a positive user and customer experience is important for Web3 adoption. • The importance of building a loyal and engaged community and prioritising customer lifetime value is emphasised. • Seeking partnerships and collaborations with non-competing industries is recommended for interoperability and growth. • The concerns of regulators regarding blockchain and cryptocurrency developments are highlighted, emphasising the need for a balance between regulations and individual freedom.
Web3 can be described as a cluster of emerging technologies that integrate with existing applications and services that businesses have. A key technology of Web 3 will be a scalable blockchain, which has various use cases, as Gareth Roberts, points out during the discussion.
He accentuates the potential of blockchain in a data audit, simplifying processes like verifying financial reports and supply chains. Roberts kicks off the discussion by focusing on the entrepreneurial aspect of the topic.
Readiness for Web 3
Roberts emphasises the need to consider the impact of Web 3 on staff, skills, customers, processes, and technology, as technology can deeply change the way businesses operate. Roberts points here to the important topic of data ownership, which will be a new concept for many customers.
Rico Pang discusses the disruptive potential of Web 3 in the current Web 2 market. He advises project owners and entrepreneurs to address the issues of web2.1 before claiming readiness for Web 3. Rico emphasises the need to understand the infrastructure and target market of Web2 before transitioning to Web 3.
He defines Web 3 as the control of rights, financial freedom, and personal data. He envisions a future where individuals have ownership, control, and the ability to monetise their data. Pang suggests that businesses should be mindful of how customers can benefit from Web 3 and how they can participate in the innovation.
Creating a smooth transition to Web 3
Erik Lapaglia emphasises the importance for entrepreneurs to focus on integrating Web 3 concepts into their companies today to ensure a smooth transition in the future. A good practice for Lapaglia is Starbucks’ innovative approach of incorporating NFTs without explicitly mentioning them, emphasising the need for different ways of introducing people to the space.
However, smooth transitions should not mean acting hesitantly. Rico Pang advises against taking a break and encourages building solutions that solve relevant problems. He points out that he believes 2024 will be a time for reaping the benefits of the investments made in the past and from now on. Lapaglia agrees with the idea of quietly building over the next 2 to 3 years and then making a powerful impact.
During the discussion, the speakers often point to concrete use-cases, sectors or their own companies. Here you can watch the discussion in full:
A big point of discussion in this topic is data ownership. Roberts addresses the potential shift in data ownership, where individuals hold their own data, rendering businesses less reliant on customer data. He suggests businesses should prepare by becoming facilitators and enablers for clients to utilise the blockchain as a data repository, ensuring their pipeline to the blockchain is efficient and valuable.
Erik Lapaglia acknowledges Rico’s point about data ownership and highlights the varying impact of data monetisation based on individual income levels. He suggests that in developing nations, data monetisation could have a significant impact on annual income.
User and customer experience
De La Muerte explains that her company, IP3, aims to make Web 3 accessible to a wider audience and seamlessly integrate it into everyday life. With the development of user-friendly technologies such as wallets and easier online purchases, a broader range of customers can now participate in the Web 3 space. De La Muerte believes that Web 3 should not be intimidating for businesses, but rather an opportunity to enhance the user and customer experience.
In this context, Lapaglia shifts attention to the importance of creating a raving fan culture within businesses. He emphasises the need to cultivate a loyal and engaged community that will follow the business wherever it goes. By prioritising the creation of customer lifetime value and being attentive to how they can enrich customers’ lives, rather than solely pursuing profits, businesses can foster a strong fan base.
Interoperability and cooperation
Lapaglia recommends seeking partnerships with non-competing industries that already have the ideal customer base, aiming to collaborate and elevate together. He believes in learning from the success of others and prefers to model his approach based on existing successful strategies rather than being a trailblazer.
Rico Pang emphasises the importance of creating strategic alliances and synergies among businesses to solve customer problems. He accents the shift in mindset where the emphasis is on empowering customers to use their own data to make more money, rather than businesses solely profiting from customers.
Chris Snook adds to the discussion by mentioning the concept of “co-opetition,” where businesses compete while forming alliances and leveraging synergies. He believes this approach requires a new set of ethics and reveals the underlying ethical and business design questions that need to be addressed.
Rico Pang points to the concerns of regulators regarding the recent developments in the blockchain and cryptocurrency space. He emphasises the need to find a balance between regulations and individual freedom in terms of wealth ownership and financial choices.
Rico believes that ethical issues exist both within and outside of blockchain technology and that the focus should be on the future and the changing behaviours of younger generations. Regulators aim to protect these individuals, educate them about their rights and responsibilities, and ensure the responsible use of technology for personal and societal betterment.
Rico sees the involvement of stakeholders, industry, and government regulators as crucial in shaping the regulatory environment. He mentions that the Philippines, with its growing economy and favorable conditions, has the opportunity to leverage technology and create a supportive regulatory framework. Collaboration and the establishment of the Philippine Blockchain Council are seen as positive steps in nurturing the market and working together towards progress.