Tag Archives: Web3

Tokenization: How to Digitize your Offerings

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Digital transformation – ever heard of it? Its a term we have heard over and over again in marketing hype. Most businesses offer their goods and services through digital means today called eCommerce. But delivery is a different matter. Physical redemption of digital orders is difficult and fraught with fraud. This is why physical coupons are still used at the supermarket. How about how coupon codes for eCommerce sites are being shared on the internet? Enterprises want the speed and ease of digital but with the control of physical. This is where tokenization comes into place.

Tokenization in a nutshell

Tokenization is where you wrap a web3 NFT around the redemption of a physical good or service. Think of it as a digital IOU. This allows businesses to sell at demand. Then “delivery” is split. The consumer gets a token to be redeemed later. Then the redemption can occur when the physical good is available. Redemption can be a simple CRM integration.

Separating sale and delivery in this way provides flexibility in the business model. This concept works on public or private blockchain. It is universally available today. The downside is trust – the consumer must trust the brand to deliver. This is what plagues the current business models of kickstarter and indiegogo. Web3 addresses that this by having authorship listed. Consumers can know if tokens are legit. Brands need to use web3 standards and legal documentation to address consumer trust.

Business Case for 100% Digital

Going fully digital means the opportunity to automate. Look at during the recent pandemic. Digital service offers like zoom skyrocketed in value. They offered a 100% digital delivered product; scaled in the cloud and sold online on-demand. The results were a great product meeting the market opportunity fully. How many sales do you lose because it took too long to get back to the customer? How many consumers give up because delivery time is too long. With tokenization, you can meet your market demand on-demand like zoom. No matter your product or service.

Why Web3? Because of Napster

As the consumer must trust the brand, you must trust the method by which you are tokenizing your value. You do not want to forget the lessons from the music industry of the 90s. Napster and mp3s created enormous pain and obstacles towards digital transformation. Without the control, you could be held liable for scammers and pirates. There is no point in creating offerings in the digital domain, if you cannot be sure you will get paid for it. Web3 has the bi-directional trust built in to ensure you control what you create.

My favorite use case: Pre-order

Preorder is something that many brands fail to take advantage of. Kickstarter and Indiegogo are popular examples of this model. Consumers can buy an idea with the promise that the brand will deliver the product once its manufactured. This sense of community and sponsorship has propelled these services to bootstrap many startups. Tesla does preorders all the time. Cybertruck orders are in their 4th year. That is a lot of consumer trust! I have talked to a major auto manufacturer. They told me that 21% of pre-orders fall through due to consumers getting impatient.

Web3 and tokenization can offer key benefits and communication to keep consumers engaged. Perks and loyalty plays can enable better revenue retention. Web3 makes this use case work better, because brands and consumers have trust in the infrastructure. I see this trust as instrumental to the success of tokenization. Just like SSL changed the game in eCommerce, Web3 will change the game in digital transformation. The question is what game do you want to change?

What Tokens Do You Want to Sell?

Tokenization is a powerful way to digitally transform your business offers. Web3 provides the trust and flexibility needed for digital transformation. You can confidently explore new business delivery models used in the marketplace today. Building tokens is easy on web3. Managing your web3 assets can be tricky. Do not be afraid to ask for help. With proper guidance and support, you can find your north star in tokenization. Hit me up on messages, I would love to hear about how tokenization can help your business.

Latest Video: Revolution Your Approach to CX Through Web3

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Web3 use cases

Below is the link to my latest interview at Concentrix surrounding Web3, Web3.0, and how business can think differently about this technology.    Business value should be the first concern of any technology.   With how confusing the blockchain industry is, enterprises will do well to hire an interpreter.    Reach out to me today if you have want to know what blockchain can do for you and your company.

https://www.concentrix.com/insights/videos/revolutionize-your-approach-to-cx-through-web3/

Why Web3 can improve enterprise CX

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The hype around Web3 and how it can transform the internet | World Economic Forum

By now, you’ve probably heard the tech buzzword “Web3” in the context of Bitcoin or NFTs of viral memes. Web3, considered to be the next iteration of the internet, is based on blockchain technology, allowing users to read, write, and own their data. However, what you might not know is that Web3 can be leveraged by enterprise organizations to guarantee consumer privacy and security while still allowing for better CX as an outcome.

Here are a few reasons why Web3 can be the future of CX.

Web3 vs. blockchain: A primer

Blockchain is a distributed, decentralized ledger that records transactions securely, permanently, and efficiently. It is not controlled by any one entity, so it has no single point of entry. No one person or entity “owns” the information. The model is highly secure and can be applied to anything of value: currency, personal information, and data of any kind. Think of blockchain as a database arrayed in multiple redundant nodes in many locations. Web3 is the overarching trend that blockchain is a part of —it is the practice of using blockchain to accomplish business solutions beyond simply storing data. Web3 gets its name from its agreed-upon place in the evolution of the internet—the original internet made up of static HTML pages is known as “Web 1.0” and the transition to dynamic social media as Web 2.0. Thus, we’ve arrived at Web 3.0, or Web3.

Blockchain can be leveraged by smart developers to create what are called “smart contracts.” The name is a misnomer, as famous Web3 developers have said that they are neither “smart” nor “contracts.” If you are lost in the minutiae of this terminology, you are not alone. Elon Musk has famously said he is “too dumb to understand smart contracts.”

People get confused thinking that Web3 is the same as cryptocurrency. Though Web3 does include cryptocurrency, the key takeaway of this technology is that it can serve as a building block for enterprise solutions. It’s available to you turnkey and hosted in a public, private, and hybrid way—just like virtualized computers and databases—and adding blockchain to many enterprise solutions generates concrete business value.

But just because a technology is “cool” and hyped does not mean it’s relevant to your business. There is a lot of froth in the world of blockchain, so not all solutions branded as Web3 will yield much, if any, use value. The tenets of Web3, however, do allow for a more decentralized approach to applications and business services.

Why Web3 fits into CX strategy

Companies engage with customers where they are at. Nobody lives in the cloud. From an organizational perspective, however, the traditional challenge of being “everywhere all the time” for customers is expensive—for hosting, managing, and dealing with complexity. One such challenge of needing to be everywhere all the time is enabling point of sale and currency transactions. This is the origin story of blockchain to cryptocurrency to decentralized applications (dApps).

Why does Web3 matter to the enterprise? A turnkey hosted decentralized application framework with the trust and privacy of blockchain built in means fertile ground for B2C applications, by allowing for companies to be everywhere all the time. Web3 makes blockchain technology actionable.

Let’s say we want to create a certificate of authenticity for a physical product we market, manufacture, and sell (like Nike does). Remember the goal: we want to tie our customers to our brand. We need a record of ownership that our customers find value in now and over time. In a Web3 world, that is called an NFT—non-fungible token (a fancy way to say record of ownership). The art and card trading world is in the process of reinventing itself with this technology, but the same technology can be leveraged by enterprises.

This digital artifact can be given to a customer. That customer keeps it in their digital wallet (fancy way to say blockchain user account). When the customer wants to resell that product or prove ownership it is available 24/7/365 at no cost to you (the manufacturer) or them (the owner).

Get up and running with Web3

Advocates of Web3 see the ability to reduce latency and intermediaries between businesses making products and customers consuming them. They see a fully hosted network connecting us all, free to use to view and track, and one that costs us fractions of pennies for each product produced or sold. Leveraging this technology allows enterprises to connect, serve, and learn from customers directly without the need of physical presence, third party transaction go-betweens, and/or heavily regulated privacy limitations—resulting in a faster, more convenient, and more enjoyable experience for customers.