This update spans from January 26th to March 26th, following the business development proposal ratified at [Polkadot Polkassembly](https://polkadot.polkassembly.io/referenda/412). It has been a period rich with insights and foundational efforts aimed at embedding real-world applications within the Polkadot ecosystem.

**Initial Engagements for Deeper Insights:**

Embarking on this journey, I sought to deepen my grasp of Polkadot and its ecosystem projects through discussions with some great folks across the ecosystem, including: Bill Laboon from W3F, Maex Ament Co-Founder of Centrifuge, Nicolas at Velocity Labs, Ingo at Kilt, Albert I love Crypto - a Head Ambassador in Spain, Kirill Pimenov to name a few. The depth of information shared, especially the decks from Bill Laboon, was instrumental in shaping my understanding.

**Strategic Primer Development:**

In an effort to distil and communicate the essence and potential of blockchain and tokenization, I crafted targeted two-page primers for sectors including financial institutions and insurance, alongside a version dedicated to real-world assets. Further expansions into sustainability and oceans are on the horizon, aimed at leveraging my background and network. These primers are designed both to inspire potential clients and to serve as tangible reminders of our discussions. ( https://drive.google.com/drive/folders/1yGYT9Y2-X4s-xkoqhXvZYP6Otvpd6CwT.)

**Tailored Questionnaire Design:**

To identify sector-specific pain points and gauge interest in blockchain applications, I'm in the process of designing detailed questionnaires. The goal is to analyze the responses and compile a comprehensive study that will not only benefit my initiatives but also provide valuable insights to the broader Polkadot community.

**Insightful Fieldwork in the Philippines:**

A focused ten-day mission in the Philippines allowed me to engage with three local banks, the national development bank, a multilateral development bank, and two PE fund managers with a footprint across Myanmar, Cambodia, Singapore, and Indonesia. The objective was to assess their blockchain solution interests, introduce Polkadot, and discuss potential collaborations. These meetings, held in various settings from dinners to formal office environments, covered discussions with numerous departments including lending, credit analysis, strategy, sector specialists, legal counsels, IT departments, and even with some of the banks' Presidents.

It's still early in the process to say concretely what could / will emerge as a result of these initial conversations. Enterprise deals take 6 to 9 months to close, this progress update covers months 1 and 2, so we have some way to go and further meetings are needed.  On the whole, with the crypto market picking up again, there is generally more willingness and interest to speak and explore use cases. 

**From the Meetings: Key Insights Revealed:**

It became evident that IT departments, though crucial, act as enablers rather than primary decision-makers. The genuine "customers," or "users," often reside in departments like lending or credit assessments, making their buy-in essential.
There's a palpable interest in exploring blockchain for trade finance, cross-border lending, track & trace, and the tokenization of real-world assets (RWAs). The differentiation between the utility of blockchain and the speculative nature of cryptocurrencies was clear.
Conversations around Green Financing unveiled divergent views on carbon credits, with some recognizing their potential value, while others advocated for direct investments in sustainable infrastructure as a more effective strategy.

**Emerging Opportunities and Future Plans:**

Recognising it takes time to land major enterprise deals with Financial Institutions in the interim period I am keen to try and deliver some quick wins that have a lower barrier to entry. I am happy to share some other leads are that unfolding: 

**7 Bridges Brewing Company Initiative**
7 Bridges Brewing Company's initiative to become the world's most blockchain-enabled brewery by 2025, in collaboration with Great State Brewing, Phygital Labs Vietnam, Monsoon Carbon, and the Nhon Hoa wind farm, represents a pioneering effort to blend craft beer production with blockchain technology. This partnership emphasizes sustainability, leveraging carbon credits to ensure eco-friendly beer consumption. The project's innovative use of NFTs to encapsulate carbon offsets in each tokenized bottle sets a new sustainability benchmark within the industry.

The implementation unfolds in three phases, starting with an NFT collaboration beer, advancing to an NFT-based membership and rewards system, and culminating in a multi-tenant blockchain infrastructure that enables a cross-industry rewards program. This structure not only enhances customer engagement and loyalty but also demonstrates the scalability of blockchain technology in fostering collaboration and innovation across different sectors.

For the Polkadot Community, this venture highlights the practical application of blockchain in bridging digital and physical realms, particularly in tokenizing carbon credits for environmental sustainability. For the craft beer industry, it marks a transition into the digital era, offering a model for using blockchain to enhance product offerings, engage customers, and establish a replicable, sustainable brewing process. This initiative sets a precedent for integrating blockchain technology into traditional industries, showcasing its potential to drive innovation, sustainability, and digital transformation.

**Who are 7 Bridges Craft Beer Brewery**
With its rich heritage of award-winning beers, including notable recognitions like the Chairman's Selection in the wheat beer category and a bronze medal at the Hongkong International Wine and Spirits in 2019 to name a few, 7 Bridges is not just a brewery; it's a hub of innovation. Based in Vietnam with 4 taprooms spread all over, this brewery is famed for its adventurous spirit, constantly experimenting with unique spices and ingredients to delight beer enthusiasts. Now, with plans to craft a loyalty program as exceptional as their brews, 7 Bridges is set to elevate the drinking experience, rewarding its community for their commitment to both the brand and the planet. At glance:

- Founded in 2017
- Model: Brewery, taprooms, distribution and 7.zero products
- Vision: to be the thought leader in innovation and zero waste
- 4 taprooms in Vietnam, soon to become “craft houses”
- Distinction: > 800 retail venues 
- 697,000 beers sold in 2023, target > 900,000 (2024)
- Export: Thailand, Hong Kong, UK, Singapore and Malaysia

I will share an MOU on this partnership in the coming days. 

**ReFi DAO** - Having preliminary discussions with John Ellison about the possibility of running a ReFi cohort within Polkadot ecosystem

**Roam Network:**  Pioneering the Future of Mobile Connectivity with Web3

Currently in discussions with the Co Founder of Roam Network about a potential collaboration with Polkadot. Here is some information about Roam. 

Roam Network is leading the charge in the wireless domain, leveraging Web3 to revolutionize how mobile network data is shared, utilized, and valued. By incentivizing user participation through blockchain technology, Roam is unlocking a new dimension of possibilities for enhancing mobile services and supporting urban development, all at a lower cost.

ABOUT:
- User Empowerment: Enables global users to contribute to a richer understanding of mobile network performance, rewarding their participation with blockchain-based incentives.
- Innovative Ecosystem: Creates a cutting-edge platform where the value of data transcends conventional boundaries, benefiting web3 initiatives, traditional mobile network operators, and a wide array of industries.
- Vision for the Future: Strives to achieve an ecosystem where mobile network data is not only transparent and readily available but also drives tangible improvements in global connectivity.

TRACTION:
- Successfully executed a 7-month Proof of Concept (PoC) with a leading mobile network operator in Europe, securing a commitment to purchase data.
- Engaged in strategic discussions with major telecom giants like T-mobile, Vodafone, and Telkom Indonesia, setting the stage for collaborations post-traction achievement.
- Within the first 30 days post-app launch on Google Play, amassed 40 million data measurements across 90 countries showcasing rapid adoption and the platform's global appeal.

**Looking ahead**

- Follow up meetings are being planned with the banks in the Philippines. 
- A second trip to SE Asia is planned for May, during this trip my aim would be to garner interest from existing relationships in VN, Philippines and Indonesia.
- Continue to develop other leads outside of Finance sector.
- Close deal with 7 Bridges
 


- **Problem Statement:** Understanding blockchain applications and fostering collaborations within the Polkadot ecosystem.
- **Significance:** Enhancing real-world applications within Polkadot, exploring blockchain solutions in various sectors, and bridging digital and physical realms.
- **Proposed Solution:** Engaging in discussions, developing primers, designing questionnaires, and exploring collaborations with entities like 7 Bridges Brewing Company and Roam Network.
- **Expected Outcomes:** Increased interest in blockchain applications, potential enterprise deals, innovative sustainability initiatives, and enhanced customer engagement through blockchain technology.

#2239 Progress update: #412 Polkadot in Finance: Strategic Partnership Development Activity

No Active Proposals