Julian Ivaldy

Revolutionising physical shops with blockchain

As most Tech enthusiasts try to find new blockchain applications in digital business, Web3 could also be a great tool to revolutionize physical stores and events in real life. A wonderful opportunity for entrepreneurs that we’re going to deal with… The idea of today’s edition is to give you an idea of potential applications to help you orient your research on how to build empires using web3 on physical businesses!

Let’s start with the basics, why would Web3 have an influence on traditional businesses? Security, transparency, and governance! With the era of blockchain, a new path was opened to bring back the power of data to final consumers. It participates in creating more trust for users and giving them more power over what they buy and use. This new era of decentralization leads to a wide range of possibilities and applications for all types of industries! How to take part in this as an entrepreneur? It’s not compulsory to leave your job and jump into the wild universe of discord and telegram to launch a digital business. Some opportunities could already be in your everyday life and jobs…

Non-fungible tokens (aka NFTs) might have a huge impact on many physical businesses. Since they offer full security and transparency on asset property, they could replace many identity checking, be used for ticketing, and take part in a new kind of asset owning… Lots and lots of possibilities for the industry of entertainment, physical events, and gaming. These digital items might revolutionize all types of asset ownership for collectors and official licensed digital collectibles. Many paths are still to be explored since anyone can now create (or associate with something existing) a unique digital identifier that cannot be copied, substituted, or subdivided. These can provide access to many applications through interoperability.

Smart contracts could also impact deeply the way we make transactions whatever their type is. Indeed, these autonomous programs of code make it possible to do automatically secured transactions for many different purposes. Many applications are being developed in industries such as logistics, supply chain, and medicine. Indeed, blockchain ensures data transparency and cost-effective secured technology. Any data transactions can be automated safely and can’t be deflected. 

Smart contracts are often related to protocols and DAOs which are the heart of the concept of decentralization. Why are they so interesting for any industry? The roots of decentralization come from 4 deep needs of customers! First, more transparency… more and more people are willing to know what they buy and why they do so! With the recent expansion of businesses flourishing all around the world, consumers are surrounded by so many products on which they don’t have information or visibility in terms of quality and how their money will be used by the company (for environmental or ethical points of view mainly). 

Then, many individuals feel a need for more security either financially or for their data. With the recent rise of scams and thefts in the last decades, the trust needs to be rebuilt with safe autonomous solutions, where open-source and decentralization avoids any central authority to manipulate any kind of asset. Finally, web2 removed a lot of control for users, mainly on their own data. That’s what DAOs propose to give: full governance through a user-centered experience! As Mobula.finance or laQuequetterie, we could imagine many businesses where the community would be at the heart of the decision process, according to the proportion of shares they have in a company. This could give the opportunity to co-develop products very close to consumers and provide them with the power to choose what they buy. 

To help protect users' data, blockchain could conquer areas such as social media or messaging platforms. This would bring a solution to the unsafe transmission of messages, reliance on centralized applications, and censoring while avoiding the use of data for advertising. But the most significant type of communication that might be deeply impacted is linked to financial transactions which might experience a new life thanks to DeFi and currency exchange services. Combining cost less and more efficient transactions to control and security on funds, the way we exchange currencies and pay for physical goods could evolve a lot in the coming years.

As you can see the range of possibilities is very wide… From building autonomously governed stores to creating NFT-accessible events, there are so many applications to web3 and blockchain in the world as we know it. Just choose your way…