Sep 16, 2021
API3 Enterprise Development Report, August/September 2021
This is the first progress report for the Enterprise Development team — DAO Cycle #4.
For our avid API3 readers, Enterprise Development’s goal is to target large organizations in partnering or adopting API3 technologies while assisting enterprises in solving their use-case and proof of concepts (POC). These requirements pivot around bringing real-world off-chain data to the on-chain environment. This involves long sales cycles, multiple decision-makers, and higher levels of risk. An enterprise-first mind-set is needed whereby knowing the enterprise’s needs, concerns and monetization models are centre stage throughout the Enterprise Development process.
In addition, the Enterprise Development team pursues highly strategic and important areas that touch all verticals in the API3 DAO. These relationships lay the foundation for growth and amplification while thinking holistically from data source through to dApp.
August Update
The first month of the cycle was focused on driving and nurturing relationships with large insurers and market data providers. Being patient while understanding the customers’ needs and concerns has paid-off in terms of additional interactions taking place over the month and into September. This indicates a growing exploration and understanding of how enterprises are entering the blockchain space. Concurrently, the start of the cycle resulted in identifying new opportunities to drive enterprise customer interactions.
The enterprise team remains agile while keeping scaling in mind, so that when the need arises, the team can scale in line with the required capacity while being nimble enough to add value in closing the gaps internally and externally.
The Enterprise development team has also provided cross-team support in closing high ticket items and partnerships and will provide negotiation facilitation and internal working groups across DAO streams.
The Enterprise development team attended the API Days conference with the Open Bank Project speaking about Insurance and Open Banking. This resulted in a further interaction with a large automotive company.
The Open Bank Project
API3 has a long-term partnership with the Open Bank Project (OBP). This mutually beneficial partnership aids in growing traditional financial institutions adoption of Web 3.0 technologies. We are also collaborating with OBP to bring Airnode powered Hackathon’s to these financial institutions which assists in use-case development around connecting real-world data sources to dApps and smart contracts.
Updates will occur when ready due to the importance of such partnerships.
Over the next month — September
Our enterprise customers have signaled that they would be interested in API3 providing the end-to-end dApp development and data sourcing, however, API3’s core business is in data sourcing and connecting the API economy though the Airnode or first-party data oracle. For this reason, we will reach out to implementation partners that can assist API3 enterprise partners build the solution while powering these dApps and smart contracts by API3 Airnode.
Therefore, for the month we will be looking to partner with at least five implementation partners whom we can provide an end-to-end convenience for enterprise customers while bolstering the adoption and use of API3 Airnode’s.
API3 is the only data oracle that is General Data Protection Regulation (GDPR) compliant, extending the envelope of data compliance. This is built with the purpose of Enterprise while preserving and ingraining privacy-by-design into the Airnode. Given API3’s focus on placing privacy and data control at the fingertips of the API Provider, there is also a need at the Enterprise level to investigate ISO27001. ISO27001 (formally known as ISO/IEC 27001:2005) is a specification for an information security management system (ISMS). An ISMS is a framework of policies and procedures that includes all legal, physical and technical controls involved in an organization’s information risk management processes.
In concerted effort, the Enterprise and Operations teams see this as an organizational-wide augmenting activity for API3. This certification complements GDPR while adding a seal of approval in compliance standards. This will allow Enterprises to be more confident due to an international standardization organization vetting the quality assurance of the processes and Airnode product.
Furthermore, an exploration of a large cloud provider integration will be done along with the process requirements in order to further the accessibility and ubiquity of the Airnode as a plug-and-play solution for all enterprise-grade solutions. The scoping and requirements phase will commence this month.
The enterprise team has also tapped into venture capital networks for warm introductions in order to grow meaningful partnerships.
In addition to warm introductions and networks, the team is also focusing on customized outreach uncovering enterprise needs and curiosities when it comes to data oracles.
The enterprise team will attend other virtual and face-to-face conferences in order to increase touch-points with enterprises.
Already thinking about the next DAO Cycle #5
There has also been a shift in the organizational needs to drive enterprise adoption. In the next DAO cycle, there will be a consolidation of the business development team with some team members focusing on enterprise development.
Is your company looking to build on Blockchain?
If you are an enterprise looking to explore and delve into the blockchain space, we would be more than excited to do a use-case exploration session to see if we can work together.
Reach out to us at the following email address: gio@api3.org or you can also reach the API3 team on the API3 Discord and Forum!
Know an API data provider that needs to join Web3.0? Click Here!
