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Technology

Mar 17, 2023

Is your company ready to take on web3?

Paige White

Paige White

Is your company ready to take on web3?

The new world order of Web3 is either well under way or still being defined, depending on whom you ask. Even if the latter group is right in many ways, the reality is that many companies are already including aspects of Web3 in their customer or employee experiences. Mercedes and Volvo incorporating blockchain into their supply chain management and Chipotle creating a game where customers can virtually roll burritos and earn “Burrito Bucks” are just a few examples.

These companies are not only going to be well positioned to take full advantage of Web3 as it continues to evolve and develop, but they’re also going to help shape what Web3 — and even Web4 — ultimately become. Of course, not all businesses are ready to be part of the vanguard.

Before jumping into a Web3 project, it’s important to identify where your company is with regard to Web3 readiness. The majority of company stakeholders are aware of the buzz around Web3 and understand that they should be exploring the space to avoid falling behind the curve but have no idea where to start. Some may have a general idea of what they want do but need to define that idea and develop a strategy around it. A smaller number of companies have a fixed idea or a specific vision that they want to bring to life.

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Assess Your Web3 Readiness

To determine where your company is with regard to Web3, you can start by identifying the current state of the following dimensions: 

Awareness: What is your company’s understanding and knowledge of Web3 and the landscape?

Process: Is the new process defined, matured, and adopted across your organization?

Technology: What are the technology requirements to support the Web3 project and do you have the infrastructure currently in place?

Financial commitment: Do you have the budget to support the Web3 project?

Workforce skillset: Do you have the workforce with the appropriate skillsets to accommodate the Web3 project?

The following discovery epics can help you answer these questions with an understanding of Web3 project requirements:

Company Profile

Company situational awareness / maturity in Web3

  • Technology awareness

  • Infrastructure 

  • Company process 

  • Workforce skillset

Project motivation 

Idea maturity 

  • FOMO 

  • General idea 

  • Fixed idea 

Interest area

  • NFT 

  • Cryptocurrency 

  • Metaverse  

Project duration
  • Short-term 

  • Long-term 

Privacy & legal requirements 

Project Details

Entertainment value 

  • Gamification 

  • Video-game features 

Project decentralization & control

  • Level of decentralization 

  • Need for a decentralized autonomous organization (DAO) 

Project privacy 

  • Public 

  • Private 

  • Hybrid 

Project economic value (need for cryptocurrency)

Web3 Roadmap

Once the current state of your company has been assessed, you’re ready to identify the roadmap required to get you to your MVP state and beyond. Due to the complexity of Web3 projects, we recommend a crawl, walk, run approach:

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Bottom Line

If you are among those who have a fear of missing out on Web3 but are unsure of where to begin, Credera can help guide you and your team by brainstorming and bringing ideas to the table. If your company has a general idea of how you’d like to approach Web3, we can help you define the requirements and the strategy. If you already have a fixed Web3 idea, we can help vet your existing landscape, refine your strategy, and bring that vision to life.  Schedule a call with our specialists to get the conversation started.  

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