How Blockchain Is Reshaping Commerce, One Wallet At A Time

Forbes

5 hours ago

Jamie Elkaleh is the Chief Marketing Officer at Bitget Wallet.
In the world of shopping, blockchain is emerging as an undeniable game changer; from enabling faster, borderless payments to reducing fees and improving transaction efficiency, the possibilities are endless and exciting.
One of blockchain's most remarkable capabilities is facilitating true democratization, empowering businesses and individuals: Web3 provides merchants with lower costs and eliminates reliance on banks, offering relief from geographic, political and regulatory complications. It functions transparently; everything is available on a public ledger, allowing businesses and consumers a clear view for navigating the digital economy. It creates access to digital-first customers, as well as an opportunity to "bank the unbanked," helping those traditionally excluded from financial services due to restrictive requirements.
Blockchain wallets are no longer just a more sophisticated version of electronic money. They serve an array of real-world purposes beyond just storing assets: Users can earn interest, shop and send instant, low-cost borderless payments—especially for remittances, which are growing rapidly worldwide. With Web3 and blockchain, transactions that used to take days and involve high fees can now happen in seconds with much lower costs.
Blockchain is opening a world of user-friendly payment alternatives that challenge traditional financial systems—offering solutions that are cheaper, faster and more accessible.
Reducing Barriers To Entry
Of course, there are obstacles to inclusion. One of the biggest is the technological learning curve. That's something our company is actively working to address by providing educational resources in local communities.
Even with traditional banking, accessibility is an issue. More and more high-street banks are closing down, and the days of walking into a branch and speaking to someone in person are disappearing. Everything is moving online and becoming automated, or shifting to rely on AI chatbots. Consequently, we counter the argument that blockchain is 'too complicated' by asserting that even traditional finance is becoming harder to navigate for certain demographics.
We believe strongly that putting technology directly into communities and making it as easy as possible to use is both a business and ethical imperative. Creating pathways for the comprehension and use of blockchain technology allows companies not only to expand their user base but also to help these users (for instance, by minimizing issues like chargebacks, since blockchain transactions are transparent and verifiable by anyone).
Companies whose business is blockchain should consider the fact that in order to gain maximum buy-in, it's essential to upskill and educate users—particularly those in local constituent communities—on how blockchain can empower their daily lives. The mission cannot be merely about introducing people to 'your' proprietary technology; rather, it should be viewed as providing them with tools they can actually, meaningfully use for their own financial betterment.
For our company, this has meant not just working with individuals but also onboarding merchants, so they can learn to accept digital payments and, in doing so, realize a huge gain (eliminating high banking fees, streamlining operations). By educating them, we're helping them increase profitability and expand their customer base. We believe this education is part of our role; our success relies on users understanding the potential of these solutions.
Revolutionary Trust And Accessibility
One of the reasons it's so important that individuals and merchants understand blockchain is that it has changed commerce dramatically—particularly the way people shop. Blockchain enhances trust between producers, merchants and consumers. Companies like Walmart and IBM are already using enterprise blockchain solutions to track their supply chains internally. The next step is making that information public—allowing consumers to verify a product's entire journey from production to purchase, allowing them to assess everything from freshness to authenticity to ethical sourcing.
Blockchain is bridging the gap between digital currencies and everyday shopping. Millions of people worldwide already own digital assets; now, thanks to new infrastructure, they can spend them seamlessly, with some high-street banks now accepting digital currency deposits into traditional banking applications.
Increasingly, companies at the vanguard want to take things a step further, enabling users to shop directly with their digital assets. They can use digital currency-backed payment cards, earn interest like a regular bank account, access cashback rewards and even take advantage of installment plans. Now, with integrations like Apple Pay, digital payments are becoming just as straightforward as traditional banking methods—something that wasn't possible in the recent past.
Best Practices For Implementation
One major challenge we've been grappling with is the stigma around Web3 and blockchain technology. Unfortunately, we've recently seen senior global leaders publicly discussing the space in ways that don't always align with its core principles. Web3 isn't just about speculation or meme coins; there are incredible builders in this space solving real-world problems with blockchain, such as providing financial access to millions of people who have been excluded from traditional banking systems. The focus should be on tangible solutions and real-world utility rather than just the headlines.
For business leaders who are new to blockchain-based payments, we have some recommended best practices:
1. Start with pilot programs. Test blockchain integrations on a small scale before full implementation. Learn from the process and build solutions tailored to your organization's needs.
2. Educate and train your teams. Employees should understand both the opportunities and the risks of blockchain. Reducing resistance and increasing capability through education will ensure smoother adoption.
3. Acknowledge the stigma. There's no denying that digital currency, Web3 and blockchain still carry a certain air of disrepute. Breaking that down through transparency and education is important to diminishing that sensibility.
4. Respect regulations. Having a strong legal team ensures compliance and reduces risk, even in strict regulatory environments.
5. Focus on scalability. Any blockchain solution must be able to handle growth efficiently, or why bother?
6. Partner with experienced providers. While no one is a true 'expert' in such a rapidly evolving space, working with trusted, knowledgeable partners is essential (and can help sidestep many rookie mistakes).
The Benefit Of An Open Mindset
One of the difficulties faced by many blockchain startups (which we've dealt with several times, in our organization) is not yielding to the pressure to scale as quickly as possible. We have to remind ourselves sometimes that there's a benefit to prioritizing education and growing the wider space.
We also strive to maintain an open mindset. We acknowledge that we exist in a space wherein competitors are aiming to do similar things to what we do; we have to remind ourselves that if a user comes in, likes the technology and then chooses to go with one of our competitors, that's still a win for the space as a whole.
Obviously, we believe in our product and our services and hope that users will recognize the value we provide. However, the key to driving mass adoption is not just having people purchase your proprietary solution but encouraging people to explore and use the technology more broadly. If people engage with Web3, have a positive experience and share that experience, the entire ecosystem wins.
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