Featuring Shakeeb Nazeer, Blockchain Specialist
Web3 technology has the potential to revolutionize the way we interact with the world and has a tremendous impact on the global economy. In an era where centralized ownership and power take precedence, Web3 technology has the potential to introduce more participants and consensus to improve decision-making and economic participation. One way to achieve this is through accelerating mass adoption of the use of blockchain/Web3 technology.
One way to achieve this is through partnerships between crypto companies and traditional retail brands. Shakeeb Nazzeer, a blockchain expert based in Dubai, has been working with several retail brands in the region to help them integrate blockchain technology into their operations. By doing so, these brands can offer their customers new and innovative ways to pay for goods and services, as well as access to a whole new world of decentralized applications. When talking about Web3, Shakeeb states “The Web2 revolution is starting to feel ancient given how we have evolved as a society. There’s an innate need for empowerment, equal rights and most importantly the need to drive a meritocratic economy. Blockchain helps us achieve all of this with a unique technology that no central authority holds power (DLT Technology), unique principles and values that govern how things work, eliminates the need for intermediaries and is within reach to potentially anyone in the world. When Blockchain adoption becomes mainstream, we will be using it without even knowing that we are using it.”
The Most Crucial Element Of Web3’s Implementation In Businesses: Smart Contract Technology.
Shakeeb also mentions that smart contracts are one of the best things that happened to the blockchain. Imagine layering a robust tech stack that already has the capacity to change the world in many ways (i.e cryptocurrencies, increase efficiencies, proof, trust etc.) and now has a way to structure rules & conditions of businesses use cases and execute by itself without the need of a middleman. This dramatically improves business use cases in many ways.
When talking about the obstacles in Web3 adoption, he states that “Even though Web3 is designed by nature to be trustless, decentralized, and eliminate the need for middlemen, corporations & collaboration and are two of the most important aspects to a business. Implementing Web3 as a siloed approach does not help companies or their respective industries reap the full benefits. Further, technology being in its infancy requires more collaboration so that tried and tested use cases can be introduced to the world.”
One example of this is a partnership between a popular fashion retailer in Dubai and a blockchain-based e-commerce platform. This partnership allows customers to use cryptocurrency to purchase clothes and accessories from the store’s website. In addition, customers can also earn rewards in the form of cryptocurrency for every purchase they make.
Another example is a partnership between a luxury car dealership in Dubai and a blockchain-based car-sharing platform. This partnership allows customers to rent out their cars to other users, and get paid in cryptocurrency for doing so. Not only does this provide a new source of income for the car owners, it also allows the dealership to tap into the sharing economy and offer new services to their customers.
THE BRIDGE BETWEEN WEB2 & WEB3
These are just a few examples of how partnerships between crypto companies and traditional retail brands can help drive mass adoption of blockchain technology. By working together, both parties can offer their customers new and innovative ways to use digital currencies, while also expanding their own businesses. It is important to note that these partnerships are not just beneficial for the retail industry. They are also a great way for crypto companies to gain mainstream acceptance and reach a wider audience. As more and more people become familiar with the benefits of blockchain technology and digital currencies, the potential for mass adoption becomes even greater.
By partnering with traditional retail brands, crypto companies can help drive mass adoption of blockchain technology and digital currencies. This can be achieved by offering customers new and innovative ways to pay for goods and services, as well as access to a whole new world of decentralized applications. Shakeeb Nazeer’s work with Dubai-based retail brands is a great example of how this can be done in practice.
