NEAR x ASTAR NETWORK : ENTERPRISE ADOPTION & INFRASTRUCTURE
Over a decade has passed since the birth of blockchain technology, yet mass adoption remains out of reach. One key player yet to fully embrace this innovation? Enterprises.
After all, the majority of our interactions, both online and offline, involve dealing with businesses. Back when enterprises embraced the internet, it shot into the mainstream. Could it be that web3 awaits a similar catalyst?
“If you can’t beat them, join [forces with] them.”
A few major companies are already embracing Web3, these include LVMH, who are selling their iconic treasure trunks tied to soulbound NFTs, and Nike, the household sports brand that recently launched a web3 marketplace.
However, blockchain for enterprises can go much further than simply being another source of revenue by selling digital goods.
What does the Open Web mean for Enterprises?
While not an exhaustive list, here are a few key benefits that enterprises gain from implementing blockchain:
- Security and resilience: One of the promises of blockchain is that it’s hard to attack because it removes the single point of failure. Enterprises, the more value they hold, the more they become a target for attacks. Blockchain can help enhance security by serving as a distributed server.
- Authentication: Since records of all transactions are stored on-chain, blockchains provide a way to authenticate goods reliably, providing a potential avenue to fight counterfeit, given that the link between the real-world item and the digital representation of it is secure.
- Payments: Sending and receiving payments worldwide remains challenging, and transaction fees are high for service providers like Stripe or PayPal helping. Cryptocurrencies can move across borders by combining clearing and settlement to make the overall process faster and more efficient. While the volatility of crypto is often cited as a reason for merchants not to rely on them, stablecoins offer a more stable exchange rate.
- Reduce the burden of customer data: Every enterprise will accumulate customer and supplier data ranging from less sensitive information to details such as credit card information. Safeguarding this information comes at a high cost, and data breaches are common. By enabling users to keep their data in wallets, companies improve customer privacy while lowering the risk of breaches and the time spent preventing them.
Businesses are aware of the benefits and have started exploring the technology. A report by CasparLabs found that 90% of businesses reported using blockchain in some capacity. However, enterprise adoption isn’t without challenges — a lack of regulatory clarity, friction in the onboarding process, and steep learning curves for developers can hold companies back.
Fortunately, not all jurisdictions are equal when it comes to crypto. One country that has recently stood out for its move to be more crypto-friendly is Japan, spurring a flurry of activity from enterprises starting to get into web3.
Enterprises and Web3 in Japan
Despite being among the first to embrace cryptocurrencies, events like the Mt Gox hack in 2014 and the Coincheck hack in 2018 have led to a strict regulatory regime in Japan holding back startups and web3 innovation. This has put Japan in 27th place in crypto investments, with only 5% of the population estimated to hold crypto. That makes it even more impressive that Bitflyer, an exchange mainly facilitating Bitcoin trading in Japan, continues ranking in the top 20 worldwide in trading volume.
In the past years, sentiment has shifted, and regulators have started seeing the potential of web3 in Japan in their “Cool Japan” whitepaper, highlighting it as a key innovation area and announcing their intent to foster adoption and create a friendly environment.
Fujitsu and nine other big Japanese corporates have formed a Metaverse economic zone creating an interoperability social infrastructure for innovation. They’ve also joined 120 other companies as part of Astar Japan Labs to expand web3.
As the leading go-to-market chain in Japan, Astar Network has been working with various enterprise partners, from train companies to entertainment and gaming.
When Tokyu Railway decided to distribute NFTs on Astar Network, celebrating the launch of a new line, thousands collected the exclusive NFT, maybe not surprising in a country with an affinity for trains. And more will follow with JR Kyushu scheduled to release their NFTs later this year as a proof-of-ride that eventually will come with further benefits when visiting facilities of the conglomerate.
Beyond NFTs, Sony Network Communications and Astar are running a web3 incubation program open to anyone to foster cutting-edge use cases of web3 and support builders worldwide. The first cohort ends in June, with a Demo Day on the 18th online and offline in Tokyo.
And on NEAR?
Similarly to Astar, NEAR is focused on bringing billions into the Open Web. One of the main pillars of that is enterprise deals and the infrastructure to facilitate it. During Consensus, NEAR shared that it’s moving on to becoming a blockchain operating system (BOS), which addresses challenges not only for web3 devs but also for web2 companies.
BOS for Enterprise
You can read more in-depth about the BOS here & here as well. Specifically for enterprises, the BOS cuts down on development times, enabling companies to deploy faster and test various iterations without spending crazy money on hosting fees.
As a chain-agnostic stack, the BOS gives companies a common interface to offer users a multichain experience without them needing to know. Similar to how most enterprises rely on multi-cloud infrastructure, likely, they wouldn’t want to be limited to just one chain. Currently, the BOS supports NEAR and EVM chains, with more coming soon.
FastAuth
With the addition of FastAuth, NEAR has significantly lowered the barrier for new users — a significant obstacle for enterprises whose customers are used to web2 experiences. Instead of creating a wallet and obtaining native tokens to pay for gas, users can now simply sign up using their biometrics, phone prompts, and email address — no more dealing with seed phrases required.
Thanks to relayers, companies can even pre-pay fees for their customers, providing a “try-before-you-buy” experience.
Private Shards
Another reason enterprises are not always open to going full on-chain is that they manage data that isn’t for the public eye. Caspar Labs found that out of the 604 business leaders they questioned, 86% mentioned they’d be more interested in blockchain if there was a hybrid solution allowing them to migrate between private and public data.
NEAR has adopted a sharded architecture. Shards can be understood as small networks within a bigger blockchain that can be customized for different use cases, among them privacy. A private shard safeguards information and is the perfect fit for sensitive data while offering the ability to communicate with other shards or even reveal some part of information publicly.
For example, a manufacturer could store their manufacturing processes privately and share them within their own enterprise; however, when it comes to shipping, this information could be shared to public shards and with a customer enabling them to track when their order arrives.
Calimero is already working on empowering enterprises to launch their own private shards, with Spin being among the first to launch on their infrastructure.
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Enterprise adoption has started happening and will continue. Both Astar Network and NEAR are committed to driving adoption of Web3, building a path to onboard billions of users into the Open Web
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Written by @NEAR_intern
Edited by @achildhoodhero
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About NEAR Protocol
NEAR is on a mission to onboard a billion users to the infinite possibilities of Web3 with the Blockchain Operating System (BOS). Leveraging its high-performance, carbon-neutral protocol, which is fast, secure, and scalable, NEAR provides a common layer for browsing and discovering the Open Web.
NEAR Discovery | Twitter | BOS.gg
About Astar Network
Astar is Japan’s most popular smart contract platform supporting both EVM and WebAssembly (Wasm) environments, as well as interoperability using a Cross-Virtual Machine. Backed by the shared security of Polkadot, Astar shines brilliantly on its own within a vibrant and flourishing ecosystem, driving international adoption and pioneering consumer interest in Web3.
