Topaz
Problem Statement: The challenge I was tasked with was to generate immediate revenue through our Swire Proptech blockchain solution (TOPAZ). We needed to determine whether to develop new product features, to grow existing users and charge them per transaction, or find ways to monetize the product. We had a 12-month timeline to develop a plan and execute it.
Objectives
1
Identify barriers-of-entry for potential users of TOPAZ
Strategies:
- Interview existing users to identify their pain points
- Interview potential users (3rd/4th tier subcontractors) to identify their barriers-of-entry and pain points
2
Refine the product to minimize barriers-of-entry
Strategies:
- Formulate data-informed hypotheses on ways to increase engagement for existing and potential users
Hypothesis 1: To make the blockchain solution more valuable for existing users, it’s essential to onboard 3rd and 4th tier subcontractors.
Tested by:
Lining up two meetings with subcontractors and conducting a product demo to gather feedback
Findings:
Subcontractors found financial information too sensitive, requiring a financing partner to join the network
Finding financing partners is lengthy and requires time
Hypothesis 2: Introducing a new module that incorporates work verification will attract new paying subscribers
Tested by:
Conducting a UX/UI demo to gauge user reactions
Exploring partnerships with construction associations and attending industrial events to validate interest
Findings:
Users needed system integration and additional features; the standalone module lacked a strong pull factor
Hypothesis 3: Developing a document verification workflow using Topaz backbone blockchain for corporate use will lower the barrier-of-entry for potential subscribers
Tested by:
Hosting discussions with companies interested in blockchain to understand their priorities and how blockchain can play a part
Discussing with our engineering team to test the feasibility of plug-in blockchain solutions
Outcome:
Successfully implemented the workflow in just 10 days, positioning the product as a "powered by blockchain" solution for verification workflow
Verification workflow
Main contractor and Nominated Subcontractors create payment applications.
Quality Assurance review and approve payment applications.
Archites review, approve payment applications and issue the certificate
Upon approval from QS and AR, developers settle the payment to main contractors and sub contractors.
Learnings
Adoption Hurdles
Incremental Progress
Companies resist new tech until proven valuable
Foundational tech adoption is gradual due to various barriers - technological, organizational, and political
Iterative Development
Despite setbacks like Topaz, we're building a practical toolbox/solution for immediate corporate use