Delivering Mass Adoption of the Trustless Web3 Economy Using Trusted Brands

‍Overview

61% of people won’t engage with the blockchain economy for fear of losing their access and assets*. It’s against this backdrop that the project team are developing the basis for a trustworthy key management solution at scale, for both retail and enterprise users. In collaboration with Hedera’s research and development arm Swirlds Labs Inc, the design, development and delivery of a new decentralised recovery (DeRec) key management protocol is being spearheaded in service of the vision that an accessible web3 economy has value for individuals, communities, brands, and businesses.

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Abstract

The project is working to marry trusted existing web2 brands with trustless web3 technologies, providing individual and business users with a trustworthy solution for the management and recovery of web3 wallet keys that blends existing physical infrastructure with nascent digital systems. By leveraging brand names the general public know and love, trust is heightened and barriers to crypto-economy-entry are lowered. The Hedera DeRec protocol can act as a foundational layer for services that make blockchain transactions more secure and user-friendly.

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Background

Venture builder The Building Blocks was invited to work with Swirlds Labs Inc thanks to founding partner Niall Roche’s extensive experience with Hedera Hashgraph technologies, and The Building Blocks’ ability to bring further unfair advantage to the project in the form of commercial partners. Partners and technologists brought on board blend years of technological expertise with deep understanding of the financial services industry, positioning this project perfectly at the nexus of distributed ledger technology (DLT) and finance.

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Objectives

The project’s mission is to drive mainstream adoption of the web3 economy by building foundational technologies that make blockchain more trustworthy, usable, and accessible – whether for individual consumers or big business. 

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Outcomes and Impact

By reducing the risk of asset loss and providing clear understandable information when engaging with on-chain transactions, the web3 economy becomes easier to get onboard with – especially for those traditionally marginalised by technology, finance, or both.

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Building a bridge between traditional, well-known businesses and the new frontier of financial technology, the project will help drive adoption of DLT not only with end consumers but also within partner corporations and institutions. 

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The end result is a service that is good for people, good for business, and good for the DLT ecosystem.

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Ecosystem Development

The project provides a home for entities who are both DLT-shy and DLT-native to nurture and grow the blockchain ecosystem for the benefit of all. It not only helps deliver a robust and secure service for consumers, but also works to expose institutional actors to new technologies that can help them maintain their competitive advantage in-market. 

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Methodology & Implementation

The project's methodology is characterised by a well-structured blueprint, including stages of research, design, development, testing, and deployment. Each phase is designed to meet the highest standards of security and practicality, ensuring a scalable and efficient solution that aligns with the technological infrastructure of all partners.

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Conclusion

Technology cannot exist in a vacuum. Even the most sophisticated systems cannot deliver value if they are not successfully picked up by the hands of millions of people around the world. This project seeks to lead the DLT ecosystem into those hands, by making key management stress-free and key recovery an easy affair. It leverages emerging technologies, strategic partnerships, commercial acumen, and landscape and customer analyses to design, develop, and deliver a service that has the potential to shift the world towards a more secure, understandable, and inclusive digital economy.

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*Kapersky, 2023.