I don’t think there’s a single bank right now that isn’t exploring the possibility of issuing a digital currency backed by the central bank of the moment, we can talk about tailor-made CBDCs. Blockchain is no longer as useless, nor a token as dangerous as it was misrepresented through all available means. In fact, banks are investigating the possible benefits that launching their currency can bring, especially in the payments area (its efficiency) and the financial inclusion of millions of unbanked people. We will see many and varied prototypes of digital currencies, projects, and consulting firms making business out of it, but few, very few CBDCs will be able to have the use and success they estimate. They cannot ignore or fail to consider the risks associated with issuing a CBDC, such as the impact on monetary policy and the financial stability of their own entity and the country from which they want to launch it. The issuance of a digital currency is not something that should be done lightly, neither for fashion nor for the achievement of being the first, since you must assume a certain failure associated with the lack of education and training by citizens, who are not accustomed to daily use of a money and tools different from those they have been using so far.
Responsibility, ethics, and security, blockchain technology has the potential to transform the way comprehensive management is carried out in supply chains, by providing greater transparency and trust in the process natively.
Large logistics companies and manufacturers are already aware of this fact. They know that transforming a sector with a complex network (which involves multiple suppliers, manufacturers, and retailers) during this century was a challenge they did not want to face due to the complexity and high costs that it would imply for all the actors involved in the network, but which blockchain has reduced to some adjustments in the way of doing things. The lack of transparency in the processes can lead to unfair business practices, such as child labor or non-compliance with safety standards, but blockchain provides a solution to these problems by allowing greater visibility at each step of the supply chain process since each transaction in the supply chain is permanently and securely recorded in a distributed digital ledger, so that all parties involved can see the complete history of a product, from its origin to its final destination.
One of the richest industries in terms of resources, audience, users, and content also wants to join the technological party that blockchain offers. Web3 communities with a clear vocation for game creation and management want to position themselves as leaders in this industry, offering game developers a comprehensive blockchain framework that allows them to focus on creating the best possible game without having to worry about any of the Web3 technicalities. Offering players new ways to represent their value, gameplay, or reputation, and ensuring that these endure over time and can also be used on any gaming platform, is undoubtedly a small part of the revolution that this sector is already experiencing.
Digital property is a virtue that is very unknown to the masses, but is undoubtedly the perfect ingredient to make this cocktail explosive. Allowing players to store and interact with their digital assets, use them to request loans, sell them at auctions, or create their brand around them, are completely innovative ideas that are coming thanks to the maturity and evolution of the technology itself.
Allowing Web 2 companies to integrate with the Web3 system is a technological achievement that can be effective and functional thanks to blockchain. Being a payment option within the internet, and within blockchain, is a very desirable business, especially because this service is delocalized, and new alternatives are provided to those we currently have in the traditional system, where a few monopolize the service to many. Payment systems are usually a service without reward or incentive, things that blockchain adds as an extraordinary layer of value. Currently, existing Web2 payment systems are very Westernized, creating problems for millions of people around the world who do not have access to banking services.
Indirectly, blockchain will create next-generation economies, providing projects and their communities with consensus mechanisms, mobile experiences, unlimited usability, management, and all kinds of financial operations and low-cost investments.
A REALITY CHECK
2022 was undoubtedly a year of great recession, especially in the crypto sector, but in reality, from within the industry, and on the constructive side, it served as a perfect period for Web 3 development-focused companies to grow their teams with highly qualified workers, being able to attract the best talents from other industries. The 216,000 layoffs, for example, that occurred in 2022 in the US technology field, caused a massive and unprecedented exodus towards the blockchain industry.
The arrival of these new workers, lower market prices, and the distraction of many in absurd wars, have made 2022 the perfect year for Web3 projects to continue innovating and showing themselves stronger than ever, so that in 2025 we will begin to see the impact of these hires and the hard work that has been done in blockchain projects.
WEB 3 BANKING, BELOBABA
The reason why Belobaba is more present than ever in the industry is because we have also taken advantage of this time of low activity in the sector to add new talent to the team and work without being distracted by the news or problems that flooded the pages of the press every day, to build a much stronger project, a project that goes beyond a trend. We have been able, in this valuable time, to adapt and create a new service focused on solving a problem created by the sector’s own needs, with a focus on projects and their communities.
For Belobaba, providing operational capacity to people, and having a large part of this process be automatic and intuitive, was the norm we imposed before starting. With this foundation, we sought to provide access to payments, collections, management, education, investment opportunities, and financial planning, among many other things, without frictions and from a single point, where the traditional sector coexists naturally with the digital sector, so that Fiat, Tokens and NFTs serve to be more than a simple speculative element. Providing mobility and regulated jurisdiction, as well as passive income and basic financial services, is one of the most important factors of our APP, thus overcoming the current hurdle faced by all of our competitors.
“Nothing can stop people and developing countries from using our APP to guarantee them progress and a future”