Jamie Elkaleh is the director of marketing at Bitget wallet.
In the world of shopping, the blockchain emerges as an undeniable game changer; From the activation of faster and without borders to reducing costs and improving the efficiency of transactions, the possibilities are endless and exciting.
One of the most remarkable capacities of blockchain is to facilitate real democratization, to empower companies and individuals: Web3 offers merchants lower costs and eliminates dependence on banks, providing relief from geographic, political and regulatory complications. It works transparently; Everything is available on a large public book, allowing businesses and consumers a clear view to sail in the digital economy. It creates access to digital customers first, as well as an opportunity to “put the non -banished bank in bank”, helping those traditionally excluded from financial services due to restrictive requirements.
Blockchain wallets are no longer a more sophisticated version of electronic money. They serve a range of real objectives beyond the simple storage of assets: users can earn interest, make purchases and send instant payments and without low-cost borders, in particular for funding of funds, which increase rapidly in the world. With Web3 and Blockchain, transactions that took days and involved high costs can now occur in seconds with much lower costs.
Blockchain opens a world of friendly payment alternatives that question traditional financial systems – offering cheaper, faster and more accessible solutions.
Reduce obstacles to entry
Of course, there are obstacles to inclusion. One of the largest is the technological learning curve. This is something that our company is actively working to approach by providing educational resources in local communities.
Even with the traditional bank, accessibility is a problem. More and more street banks are firmly, and on the days of walking in a branch and talking to someone in person disappear. Everything moves online and becomes automated, or moves to rely on AI chatbots. Consequently, we contravene the argument that blockchain is “too complicated” by affirming that even traditional finance becomes more and more difficult to navigate for certain demographic data.
We firmly believe that putting technology directly in communities and making it as easy to use is both an ethical business and imperative. The creation of tracks for the understanding and the use of blockchain technology allows companies not only to extend their user base, but also to help these users (for example, by minimizing problems such as retrofing, because blockchain transactions are transparent and verifiable by anyone).
Companies whose activity is blockchain should consider the fact that to obtain maximum membership, it is essential to strengthen and educate users – in particular those of local constitutive communities – on the way the blockchain can empower their daily life. The mission cannot simply be devoted to initiating people to “your” owner technology; Rather, it should be considered to provide them with tools that they can really use significantly for their own financial improvement.
For our company, it not only meant working with individuals but also the integration of traders, so that they can learn to accept digital payments and, in doing so, make a huge gain (eliminating high banking costs, rationalization of operations). By educating them, we help them increase profitability and extend their customers. We believe that this education is part of our role; Our success is based on understanding users of the potential of these solutions.
Revolutionary trust and accessibility
One of the reasons why it is so important that individuals and traders understand blockchain is that it has changed trade radically – especially the way people buy. Blockchain improves confidence between producers, traders and consumers. Companies like Walmart and IBM already use Blockchain Enterprise solutions to follow their internal supply chains. The next step is to make information public – allowing consumers to check the entire course of a production product for purchase, which allows them to assess freshness to authenticity in ethical supply.
The blockchain fills the gap between digital currencies and everyday purchases. Millions of people worldwide already have digital assets; Now, thanks to new infrastructure, they can spend it transparently, with certain high banks now accepting digital currency deposits in traditional banking applications.
Increasingly, avant-garde companies want to go further, allowing users to shop directly with their digital assets. They can use payment cards supported by digital Monnais, win interest as an ordinary bank account, access the cash rewards and even take advantage of the payment plans. Now, with integrations like Apple Pay, digital payments become just as simple as traditional banking methods, which was not possible in a recent past.
Best implementation practices
A major challenge with which we have faced is stigma around web3 and blockchain technology. Unfortunately, we have recently seen world senior leaders discuss space publicly so as not to always align with its fundamental principles. Web3 is not only a question of speculation or memes money; There are incredible manufacturers in this space solving real world problems with blockchain, such as providing financial access to millions of people who have been excluded from traditional banking systems. The emphasis should be placed on tangible solutions and the usefulness of the real world rather than on headlines.
For business leaders who are new in blockchain payments, we have some recommended best practices:
1. Start with pilot programs. Test the integration of the blockchain on a small scale before the complete implementation. Learn from the process and create solutions adapted to the needs of your organization.
2. Educate and train your teams. Employees must understand both the opportunities and risks of blockchain. The reduction in resistance and the increase in capacities through education will ensure more fluid adoption.
3. Recognize stigma. It is undeniable that the digital currency, the web3 and the blockchain always carry a certain air of discredit. It is important to decompose this by transparency and education to reduce this sensitivity.
4. Regulation compliance. Having a solid legal team ensures compliance and reduces risks, even in strict regulatory environments.
5. Focus on scalability. Any blockchain solution must be able to effectively manage growth, or why bother?
6. Partnership with experienced suppliers. Although no one is a real “expert” in a space also rapidly evolving, working with trust and well -informed partners is essential (and can help bypass many recruit errors).
The advantage of an open state of mind
One of the difficulties encountered by numerous blockchain startups (with which we have treated several times, in our organization) does not give in to pressure to evolve as quickly as possible. We sometimes have to remember that there is an advantage to prioritize education and growth of wider space.
We also strive to maintain an open state of mind. We recognize that we exist in a space in which the competitors aimed to do things similar to what we do; We must remember that if a user enters, likes technology and then chooses to go with one of our competitors, it is always a victory for space as a whole.
Obviously, we believe in our product and our services and hope that users will recognize the value we offer. However, the key to leading mass adoption is not only to have people to buy your Owner solution but encouraging people to explore and use technology more widely. If people get involved with Web3, have a positive experience and share this experience, the entire ecosystem wins.
Forbes Communications Council is a community only an invitation for executives in successful public relations, a media strategy, creation and advertising agencies. Am I qualified?
