5 Things Blockchain You Need to Know for July 5, 2022

How Blockchain Can Change 401(K)s

TLDR: Blockchain would provide individuals a clearer picture of their retirement assets and motivate them to increase their investments by storing everything in one easy-to-access place.

The United States’ retirement system could greatly benefit from a technological breakthrough. Increasing life expectancy, mismanagement, low mobility, a lack of trust, numerous stakeholders, and restricted transparency are only some of the problems that threaten to leave a significant number of people without the means to live comfortably when they grow old and retire. If blockchain fulfills its promise, it will be instrumental in alleviating these barriers and bringing new life to retirement savings. Blockchain, the technology behind cryptocurrencies such as bitcoin, may have a significant impact on how we manage 401(k)s. This technology allows us to create a much more trustworthy, efficient, and organized system of recording data than we have now.

Although confidence in the financial management of retirement plans isn’t exactly high, it’s partly due to a lack of transparency. Many individuals are put off saving for retirement because of inconsistent information, hidden costs, and the use of technical terms. This issue might be alleviated by a shared decentralized ledger. Storing everything in one easy-to-access location would provide Americans with a clearer picture of their retirement assets and perhaps encourage them to invest more. A better-informed public would be more likely to make better investment decisions than simply accepting the first option that comes their way. Having all of your retirement savings-related information in one easy-to-find location should put pressure on financial institutions to work harder to keep customers. Today’s typical problem is that most retirement plans are seldom maintained by their owners. Asset managers will no longer be able to take clients for granted if blockchain proves to live up to its promise. Providers will be compelled to offer more competitive terms as a result of this, with the threat of customers shopping around.

The blockchain has the ability to significantly raise living standards among the retired portion of the population. Greater transparency and efficiency should result in more engagement, cut costs, and guarantee that users’ monthly savings are put to their best use and have the greatest chance to grow in value. The bad news is that it might take some time until that brilliant opportunity comes true. As things stand, blockchain has a long way to go. The amount of energy it takes to operate, its low speed, and the fact that each block in the chain can only contain so much information are some of the biggest challenges that must be resolved before it may be scaled up extensively.

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How The Metaverse Is Shaping Consumer Behavior

TLDR: Experiences have the ability to move your company forward — but how can you provide an interesting experience if you can’t meet your consumers in person?

Customers today have higher expectations than ever when it comes to the companies they buy from. Selling products through e-commerce is a great start, but your customers aren’t simply interested in items; they want entire experiences as well. The metaverse is a shared, global environment that has features such as virtual reality (VR), non-fungible tokens (NFTs), virtual commerce, geo-enabled virtual locations, and shared community experiences. In the metaverse, consumers may now enjoy a hyper-personalized experience that resembles leaving their house for a grand adventure — all from the comfort of their sofa.

It all looks very intriguing, but how will the metaverse affect your brand? It’s critical to remember that the metaverse is quickly evolving from a hobbyist platform into an ecosystem in which people shop, influence, and live online. Therefore, your brand needs to be available everywhere your customers are. Aside from staying on the cutting edge of innovation, the metaverse enables businesses to use conversational marketing. Instead of shouting at customers, the metaverse allows retailers to have two-way communication at scale with consumers. Furthermore, with brands being able to own all of their first-party data, personalized marketing will become much easier. This technology isn’t flawless, but it’s still a smart idea to understand how it works from the user’s perspective. As the metaverse matures, branded possibilities will emerge, allowing you to get an early lead in the next generation of retail.

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NFTs Have ‘Fallen Off the Cliff’ As Sales Sink to Lowest Levels In a Year

TLDR: The non-fungible token market has been plummeting since sales fell dramatically and popular NFTs’ prices crashed in recent weeks.

The crypto sector is on track to record its first month with less than $1 billion in sales since June 2021. OpenSea, the world’s largest NFT market, has seen sales volume plummet 75% since May and is on course to bottom out at levels not seen since July 2021. Following the demise of Terra’s stablecoin, investors have been abandoning a number of crypto-related initiatives, as well as selling Ether, which is required to purchase many of the world’s most valuable NFTs. NFTs aren’t actual works of art in the real world. They exist on a blockchain, the encrypted computer code that keeps track of cryptocurrency, which has had a rough few months as well. Bitcoin, the most popular and valuable cryptocurrency, was trading at around $47,000 at the end of March. On June 28th it was trading at $21,000.

Whether the economy goes into recession or manages to escape, we must learn from NFTs’ failure, according to experts, economists, and IT professionals who have lost their jobs during the NFTs crash, cryptocurrency, and tech stock downturn. What’s happened is the collapse of a bloated tech sector that absorbed money without providing any value, while the world was grappling with a pandemic and American firms were desperately trying to stay alive. However, many people believe that NFTs will be with us for a long time. Companies that wish to purchase “carbon credits,” or tokens indicating they had paid for the right to emit greenhouse gasses, will utilize NFTs.

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Why Brands Should Adopt a ‘Hybrid DAO’ Model

TLDR: A Hybrid DAO structure provides customers with a greater voice and increased engagement while placing brands in an advantageous position to thrive in a decentralized future.

The decentralized autonomous organizations (DAOs) are becoming Web3’s solution to the traditional LLC or C-corp. According to statistics, the number of new DAO governance ideas has increased eight-fold in the last year. In 2021, only 700 DAOs were operational, and there are now more than 6,000. Bringing DAOs into the mainstream is tough, especially in a new crypto ecosystem where people are more focused on making money than creating sustainable firms. However, any business may establish a hybrid DAO model that would enhance customer voice and engagement while putting brands in a better position to flourish in the future.

DAOs provide a one-of-a-kind learning experience for companies looking to understand the future rise of the metaverse and other blockchain-based business components. The main objective, as it has always been, is to come up with creative and long-lasting methods to boost consumer interaction. A hybrid DAO model, in which projects generate a community-owned token, may improve consumer engagement by allowing all stakeholders to have a voice in a wide range of decisions that enhance buy-in, educate better products, and strengthen the community. This is all theoretically feasible for companies without requiring a complete overhaul of their existing structures.

When companies empower customers to have a voice, they create a devoted following of loyal consumers who are heavily invested in the company/product’s future because they are involved in decision-making. Brands and businesses that utilize a hybrid DAO approach will be moving from viewing consumers as “customers” to seeing them as members of the company’s community. This shift in brand mentality might have a bigger impact on corporate culture and structure than is immediately apparent. Finally, the rise of the metaverse and Web3 will benefit businesses that employ this model compared to those that do not. A hybrid DAO model is a multifaceted competitive differentiator that can set brands apart from the competition now and in the future.

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Even With Staggering Valuation, What’s the Major Issue With the Defi Market Space?

TLDR: The shortage of qualified and competent blockchain developers in the Defi space is resulting in some projects reducing or limiting their efforts while hiring less qualified and inexperienced workers.

Defi has emerged as one of the early movers in the cryptocurrency sector since the creation of blockchain technology and smart contract features. Although blockchain technology is still in its infancy, it has already had a vital impact on many life-changing ideas and real-world applications. Among blockchain’s many technological advancements, decentralized finance (Defi) markets are especially significant and one of the most exciting parts of blockchain technology. However, things aren’t all bright as it appears. Many firms are lacking in terms of capital, yet the primary issue Defi space is facing is a lack of competent and respectable blockchain developers.

This entire sector is still relatively new in front of more traditional enterprises, which accounts for a small user base. It’s possible that this might be clarified by the fact that despite how many individuals have heard about it, only a few of them have clear knowledge about what Defi is. Even with all of the work, finding competent and certified developers may be difficult and take longer than educating the public about the Defi. When it comes to topics like blockchain and smart contract development, where such specialized expertise is required, finding someone with the appropriate knowledge can be difficult. This implies that some projects would have to decrease their operations and compromise on quality when employing less qualified and inexperienced staff.

VezTek has been an expert in the field of innovation consulting and on-demand talent for emerging technologies like 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 and the 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞. We build digital products for tomorrow’s technologies today.

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Sani Abdul-Jabbar

Sani is the Board chair at VezTek, a Los Angeles based provider of software development and on-demand tech. talent for Blockchain and Web3.0 initiatives.