Car Sharing Platform ELOOP Shows How to Best Integrate Blockchain Into Existing Businesses For Maximum Gain

Despite its trillion-dollar market capitalization, the Web3 industry is yet to receive mainstream adoption. And while companies strive to implement Web3 solutions for consumers, once this is clear, the technology needs to be made simple and secure for it to be embraced.

ELOOP Shows the Best Way to For Businesses to Adopt Blockchain Tech

For a while, stakeholders have been looking to make Web3 more than just an asset trading platform. So far, the technology has been known to be for the select few who have the interest and finances to buy crypto assets.

However, for a technology to reach its full potential and generate more revenue, it is important that it be usable in more use cases, potentially in day-to-day activities. As a result, industry players have been working to integrate Web3 into already existing companies and use cases.

On the contrary, according to Leonard Dorlöchter, co-founder of Peaq network,” A lot of disruptive real-world adoption is not going to come from enterprises, but startups that create new ideas.”

One such company is ELOOP which is a blockchain-based car-sharing business. ELOOP enables community members in Vienna to split the profits from its fleet of electric vehicles.

The company has Tesla automobiles powered by the Peaq network, which creates applications for machines, robotics, and vehicles, via the Polkadot blockchain.

ELOOP’s platform enables decentralized car sharing and the integration of Teslas into its network. The company has over 90,000 users who have signed up to use ELOOP’s fleet of 200 Teslas.

About 100 of those cars have Peaq-linked IDs which are controlled by 487 token holders. According to ELOOP’s dashboard, the token holders have generated roughly 6,700 trips worth $138,000.

The co-founders of ELOOP and Peaq say that tokenizing high-value assets, like a fleet of ride-sharing cars, will help to bring Web3 into the mainstream. This is an interesting idea, and it could potentially revolutionize the way we own and use assets. #technology #web3 pic.twitter.com/MsTGjJHxdm

— BlockSafe | Web3 Integrations (@BlockSafeLLC) July 6, 2023

Dorlöchter believes that machines such as Tesla ought to be able to provide goods and services autonomously. As such, his business developed blockchain technology to support the development of ELOOP-like applications.

Furthermore, Web3 has a significant role to play in the era of automation. The technology expands ownership value beyond the “hands of the 1%”, says Dorlöchter. “These kinds of solutions will make it possible to invest in autonomous taxis and profit from them.”

Before Web3 Goes Mainstream

In its plan for mainstream adoption, Web3 can be used for more than just car sharing. Blockchain technology can be applied to more use cases, assets, and businesses. According to its CTO, Frederic Nachbauer, ELOOP, for instance, is looking to expand its revenue-sharing model to other assets such as solar panels and wind turbines.

Bosch Appliances is also working with Peaq to develop applications that will generate more revenue streams on web3 for the company.

Many other companies are willing to embrace the technology but the challenges facing Web3 are making them hesitant. One major issue is security which if not resolved will affect the en masse adoption of Web3.

Between the many cases of fraud, rug pulls, Ponzi schemes, and social engineering scams, Web3 has made headlines for insecurity concerns. Therefore, for it to be embraced by businesses, “it needs regulation and it needs to be regulatorily secure and have product infrastructure that helps them invest and manage their assets in a secure user-friendly way. Custodians and companies that are trusted third parties, they need that,” said Dorlöchter.

Another concern is the complexity of using Web3 applications. The user experience in the technology’s ecosystem is not yet ready for mainstream adoption. Most interfaces are often poorly designed, and the underlying technology is still too cumbersome for users to have a seamless experience.

This makes it difficult to adopt since companies especially small ones would not want to engage in something that will complicate their operations rather than streamline it. This creates a demand for companies such as Peaq that can develop applications, making them simple enough for both the business and users.

#Web3 can only reach mainstream adoption if there is opportunity for your average internet user to join and use dApps without any barrier to entry.

It needs to be as smooth, if not smoother than their usual experience.

— Rhiannon.icp (@1rhiannonthomas) July 5, 2023

All in all, Web3 will inevitably be embraced on a more holistic level in more industries. What is debatable and controllable is how fast the adoption will happen.

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