When a new technology emerges or change happens, it brings about some challenges and limitations. Web3 isn’t without these either… in fact, there are quite a lot of challenges and limitations around Web3 at the moment as it is still a) in its infancy, b) relatively unknown and c) faces a lot of resistance. In this article we will look at each of those challenges in more detail and discuss how we can overcome those.
Resistance to change: Let’s start with the elephant in the room. One of the biggest challenges in adopting new technology is resistance to change. People may be comfortable with the current way of doing things and may not want to learn a new system. This comes two fold. One, people are worried about what they don’t know about Web3. Two, after committing all the resources and effort, would it bear any fruit (deliver the desired yield)?! The first point affects both business and people alike, and the second is a huge issue for the businesses (and for individuals too to an extent, like what people are going through with NFTs at the moment - lack of utility, etc.). Especially, given what’s currently happening in the world with so much uncertainty, economic failures, issues with crypto companies, fear of AI & robots taking over the world, etc it doesn’t help here and creates further resistance. Our advise is to do the due diligence in learning more about it, speaking to some experts and then taking a calculated risk in going into it.
Security concerns: New technology may introduce security risks that need to be addressed before adoption. Seeing the current security issues and lack of trust due to what’s been happening in crypto space, this is a big factor. Make sure you do your research and due-diligence before you invest and share your data with any company. Decentralized systems and tools such as our Divi Wallet is one such occasion where you are the sole owner of your assets and you have greater security. That said, it’s always wise to do your own research before you engage in any Web3 or any other system for that matter, including us.
Compatibility: New technology may not be compatible with existing systems or software, making it difficult and expensive to integrate with current workflows. This certainly is a big issue for businesses. Especially when it comes to finance and backend infrastructure, this is a huge undertaking and when you are working with future tech it’s even more pertinent. A trick here is to work with companies or tools, to help you gradually transition into this new tech and test things out first (think iterative building techniques here). Often when it comes to businesses, it’s in the shape of working with plug-and-play technologies, upgrades, etc that can assist with this compatibility issue.
Cost: Adopting new technology can be expensive, both in terms of the technology itself and the training required to use it effectively. The cost may be prohibitive for some individuals or organizations. This goes along with the aforementioned point, where it might be more cost-effective to utilize/recruit already existing tech or firms that can help you with this rather than having to do everything by yourself. We have come across this a lot of times in providing our services to clients and also working with others to utilize their services for our internal requirements. Sometimes it’s cheaper and more efficient to work with expert 3rd party providers and sometimes it’s best to build your own proprietary tech. Make sure you review each option as well as you could, then pick and stick to it to give it a good chance of working.
Technical complexity: New technology may be more complex than previous systems, requiring a greater level of technical expertise to use effectively. We too came across this obstacle when creating our future roadmap. You have to be strategic and smart in how you sift through all the complexities, pick out the right goals, and the most effective and efficient approach to achieve those goals. Again, this is where some experts and companies who already have experience can help you navigate through these complexities and make life easier for you.
User adoption: Even if the technology is technically sound if users do not adopt it, it will not be effective. User training and communication are important to encourage adoption. One of the main reasons for us starting this “Let’s Learn Series” was because of this reason. When you help your customers understand the products and services, it’s mutually beneficial and you both come out on top. Otherwise, one gets left behind and you’d have achieved nothing.
Lack of resources: Small businesses or individuals may not have the resources necessary to adopt and maintain new technology, including hardware, software, and technical support. Again, the trick here is to work with companies or tools that can help you with this without having to rely on doing everything yourself. It’s a balance between how much you want to have in your own control versus how much you want the other person/firm to help you achieve your goals. This is where a company such as Divi Labs can help you with the right expertise, resources, and the heavy-lifting to help your company get into Web3 and to get the most out of it. Not only that, it will help speed things up considerably.
Through our multiple conversations with both businesses and individuals alike, it has been quite apparent that there is a huge amount of confusion, uncertainty, and lack of trust in Web3. We hope that our series will help you in some way to navigate through these issues and get the most out of Web3. If you still have any questions or want some help in getting your business into Web3 or blockchain technology, feel free to get in touch with us via Twitter, Discord, or our support channel and we’d be happy to help. See you in the next article, and please share this with your circles if you found this useful.