Unveiling the Future: Navigating Web3 and Blockchain
Make it stand out
Whatever it is, the way you tell your story online can make all the difference.
"Startups and venture capital funds often lead the charge in adopting new technologies, and their role in driving web3 and blockchain adoption took center stage at the recent Technology of Tomorrow Conference in Warsaw, Poland.
Guided by Marcin Zarakowski, Executive Committee Member at BSV Blockchain Association, the panel featured insightful contributions from:
Patrick Prinz CFA, Fairway Family Office
Ahmad Piraiee, Director, Startup Grind Warsaw
Jedrzej Iwaszkiewicz, Co-Founder of The Heart
Exploring the Essence of Web3 and its Relationship with Blockchain
The panel's discussions commenced by delving into the essence of 'web3' and its symbiotic connection with blockchain, reshaping the business landscape.
Iwaszkiewicz set the stage by defining 'web3' as an innovative suite of technologies, ushering in novel modes of communication and interaction beyond the confines of the linear format we're accustomed to.
Piraiee illustrated this with the example of the energy sector, where traditional roles of producers and consumers have expanded to include new players, transforming the landscape.
Prinz highlighted the potential of web3 to empower individuals and businesses with data ownership and control, dismantling the current dependence on intermediaries. He explained how the present monetization model struggles to accommodate the granularity of microservices.
He noted, 'Web3 and blockchain are pivotal for realizing visions like autonomous driving and machine communication, all while safeguarding data privacy.'
Shaping Opportunities: The Web3 Outlook
Prinz advocated for startups and venture capitalists to embrace web3 and blockchain adoption as opportunities, not hurdles. He underlined that many business models heavily depend on data, raising the challenge of monetization without data compromise.
He emphasized, 'Blockchain is not an industry but rather an enabler across various sectors - from cybersecurity to supply chains and eGaming.'
However, he cautioned investors to ensure due diligence, as some ventures have developed solutions before identifying real-world problems.
He stressed the importance of well-defined use cases and highlighted how blockchain could confer a competitive edge within the sector.
Iwaszkiewicz concurred, asserting that technology should adapt to the challenge rather than vice versa. He highlighted how blockchain can integrate seamlessly into conventional business models without technical jargon.
Simplicity Accelerating Adoption
Another focal point was the perceived complexity of business plans in the web3 space. Piraiee suggested that if a startup can't convey its differentiators in two seconds, refinement is needed. He drew parallels to successful startups like Airbnb and Uber, known for their instantly understandable models.
Piraiee added that since web3 and blockchain are relatively nascent, major corporations are behaving like startups in this landscape.
Prinz cited Airbnb's trajectory, noting that even though early excitement surrounded the company, success didn't materialize overnight. Similarly, he emphasized that grasping the full potential of blockchain and web3 will take time for enterprises and major players.
In the journey towards the seamless integration of web3 and blockchain, the panel concluded that innovation, adaptability, and patient exploration will guide these technologies toward their full potential."
The panel kicked off with a discussion about what exactly ‘web3’ is and how the new technology, alongside blockchain, is changing the business landscape.
