Research Proposal

Web3 technologies, since their inception, have increasingly influenced global economies and societies. Key milestones include the introduction of Bitcoin and its underlying blockchain in 2009 [1], Ethereum’s launch in 2015 [2], the surge in Initial Coin Offerings in 2017 [3], the growth of Decentralised Finance from 2018 to 2020 [4], and widespread corporate adoption with significant infrastructure developments during 2021-2023 [5]. These technologies have enabled the creation of substantial wealth [6,7] and innovative organisational structures, notably Decentralised Autonomous Organisations (DAOs) [8]. They have also been applied in philanthropic endeavours, such as the impact litigation funding platform No Impunity [9]. The pervasive economic impact of Web3 suggests its permanence in the global landscape.

Despite the extensive exploration of Web3, its potential to enhance the third sector remains understudied. This research aims to bridge this gap by examining the UK third sector’s readiness for Web3 adoption. 

The study will employ a mixed-methods approach, combining a large-scale survey targeting diverse third sector organisations to gain a comprehensive view of the sector, with the goal of receiving at least 100 responses. This will identify organisations potentially well-suited for Web3 adoption. Subsequent semi-structured interviews with leaders of these identified organisations will delve into potential adoption barriers and perspectives on future changes influencing these barriers and adoption likelihood.

This research, upon successful completion, will lay the groundwork for further investigation into specific Web3 implementation strategies to enhance operations in the third sector. The aim is to identify organisations that could most benefit from Web3 technology and develop a framework for its effective utilisation.

Bibliography

1. Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System; 2008.
2. Buterin V, et al. Ethereum White Paper: A Next Generation Smart Contract & Decentralised Application Platform; 2014.
3. Benedetti H, Kostovetsky L. The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators. Harvard Business Review; 2017.
4. Schär F. The Rise of Decentralised Finance. Federal Reserve Bank of St. Louis Review; 2020.
5. Deloitte. A primer on Web3 adoption for enterprise. 2023.
6. ‌Olsen T, Rapoport G, Mitscherlich A, DeRensis P, Pu K. Web3 Remains Highly Relevant for Private Equity. Bain. 2023.
7. Emveep. 5 Companies Make Profits Through Web 3.0 Until US$19 Billion. Coinmonks. 2023.
8. Reiff N. What Is a DAO?. Investopedia. 2021.
9. No Impunity. No Impunity About Us. no impunity.org. 2023.