The New Killer App – Web3 and Customer Experience (CX) (Digital CX) –
Culturally there is a global transformation taking place, and a New Killer App is appearing. This is going to be big! – Michael Noel – Tokenomics is not Economics – Author
I am self-publishing the book Tokenomics is Not Economics over the next few months. This is the result of over two years of effort, countless challenges, and devastating losses. But I would not change a thing. Thank you to Ramona, without who’s constant inspiration, none of this would have been possible.
Please be sure to follow me as I publish this book one chapter after another. If there is enough interest at the end of this exercise, maybe more will follow.
Tokenomics, is not Economics – Chapter One
Introduction to the Digital Transformation, – Web3 and Customer Experience (CX) (Digital CX)
For most, there is a brisk winter feel to the air in December 2022. And after the lockdown, we are out enjoying it. “We the People” are beginning to come back together, in theaters, ballparks, and amusement centers. For some, cautious optimism is beginning to edge out over the foreboding news in the media. We are joining a global community, coming out of a global hibernation, and slowly permitting ourselves, to enjoy some of the normal things we did before the lockdowns. We all, so desperately, hope things go back to normal. While knowing ultimately, it will not. Globally, simultaneously, as a species, we are realizing there is a new normal.
The new normal includes familiar things, that we are learning to appreciate all over again. We are beginning to venture out and visit the places we missed the most. There are new places, concerts, sports, weekends, family, the outdoors, fresh air, local events, and local cuisines.
And it also includes Restaurants with long lines, Items on the menu but not available. Stores that for no apparent reason are closed. Service providers that are overworked and less patent. Booking a room on the road with pets, or children is frustrating. Where can we eat? Road food at McD’s again? And why did Cracker Barrel take uncle Herschel’s breakfast off the menu?
Rental cars are in short supply, events are not organized, and you may need to make multiple reservations, on multiple platforms, and then keep track of which member rewards card this trip is on. For a mother of four, this is comparable to calculating the exact trajectory of a golf ball traveling from here to the moon. And if you need to change things, well that brings the trip pretty much to a halt. And all of that is acceptable. We just smile and pay more than we did, and get less than we did. For the most part, we are all just happy to be out of the house.
If the Customer Experiences (CXs) we are experiencing today, happened 3 years ago, there would be a video where I pick 3 items in a row, all of which are listed on the menu, but not available today. Then 500 nasty comments about how others have had similar experiences, and the restaurant would change or go out of business. But today, all of that is acceptable. We just smile and pay more than we did, and get less than we did. For the most part, we are all just happy to be out of the house.
Buying a car has become an adversarial process, with the dealerships vs car buyers. At the same time, the current generation has more interest in transportation and less interest in actually owning a car much less servicing a car at a dealership. The Car Buying CX is manipulative, expensive, and full of friction. But today, all of that is acceptable. We just smile and pay more than we did, and get less than we did.
The Medical Industry is reeling from a mass exodus of talent. A sobering new survey released by Elsevier Health, called “Clinician of the Future,” reveals a prediction that up to 75% of healthcare workers will be leaving the healthcare profession by 2025. For those of you doing the math, that’s only three short years away.
- Both nurses and doctors are burned out.
- Both nurses and doctors are at risk of leaving the profession.
- The majority of healthcare workers don’t feel like they have a good work-life balance.
- Many healthcare workers responded that dealing with families can be very stressful.
All of the healthcare workers also pinpointed specific challenges that will only continue to grow in the coming years:
- An aging population with increasing healthcare needs
- Patients that are becoming more empowered
- The fast pace of healthcare technology
- A transition to home-based healthcare
The US spends more of its gross domestic product (GDP) on health care than other high-income countries yet ranks last in access to care, administrative efficiency, equity, and healthcare outcomes, according to an analysis by the nonprofit Commonwealth Fund.
The rankings are based on surveys conducted in 2017, 2019, and 2020 of nationally representative samples of patients and primary care physicians in Australia, Canada, France, Germany, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the UK, and the US. About 5,500 people were included in the US samples.
The healthcare CX is manipulative, expensive, and full of friction. But today, all of that is acceptable. We just smile and pay more than we did, and get less than we did.
Poor CX is the best that is available for just about every industry, globally.
There are very few bakeries left. There are almost no local stores left selling locally grown and baked goods. The Education system has replaced relevance with tenure. We can tell you where every single bitcoin fraction is with 100% accuracy, and we can trade millions of dollars worth of Bitcoin for ETH, and we can do it in a few minutes and for 50 bucks or so. But we can’t tell you who owns a particulate house you want to buy, without a 4 thousand-dollar title insurance policy, which takes 3 weeks.
One-third of the GDP is in banking, and fintech costs a fraction of that. The 3 Trillion Dollar Grant writing research system has no one keeping track of negative results. New groups continue to research solutions that have been disproven before an estimated 60% of the time (almost 2 trillion dollars in waste). Buying a cell phone from one of the 3 major carriers is a joke. The distributorships fly the badge of the major carriers, but in reality, you are purchasing from a small locally run operation, with very little value added, 40 to 60% of your mobile bill goes to running those locally and poorly run shops that have little value added. In the T-Mobile Store in Flagstaff, for instance, it’s okay to insult or lie to customers.
I could go on, there are hundreds of instances where CX is horrible and demand is increasing. Poor CX is the best that is available for just about every industry, globally. And today, all of that is acceptable. We just smile and pay more than we did, and get less than we did.
This is the honeymoon period, which will come to an end soon.
There is a strong and at this point almost unavoidable potential for a wave of dissatisfied customers globally, in just about every industrial sector.
In just a few months, globally, in just about every industrial sector customer loyalty will be up for grabs.
Customer experience is the challenge of the recovery.
Whether it’s more tailored products, greater digital parity with analog services, or faster turnaround, customer expectations of what great customer experience (CX) looks like have shifted significantly. Lockdowns only accelerated these trends, leaving ecosystems in a game of catch-up. In this changing landscape, organizations that quickly prioritize CX can gain loyalty, build resilience, and future-proof businesses.
Web3 CX is all about Digitizing CX using Frictionless, peer-to-peer, workflows (blockchain). Web3 CX is also device agnostic. And, if it is a global environment, it also means cross-language communications. Easy frictionless access to goods and services, on any device, in any language, at any time that’s Web3 CX. We will go on to scope out several Web3 CX platforms later in this document.
The big question is, if Web3 is the new CX, then does Web3 solve the current poor CX paradigm? Surprisingly, across the board, Absolutely it does. But it does it in a whole new way. You don’t get Web3 services on a network made for my space. Web3 is decentralized. And it is Distributed as well. Nodes on your network are distributed and use technology, like IPFS, and LDNS.
It all starts with a smart network.
Next, we will describe in detail, this smart network, as we introduce the WAMNET, a Wireless, Autonomous, Distributed network, using alternative DNS, and persistent storage.
Smart Networks provide
- Persistent Lifetime DNS
- Named Data Network Structure
- KYC, AML, as a service (KYC,AML,AAS)
- In network, Legal, and Regulated peer-to-peer transactions
- immediate settlement both ways
- Arbitrage might be a condition of membership might not.
- Zero Marginal cost Services
- Brings Value to the platform
- Benefits Members
Be sure to follow or subscribe so I can let you know when I publish the next in the series.
Michael Noel CBP
aka Biz Builder Mike Twitter – @BizBuilderMike Youtube @BlockchainWeekly
eschew obfuscation, espouse elucidation