The following section highlights the key problems identified within the current market and industry landscape that SPACE-iZ aims to address:
- The complexity of Blockchain Technology: One of the major barriers to the widespread adoption of blockchain technology is its inherent complexity. For end users who are not well-versed in the intricacies of blockchain, understanding its benefits and effectively utilizing it becomes a significant challenge. This complexity creates a barrier that prevents many businesses, partners, and customers from fully embracing blockchain solutions and hinders realising its revolutionary potential.
- Lack of User-Friendly Solutions: Existing blockchain platforms often fail to provide user-friendly interfaces and streamlined processes for non-technical users. The limited availability of accessible solutions makes it difficult for businesses and customers to leverage blockchain technology effectively. Without user-friendly platforms, the potential advantages of blockchain, such as enhanced transparency and efficiency, remain out of reach for most stakeholders.
- High Costs and Limited Savings: Implementing blockchain technology can involve substantial business costs, especially regarding system integration, training, and infrastructure. This financial burden often deters organizations from adopting blockchain solutions. Additionally, the lack of streamlined processes and inefficiencies in the current market contribute to limited cost savings that consumers could pass on. This inhibits the overall adoption and potential benefits of blockchain technology.
- Fragmented Business Ecosystems: The current market lacks cohesive ecosystems that unite businesses, partners, and customers on a unified platform. This fragmentation results in disjointed communication channels, limited collaboration, and a lack of transparency between stakeholders. There is a significant need for a platform that fosters closer relationships, encourages loyalty, and provides a seamless experience for all participants.
- Limited Focus on Stakeholder Engagement: While blockchain has been widely explored for supply chain, auditing, and IoT applications, there has been a limited emphasis on leveraging blockchain to enhance engagement between businesses, partners, and customers. Many existing platforms overlook the importance of making customers feel like stakeholders and rewarding their participation in the ecosystem. This gap prevents the establishment of a sustainable and mutually beneficial relationship among stakeholders.
By addressing these problems, SPACE-iZ aims to create an accessible, user-friendly platform that simplifies the adoption of blockchain technology, decreases costs, fosters collaboration, and encourages loyalty. SPACE-iZ recognizes the need to streamline processes, eliminate barriers to entry, and provide tangible benefits for all participants, ultimately unlocking the true potential of blockchain in various industries.