top of page

Money Money Money, in a Web3 world

Blade Labs, May 30, 2024



Money Money Money, in a Web3 world

A wise man once said “time has more value than money. You can get more money, but you cannot get more time.” A lovely quote granted, but one which we would argue with… In the fast-paced world of global business, every second counts, and that couldn’t be more the case with banking. It’s an industry that is completely unique as almost everyone on the planet uses it daily, whether they’re aware of it or not. 

Soon gone will be the days of painstakingly slow transactions, endless paperwork, worrying data leaks and those hefty fees that can come as an unwelcome surprise. By ushering in the Web3 era of banking – where the game has changed entirely, and you can in fact leave yourself with more time. So let us put our money where our mouth is and explain just why.

 

Say you’re a business owner needing to transfer funds to a colleague halfway across the globe. Typically, you’d brace yourself for the ordeal of dealing with dinosaur banking process and their tedious delays, with potentially hours spent on hold listening to Vivaldi’s Four Seasons on loop. With Web3 this will all be a distant memory. No more waiting weeks for your transaction to clear either. Instead, you’re diving into a decentralised finance (DeFi as we call it) platform powered solely by Web3. 

With the magic of smart contracts, your money zips across borders swiftly and securely, leaving behind the headaches of middlemen and exorbitant fees that can completely change your financial situation overnight. You’re essentially levelling up from a horse-drawn carriage to a rocket ship.

This is merely scratching the surface though. Web3 isn’t just about making transactions faster; it’s about giving you the keys to a whole new financial universe. With programmable money at your fingertips, you can automate payments, manage investments, and even dream up custom financial instruments tailored to your business’s unique needs. 

 

Let’s zoom in on that automation bit for a second. Manually processing those monthly payments to suppliers is a massively time consuming process, which comes with a high chance of human error. It’s not something you as a business owner shouldn’t be worrying about, nor have the time to deal with. We understand that, and with Web3, you set up smart contracts to handle it all for you, freeing up your time and reducing the risk of something going wrong along the way. What’s more is that with DeFi platforms, you can explore investment opportunities around the globe from the comfort of your office chair, sofa or sun lounger even! 

So Web3 isn’t just about streamlining existing processes; it’s about completely rewriting the rulebook. Enter decentralised autonomous organisations (DAOs), where decision-making is transparent, democratic, and powered by smart contracts. Imagine a financial institution where you have a say in how things are run – that’s the power of Web3.

And let’s not forget about the flashy new digital wallets changing the classic ‘leaving the house’ check from ‘keys, phone, wallet’ to simply ‘keys, phone’. These digital vaults let you store and manage your asset and token stash with ease, all from your smartphone. It’s like having a secret bank account in your pocket, minus the organised handshakes, Fort Knox-esque security and hidden fees.

 

Meet David. David needs a loan for a costly home renovation project. Instead of going through the tedious process of traditional banks, he opts for a decentralised lending application. Using his crypto assets as collateral, he receives a loan instantly at a competitive rate, with no credit checks or invasive questionnaires and can enjoy his new look home far sooner. Easy. 

Web3 also enhances the security aspect of finance. When Emma receives a phishing email claiming to be from her bank, she doesn’t panic. With decentralised identity verification, her personal information is securely stored on chain, making it virtually impossible for fraudsters to access. Even the most believable emails aren’t a worry for Web3 users. In these real-life scenarios, Web3 technology has revolutionised day-to-day banking, providing efficiency, security, and financial freedom to users like never before. So be like Emma, be like David.

As positive and forward moving as our industry is at the moment, sadly it’s not all sunshine and rainbows in the world of Web3. We believe in transparency, so we’ve had our fair share of challenges to tackle of late. Regulatory uncertainty, for one, is casting a shadow over the market, as well as governments scrambling to catch up with the lightning-fast pace of DeFi and cryptocurrencies, leaving businesses in a state of regulatory limbo. However, we are more than confident the world will catch up with us and buy into the genius of Web3 finance and, let’s be honest, the easy life. 

 

Fear not though, intrepid financial pioneers. Despite these challenges, the future of banking is looking brighter than ever. With Web3 leading the charge, we’re breaking free from the shackles of traditional finance and moving swiftly towards a more inclusive, transparent, and malleable financial landscape, and one in which you’ll never look back from. 

1 view0 comments

Comments


bottom of page